* Do you use merchant accounts, such as Square, Stripe, Transfirst, BKCD, Payliance? Some of these companies will charge a monthly fee separate from the transaction and some will charge a fee with each transaction. These fees should be itemized.
*Is your business using a payroll service? Payroll taxes, payroll processing fees, and payroll salaries should be itemized.
* Most small businesses have assets. Any fixed asset in excess of $2500.00 should be listed on your balance sheet and book valued depreciated.
* Non-current loans (any loan longer than one year) is also common in many businesses. Principal and interest should be itemized monthly with proper ending balances to match your actual statements.
* Do you make it a habit to enter your invoices received from vendors to later match up to bills you owe?
* Are sales being itemized so that your company can see the differences in profitability, such as services rendered versus merchandise sold?
* Does your company ever make a business purchase from a bank account or credit card that is not connected to your current bookkeeping software? These transactions should be manually entered as a journal entry.
* Do you make it a practice to match up batch deposits with invoices and / or are you properly matching up merchant deposits with money deposited into your business account?
Wright & Associates can help with all pain points mentioned above.
E-mail Angie Wright, AICB today at firstname.lastname@example.org for a free consultation.