AP, AR and Payroll

Introduction

Our company specializes in comprehensive financial operations management, which means that we handle all aspects of your business's finances, from planning and analysis to execution and reporting. We are not just bookkeepers or accountants, but strategic partners who help you optimize your financial performance and achieve your business objectives. Whether you need assistance with budgeting, forecasting, cash flow, tax preparation, payroll, invoicing, or any other financial task, we have the expertise and experience to deliver quality results.

Operational Advantage

One of the benefits of working with us is that we give you an operational advantage over your competitors. We use advanced technology and best practices to streamline your financial processes, reduce costs, and improve accuracy. We also help you leverage data and insights to make informed decisions and plan. By outsourcing your financial operations to us, you can focus on your core competencies and grow your business.

Integrated Management Process

As a part of our integrated management process, we help you design and implement a financial strategy that aligns with your business goals and vision. We work with you to understand your current situation, challenges, and opportunities, and provide you with expert advice and guidance. We also monitor and evaluate your financial performance and provide regular reports and feedback.

In addition to providing strategic financial management, we also take care of the day-to-day financial operations of your business, ensuring accuracy, efficiency, and compliance. We offer a range of services that support your financial functions, such as:

  • Accounts Payable (AP): We manage your vendor payments, invoices, and transactions, ensuring timely and accurate processing and recording. We also handle any disputes or issues that may arise with your vendors, maintaining good relationships and communication. Some of the steps we follow for AP are:

    • We review and verify the invoices from your vendors, matching them with purchase orders and receipts.
    • We enter the invoice data into your accounting system, coding them to the appropriate accounts and cost centers.
    • We schedule and execute the payments to your vendors, using your preferred method (e.g., check, wire, ACH, etc.).
    • We reconcile the AP ledger with the bank statements and the general ledger, identifying and resolving any discrepancies.
    • We generate and send the AP reports to you, such as aging analysis, cash flow projection, vendor history, etc.
  • Accounts Receivable (AR): We manage your customer payments, invoices, and transactions, ensuring timely and accurate processing and recording. We also handle any collections or issues that may arise with your customers, maintaining good relationships and communication. Some of the steps we follow for AR are:

    • We prepare and send the invoices to your customers, based on the sales orders and contracts.
    • We record the payments from your customers into your accounting system, applying them to the correct invoices and accounts.
    • We monitor the outstanding balances and follow up with your customers, sending reminders and making phone calls.
    • We negotiate and arrange payment plans or settlements with your customers, if needed.
    • We reconcile the AR ledger with the bank statements and the general ledger, identifying and resolving any discrepancies.
    • We generate and send the AR reports to you, such as aging analysis, cash flow projection, customer history, etc.
  • Payroll: We manage your payroll processing, tax filing, and reporting, ensuring compliance with federal, state, and local regulations. We also handle any payroll-related queries or issues from your employees, providing them with clear and timely information. Some of the steps we follow for payroll are:

    • We collect and verify the time sheets and attendance records from your employees, calculating their gross pay and deductions.
    • We process and distribute the paychecks or direct deposits to your employees, using your payroll system or software.
    • We file and pay the payroll taxes to the relevant authorities, such as the ATO, IRS, state agencies, etc.
    • We prepare and submit the payroll reports to you, such as payroll summary, tax summary, benefit summary, etc.
    • We issue and distribute the year-end tax forms to your employees, such as W-2, 1099, etc.
  • Fixed Assets: We manage your fixed assets, such as equipment, machinery, or property, ensuring proper valuation, depreciation, and disposal. We also track and record any additions, transfers, or impairments of your fixed assets, ensuring alignment with your financial statements. Some of the steps we follow for fixed assets are:

    • We maintain and update the fixed asset register, recording the details of each asset, such as description, location, cost, useful life, salvage value, etc.
    • We calculate and record the depreciation expense for each asset, using the appropriate method (e.g., straight-line, double-declining, etc.)
    • We monitor and record any changes in the status or condition of the assets, such as acquisitions, disposals, transfers, impairments, etc.
    • We reconcile the fixed asset ledger with the general ledger, identifying and resolving any discrepancies.
    • We generate and send the fixed asset reports to you, such as depreciation schedule, asset summary, asset history, etc.
  • Month End: We prepare the month-end financial statements for your business, following the accounting standards and principles applicable to your industry and jurisdiction. Our process involves the following steps:

    • We collect and review all the relevant financial data from the previous month, such as sales invoices, purchase orders, bank statements, receipts, etc.
    • We record and classify all the transactions in the appropriate accounts, using the double-entry bookkeeping method.
    • We adjust the entries for any accruals, prepayments, depreciation, amortization, bad debts, etc., to reflect the correct income and expenses for the month.
    • We prepare the trial balance, which lists all the debit and credit balances of the accounts and verify that they are equal.
    • We prepare the income statement, which shows the revenue, expenses, and profit or loss for the month.
    • We prepare the income statement, which shows the revenue, expenses, and profit or loss for the month.
    • We prepare the cash flow statement, which shows the sources and uses of cash during the month.
    • We prepare the statement of changes in equity, which shows the movements in the owner's capital during the month.
    • We compare the financial statements with the budget and the previous month's performance and analyze any variances or trends.
    • We perform quality checks and internal audits to ensure the accuracy, completeness, and validity of the financial statements.
    • We send you the draft financial statements for your review and approval and incorporate any feedback or corrections you may have.
    • We finalize and sign off the financial statements and deliver them to you along with the supporting documents and schedules.

We take due care to ensure that the financial statements accurately and fairly reflect your business view and comply with the relevant laws and regulations. We also provide you with insights and recommendations based on our analysis of your financial performance and position, to help you make informed business decisions and improve your profitability and growth.

By outsourcing these financial operations to us, you can save time, money, and resources, and focus on your core business activities. You can also benefit from our expertise, technology, and tools, which enable us to deliver seamless and secure financial services.

Team of Financial Strategists

Hierarchy and Roles

  • Department Manager: The head of the financial strategy department, responsible for overseeing the overall vision, goals, and performance of the team. The department manager also liaises with other departments and external stakeholders and ensures compliance with relevant laws and regulations.
  • Functional Consultant: A senior-level expert who provides guidance and advice on the best practices and solutions for financial strategy. The functional consultant also designs and implements financial systems and processes and conducts quality assurance and testing.
  • Team Leader: A mid-level manager who leads a sub-team of financial strategists, assigns tasks and deadlines, monitors progress and quality, and provides feedback and coaching. The team leader also collaborates with other team leaders and the functional consultant to ensure alignment and consistency.
  • Accounts Analyst: A junior-level specialist who performs financial analysis and reporting, using various tools and techniques. The accounts analyst also identifies trends, patterns, and anomalies in the financial data, and provides insights and recommendations for improvement.
  • Accounts Associate: An entry-level assistant who supports the accounts analysts and team leaders with various financial operations, such as data entry, reconciliation, verification, and documentation. The accounts associate also handles routine queries and issues and escalates complex or urgent matters to the appropriate level.

Software and System Proficiencies

  • Accounting Software: Software that makes it easy to keep track of your money and taxes. It can do things like send invoices, pay bills, run payroll, and create reports. It can also work with other apps, like your bank, your online store, or your CRM system. Accounting software comes in different shapes and sizes, depending on what you need and how much you want to spend.

  • Xero: Cloud-based software that lets you do invoicing, bank feeds, expense tracking, reporting, and more. Xero is great for small and medium-sized businesses and has over 2.7 million fans worldwide.

  • QBO: Short for QuickBooks Online, a cloud-based version of the famous QuickBooks software. QBO helps you manage your cash flow, income, expenses, sales, taxes, and payroll. QBO is good for small and medium-sized businesses and has over 7 million users globally.

  • MYOB: Stands for Mind Your Own Business, a software company that offers accounting and business solutions for small and medium-sized businesses in Australia and New Zealand. MYOB has both desktop and cloud-based software, like MYOB Essentials, MYOB AccountRight, and MYOB Advanced. MYOB's features include invoicing, payments, inventory, jobs, GST, and payroll.

  • Sage: A software company that provides accounting, payroll, and HR solutions for businesses of all sizes and industries. Sage has both desktop and cloud-based software, like Sage 50cloud, Sage Business Cloud Accounting, and Sage Intacct. Sage's features include cash flow forecasting, budgeting, project accounting, and compliance.

  • NetSuite: A cloud-based software platform that gives you ERP, CRM, e-commerce, and business intelligence solutions for businesses of all sizes and industries. NetSuite's accounting module has features like general ledger, accounts payable, accounts receivable, fixed assets, revenue recognition, and reporting.

  • Business Central: A cloud-based ERP solution that is part of the Microsoft Dynamics 365 suite of business apps. Business Central has features like financial management, supply chain management, project management, service management, and manufacturing management. Business Central is made for small and medium-sized businesses and works well with other Microsoft products, like Office 365, Power BI, and Teams.

  • SAP: A software company that provides ERP, CRM, e-commerce, and business intelligence solutions for businesses of all sizes and industries. SAP has both on-premise and cloud-based software, like SAP S/4HANA, SAP Business One, and SAP Business ByDesign. SAP's accounting module has features like financial accounting, management accounting, treasury, risk management, and performance management.

Frequently Asked Questions

Financial operations management is a service line that helps businesses optimize their financial processes, such as accounting, reporting, planning, and analysis. Financial operations management leverages best practices, tools, and technologies to provide a comprehensive view of the business performance and enable data-driven decision making.

Financial operations management can benefit businesses of any size and industry that want to improve their financial efficiency, effectiveness, and compliance. Financial operations management can help businesses reduce their operational costs and risks, enhance their financial transparency and accuracy, and increase their profitability and growth.

Financial operations management offers many advantages, such as:

  • Real-time data access and analysis across the entire organization
  • Automated and standardized financial processes and workflows
  • Improved financial governance and control
  • Alignment of financial strategy with business objectives
  • Increased collaboration and communication among stakeholders
  • Enhanced customer satisfaction and loyalty