Empowering Business

Core Bookkeeping Services

• Recording Financial Transactions

• Bank and Credit Card Reconciliation

• Accounts Payable (AP) Management

• Accounts Receivable (AR) Management

• Payroll Processing

• Generating Financial Reports

  • Profit and Loss Statement (Income Statement): Shows the company's revenues and expenses over a period to determine net profit or loss.

  • Balance Sheet: Reflects the business's assets, liabilities, and equity at a specific point in time.

  • Cash Flow Statement: Tracks all cash transactions, showing how cash is moving in and out of the business.

• Expense and Budget Management

• Tax Preparation Support

Our Operational Procedures

• Bookkeep on a Schedule: We set aside specific time each week or month to update your books. Staying current prevents a stressful scramble during tax season and provides real-time financial insights.

• Optimize Your Chart of Accounts: Our task is to create a detailed Chart of Accounts (COA) that categorizes transactions specifically for your business model. This organizational structure is essential for accurate financial reporting and analysis.

• Maintain Supporting Documentation: Keep all receipts, invoices, and relevant documentation to validate your recorded transactions. Store them securely, preferably digitally, so they are easy to retrieve when needed.

• Monitor Accounts Payable and Receivable: We consistently track money owed to your business (AR) and money your business owes to others (AP) to effectively manage cash flow.

• Budget for Taxes Year-Round: Proactively estimate your tax liabilities and set aside funds in a separate account throughout the year. This prevents unexpected tax bills and penalties.

For service-based businesses, bookkeeping best practices focus heavily on accurate time tracking, efficient invoicing, and proactive cash flow management.

Go beyond basic reporting and monitor specific metrics to make informed decisions: Get timely information on project profitability, resource utilization.

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Ibex Cloud Bookkeeping Services

Providing bookkeeping, payroll processing, financial planning and more services.