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Businesses that buy products and services on credit are obligated to pay their suppliers or creditors at some future date or based on terms. This represents what the company owes from suppliers and needs to be adequately managed as it will impact your statement of cash flow. 

Businesses' purchases imply the cost of buying products or services during a particular period to resale and it is a type of expenses item under Cost of Goods Sold.

Represent the amount of cash or credit sales acquired by the customers through business process sales or income imply the operating revenue earned when products or services are sold.

FACTS – SOLUTIONS offers businesses various types of diagnostic services that can be tailored to your company's needs. Similar to a doctor visit or a technician running a test on a computer or a repair shop mechanic who provides options to fix your car or person after the diagnostic process. At this discovery process, we perform the financial diagnostic review. Similarly, might detect issues such as inaccurate or double postings, coding errors, breakdowns in certain processes, poor cash flow management and etc. Get a clear scope of work needed before further commitment to cleanup and/or catch scope of engagement and benefits from the peace of mind billing system.

FACTS – SOLUTIONS emphasizes the fundamental standards required to run a diagnostic review system advantageous to both parties within the scope of engagement. Our approaches assess the level of cleanup needed to prepare accurate financial statements beforehand. And, helps companies such as yours to process pending transactions, provide necessary corrections, record the month-end and year-end adjustments, etc.

An obligation that a company owes to someone or to a company for money, products or services, loans, deferred revenues, accrued expenses, etc. This is normally used for both the large and small financial needs of the company.

It is vital to perform account reconciliation with a professional accountant to ensure correct account balances are represented within a particular account. This process will help to explain either the reason for the difference or further inquiries are necessary and/or validate the account balance standing. It will further confirm and prove the accounts balances in General Ledger do represent accurately and consistently.

It is a process of validating and proofing between bank/credit card statements that the company’s cash register or book balance is accurately represented on the balance sheet. For instance, deposits, ATM withdrawals, Ach, EFT, and other activities. The reconciliation will thwart fraudulent activities and will have greater internal control over liquid cash.

It is processing accumulating various job-related costs for a specific production or service job or independent job and includes the cost of materials, labor, and overhead. This allows the revenue and costs associated with the job to be tracked which helps to report profitability by the job.

This process enables an organization to download financial transactional data via remote login or virtually. The data retrieved may be in a statement or CSV format including information such as transaction type, time, date, amount, quantity, customer name, customer address, payment method employed, discounts, etc.

It is a list of financial accounts that are set up and organized by an accountant for the company to record the financial transactions in the company’s general ledger. The list of the accounts can get out of control for that reason proper organization is a must and depict a concise presentation on the financial statements.

These are assets that have a useful life of more than one year and depreciated over time and are used in the operation of a business such as property, plant, and equipment, furniture & fixtures, building machinery, etc. They need to be depreciated to reflect the wear and tear except for the land.

This is a process of recording all payroll compensation-related transactions for the company such as salaries, wages, bonuses, commissions, overtime, differentials, etc. In addition, the taxes would need to be recorded and filing must be appropriately performed for the taxes withheld from employees and the company’s liability portion such as federal income tax, state income tax, social security tax, Medicare tax, Federal unemployment tax. Similarly, also need to book the necessary retirement contribution, health insurance expenses, etc.

It is vital for the small-medium size business to effectively manage the cash flow for the day-to-day smooth operation of the business. This is where the company can track and predict how much cash is coming into the business and coming out of the business. The owners and management can somewhat predict the future availability of cash in the business to meet future obligations and needs such as paying for inventory, employees, loans, etc.

These are a series of accounting milestones in a business and attended by an accountant who performs the month-end-closing procedures. For instance, record transactions as necessary, review, perform reconciliations and close accounting system processes for the prior period.

These are a series of accounting steps performed by a professional accountant where complete financial information is reviewed, appropriate adjustments are made, reconciled, reviewed, and close out the accounting system for the prior year.

It is a tailored accounting and bookkeeping service for the specific needs of the business. This enables the company’s management and owners to focus on what they love to do the most which are being with their family and attending to their business customers. So, take the bookkeeping off your plate and have peace of mind.

For a small business it is crucial to have a plan for both controls of expenses and growth. It is an expectation of the company’s owner’s or management direction to achieve certain specifics say revenues and at the same time setting a parameter of what will or could happen given certain estimated figures takes place, respectively.

It is commonly known as cash flow statement which is a type of financial statement that reports the uses and sources of cash and depicts changes in the amount of cash entering (cash inflow) and leaving (cash outflow) the business via standard classification into operating, investing, and financing activities. In addition, present to owners and management how well the company is managing the cash position.

This is one of the three standard financial statements that show the performance of the company in terms of revenue, cost of goods sold/cost of services, and expenses that a business incurred during a particular time period resulting in either profit or loss. So, the statement of operation can help small business owners and managers make quick turnaround decisions based on the profitability of the company.

This is a statement that shows a particular company’s assets, liabilities, owner’s/shareholders equity, and one of the three standard financial statements. In addition, it gives the owners and management a snapshot of the company’s financial standing in terms of what it owes to others and owns as a company. This is prepared to state “as of” signifying a particular moment in time. It can give the debt-to-equity ratio and the like by giving users of the information more insight into the company’s financial position and standing.

Depending on the types of business there may be a requirement to have one or more business licenses and permits. This allows and grants businesses to operate in town, city, or locality.

This pertains to Business, Professional, and Occupational License Tax that applies to all business owners including home-based businesses. There is both tax basis used to calculate the related fees and rate and flat fee and rates also applied limited by the business gross receipts/purchases.

If you owe at least $1,000 in federal income taxes for the current year or you have crossed over this figure in the previous year, then IRS state that one should submit payment as estimated quarterly taxes filing. This would apply to both the individual people and businesses; however, this does not exclude anyone from filing annual tax returns to balance out the total taxes due and/or over/underpayments. Small businesses need to process, account for by filing on time, and recording the accounting system accurately.

This is a form of tax levied by the government on the consumption and uses of various goods and services that consumers buy. The business collects these from consumers and remits these amounts to the government based on various categories. These are not to be classed as revenue on the financial statement. This can get to be complex at times and needs to be managed and recorded in the books appropriately. FACTS – SOLUTIONS, get it right the first time.

FACTS – SOLUTIONS provide small business owners and managers need to have data in a format that will enable them to make decisions. These most often are provided and presented on the financial statement which depicts the true picture of the business. Therefore, both small business owners and managers can use these reports to operate their business, monitor the health of the organization, track changes, and organize the department and/or business to run more effectively and efficiently. This can be more metric and segment-oriented reporting to better direct and identify the segmented lagging or profitability. But here we are focusing on the Financial Statements that are provided to the management with additional reporting capacity.

The Intuit QuickBooks provides both the QuickBooks Desktop and QuickBooks Online/Virtual bookkeeping services. These versions of software can meet the individual and company needs for full-service bookkeeping. FACTS – SOLUTIONS Professionals by your side.

The QuickBooks Online can assist you to work from anywhere and stay current on your books. The movement to QuickBooks can be implemented using data from excel, and Xero using CSV files. Please consult a QuickBooks Pro Advisor. FACTS – SOLUTIONS Professionals by your side.

This is completely a different way of gathering information and processing the transactional data available. There is a vast amount of information on income dollar, transactional data gathering, how the sales are accounted for, inventory and cost of goods sold, not to mention sales tax complexity and the like. Therefore, these types of businesses can be complex and require insight into the processes, procedures, and recording of transactional data. So, the process begins with collecting, analyzing, recording, reviewing, and reporting on the financial statement. This may require not only the know-how knowledge but also sometimes requires the understanding of the complexity of the third-party integration so that the process could be streamed line to manageable standard. FACTS – SOLUTIONS