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Business Services

Accounting Software Services

Are you having a hard time recording your transactions that you lose time on other aspects of your business that are more important? We are here to help!

Benefits of Accounting Software
QuickBooks and Sage (Peachtree) are accounting software best for small to mid-sized businesses. Here are the reasons why:

  1. Reports are instantly generated allowing you to make reasonable decisions and allowing you to see the picture of your business. They allow you to know whether you’re making money and whether your business is healthy.
  2. The price is affordable yet the performance is superior compared to other software. It can run a P1 million or a P100 million business for a such an affordable investment.
  3. They are stable, reliable and proven products. Hundreds of thousands of small businesses throughout the world have chosen the two as their accounting software. You can’t go wrong with software programs with such an extensive installed user base.
  4. Many of simple bookkeeping tasks are handled automatically so you save time on bookkeeping and paperwork making it easier for you to run your business.
  5. Customization is possible making it work the way you want. It is specifically designed to be flexible and adaptable to a wide range of small businesses.
  6. Sharing data with other popular programs, such as Microsoft Excel, Word, Outlook and ACT is possible saving you time in typing and eliminating errors.
  7. They will help you grow your business. They will assist you design a business plan to use when you try to secure a business loan or credit line, or to forecast. They create a forecasted balance sheet, income statements and statement of cash flows in accordance with GAAP.

Setup of Accounting Software

Although QuickBooks and Sage (Peacthree) are easy to understand and use, the initial setup and installation must be done correctly in order for future information to be accurate and in order to maximize the potential of the software.

To setup and install QuickBooks and Sage (Peacthree), all information necessary to setup manual accounting records is needed. This task is even more complicated if you switch from manual accounting operations to QuickBooks and Sage (Peacthree) in the middle of the year.

We answer the questions of which accounting method to use, what chart of accounts are needed for your business, or how to set up beginning balances at the initial Setup and Installation phase. More than that, we train your accounting employees on the accounting software to enhance their performance.

How much will it cost you? Before answering that, we would like to first know more about your business and your accounting records. Rest assured, our rates are designed to fit the budgets of our clients. Most of the times you need to increase your cost to reduce your expenses.

We will help you set up the accounting software best suited for you by:

  • Studying and evaluating your software and accounting needs.
  • Recommending software and hardware requirements.
  • Installing software, designing and setting up chart of accounts and entire accounting package including payroll, accounts receivable, inventory, accounts payable, etc.
  • Determining your QuickBooks starting date
  • Loading your chart of account and balances as of that starting date
  • Preparing list of the items that you sell to your customers. This list includes services, inventory parts, non-inventory parts, other charges and sales taxes
  • Entering your outstanding accounts receivable and accounts payable details as of your starting date
  • Entering your ending statement bank balances and outstanding checks & deposits in transit as of your starting date
  • Printing a trial balance as of your starting date and comparing it to your trial balance from your old system
  • Entering your transactions since your starting dates into QuickBooks
  • Training client or client staff in use of software to meet their accounting, management and tax needs
  • Ongoing Services: (1) Follow up training to ensure the client is “on the right track”. (2) Monthly, quarterly or annual review of client data to assist in tax preparation and management reports.

Accounting Software Training

Once QuickBooks is set-up and working properly, we can train you or your employees to properly operate QuickBooks specifically for your business. We come to your location and focus on individual issues facing your business. We are there to answer your specific questions and concerns.

 

Accounting for SMEs

Are you annoyed with spending too much time keeping your books instead of spending it on other aspects of your business? We are here to help you!

We value your time because we believe that as a businessman your time is a limited resource that should be maximized. So let us take care of your books for you, so you can focus on running your business and generating profits. We will help you by:

Reconciling your bank account

Ever wonder where your money goes? We help you track cash inflows and outflows to your bank account so you know exactly where they are going. Our services include:

  • Identifying lost checks, lost deposits and unauthorized wire transactions.
  • Detecting and preventing excess or unjustified bank charges and ensuring transactions are posted correctly by your bank.
  • Detecting and preventing embezzlement of funds from within your company.
  • Managing your cash more effectively.

Preparing your financial statements

Financial statements determine your profitability or performance, through income statements, and your financial position, through balance sheets. An income statement is useful in tracking revenues and expenses so that you can determine the operating performance of your business. On the other hand, a balance sheet gives you a snapshot of your business’ financial condition at a specific moment in time.

Financial statements are the most basic elements in providing financial reporting and are used by several external users such as banks, investors, customers, vendors and even government.

Providing you with unlimited consultations

We do not just prepare reports for you, we make sure you understand those reports and you use them in making decisions for your business. We will make ourselves available anytime you need advice or help.

 

New Business Formation

Do you have a dream of starting your own business? We are here to help you!

Starting a business is exciting but challenging. It raises a lot of questions… Where do I start? What should I do? Where should I go? When should I do this and that? These questions overwhelm you that you feel like not continuing it. But don’t worry, we are here to help you. We will guide you and even do it for you so you don’t need to go through the hassle. If you want to know the requirements, you may click this link: business registration.

After establishing it, another problem arises…problems on your day-to-today operations. Before you know it, your dream is over…all of it was just a dream. But wait, we are here to help you. We will introduce you to a system that will help you avoid the common problems many new small business owners make when starting their new business. We help you by:

  • Preparing an initial business plan to clarify your marketing, management, and financial plans.
  • Determining your start-up capital needs.
  • Evaluating and quantify your borrowing power so you know how much money you can get your hands on if needed.
  • Selecting a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation and portability should you need to relocate.
  • Selecting the right accounting software by evaluating your budget, needs and hardware.
  • Preparing a Cash Flow Budget so you know exactly how much money you need to keep the business alive each month for the first few years.
  • Establishing billing and collection procedures to maximize your cash flow.
  • Establishing procedures to monitor and control costs.
  • Preparing and filing all required state and local licenses and permits.
  • Complying with employment laws so you don’t get hit with fines and unhappy employees.

 

Succession Planning

Are you having a hard time choosing who will run your family business or the extent of ownership you will transfer to your children? We are here to help you!

Emotions caused by relationships between family members complicate the process of transitioning the business to the next generation. Member of the family find it taboo to discuss topics about aging, death, and financial affairs. But whether they like it or not, it is just a matter of time.

Succession planning should be a priority for any family business. Handing over a family business to the next generation poses a lot of questions like…

“How do I identify the next president? When does the presidential transition take place? What non-business interest will keep the senior generation fulfilled during retirement?”

“How do I decide which family members can join the family business? What if a family employee does not perform? How do I encourage the contribution of non-family employees? What if a family member chooses to leave the business?”

“Who participates in stock option program? How do I evaluate and compensate family members? How are members of the board of directors selected? How do I deal with conflicts between generations?”

“How could I lower down my estate taxes?”

These are just a few of the many questions to consider in succession planning. We may not directly tell you what to do but we will provide a framework and a guide for you so that it will be fair for everyone. Developing and implementing a well-designed succession plan is essential to the survival of a family business from one generation to the next.

We will help you by looking at six issues:

  1. Managing Succession
  2. Family Business Careers
  3. Compensation
  4. Ownership and Governance
  5. Family Relationships
  6. Responsibility and Code of Conduct

Once we understand how you feel about the key issues above, we then construct your succession plan focusing on these five factors:

  1. Business Valuation
  2. Business Restructuring
  3. Tax Implications
  4. Retirement Projections
  5. Tax Projections

 

Business Process Reviews

Are you worried about the risks involved in your day-to-day operations? We are here to help you!

Risks are always involved in a business – risk that your cash may be stolen, risks that your receivables may be collected, or risks that your inventory may be obsolete. In order to minimize these risks, you need to have strong internal controls.

Our job is to check whether your operating procedures and internal control systems are properly designed to mitigate business risks and whether they are operating efficiently and effectively. Based on our evaluation, we will make recommendations that will improve your company’s internal control systems and operating procedures resulting to a stronger and more profitable organization.

We make sure that your internal controls are effective and efficient by:

  • Reviewing operations to ascertain whether results are consistent with established objectives and goals and whether the operations are being carried out as planned.
  • Ensuring records are regularly reviewed and reconciled to determine any errors or deviations.
  • Implementing segregation of duties so that duties are divided among different people to reduce risk of error or inappropriate actions. We ensure that the tasks of custody, authorization, recording and reconciliation are separated.
  • Ensuring that transactions are authorized by the appropriate person as indicated in your policy.
  • Ascertaining that the company’s assets are properly secured, counted periodically, and compared with records.
  • Documenting policies and procedures and making them accessible to employees.
  • Providing employees with appropriate training and guidance ensuring they have the knowledge necessary to carry out their job duties, are provided with an appropriate level of direction and supervision, and are aware of the proper channels for reporting suspected improprieties.

 

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