Testimonials

Long Island Bookkeeping Service in Islip, NY offers Outsourced and Full Charge Bookkeeping Services for start-up and Small Businesses.

Wednesday, 15 January, 2014

Long Island Bookkeeping Service in Islip, NY offers Outsourced and Full Charge Bookkeeping Services for start-up and Small Businesses.

As a new business or a startup company, our understanding of the requirements for the initial set up of your business will enable you to move forward with the confidence and reassurance that you are on the right track. Our professional bookkeeper team will provide you with the skilled bookkeeping and accounting services tailored to accommodate your specific company needs.

Initial Setup

We can help you set up your new company with New York State as a Sole Proprietorship, an LLC (Limited Liability Corporation), S Corporation or C Corporation.

A corporation is a legal entity separate and distinct from the individual(s) who compose the business. It has rights and abilities similar to those of a natural person. Principal features are perpetual duration, limited liability and easy transferability of interests.

A business corporation may be formed by filing a Certificate of Incorporation pursuant to Section 402 of the Business Corporation Law.

Source: NYS Department of State, Division of Corporations

  • Help you set up and create tax entity or corporation
  • Obtain NYS filing receipt required to open a bank account
  • Obtain Tax Identification Number
  • Obtain Corporate Kit
  • Set up your new company in QuickBooks
  • Set up Bank Accounts
  • Set up Chart of Accounts
  • Set up Vendors
  • Set up Employees
  • Set up Subcontractors
  • Set up Customers
  • Set up Payroll
  • Help you choose a Payroll Service
  • Create Budgets
  • Internal Controls

As a new business or a startup company, our understanding of the requirements for the initial set up of your business will enable you to move forward with the confidence and reassurance that you are on the right track. Our professional bookkeeper team will provide you with the skilled bookkeeping and accounting services tailored to accommodate your specific company needs.

Accounts Receivable

Our professional bookkeeping services can include the day-to-day processing of financial transactions, including maintaining up-to-date billing and monitoring customer account details, such as late payments and other irregularities. Utilizing a QuickBooks solution from our certified bookkeeper team, ensures efficient, timely and accurate payment of accounts.

  • Set up Customers
  • Invoicing
  • Sales Receipts
  • Sales Deposits
  • Credit Card Receipts
  • Debit Card Receipts
  • EFT and ACH Receipts
  • Credit Memos and Refunds
  • Maintain Customer Account Balances

Accounts Payable

We perform professional bookkeeping, small business accounting and the tasks necessary for the efficient maintenance and processing of accounts payable transactions.

  • Print signature ready checks
  • Record handwritten checks
  • Transfer of funds
  • Credit card charges
  • Credit card payments
  • Debit card purchases
  • EFT payments
  • ACH payments
  • PayPal payments
  • Credit Memos and Refunds
  • Bank charges
  • Maintain Vendor Account Balances
  • Segregate Business & Personal Expenses

Payroll Services

Accurate payroll administration and processing is necessary for the timely payment of both your employees and payroll taxes.

  • Payroll Services Company Selection
  • Payroll administration (Management)
  • Employee Information
  • Direct Deposit
  • Payroll entries
  • Payroll processing
  • Sick day and Vacation time Tracking
  • Employee Benefits
  • 401(k) deductions
  • Medical deductions
  • Independent Contractors
  • Internal controls

Monthly Reconciliations

In choosing an outsourced part time bookkeeper, it is important to utilize bookkeeping services from a professional bookkeeper who can accurately reconcile your accounts each month.

  • Monthly Checking Account Statements
  • Monthly Savings Account Statements
  • Monthly Escrow Accounts
  • Monthly Credit Card Merchant Accounts
  • Monthly Loan Accounts
  • Monthly Petty Cash Accounts

Current account balances will ensure that you understand how your business is doing, enabling you to make intelligent financial decisions.

Reconciling your accounts helps us to:

  • Assure you that all of your deposits have cleared
  • Identify deposited checks returned for insufficient funds
  • Identify hand written checks that we may have been unaware of and, therefore, must adjust your balance in QuickBooks
  • Identify deposits recorded in QuickBooks but not listed on your bank statement
  • Identify deposits listed on your bank statement but not recorded in QuickBooks
  • Record bank charges
  • Record credit card charges
  • Record debit card purchases
  • Ensure your Escrow Accounts are in perfect order
  • Identify red flags to help detect possible fraud and/or theft
  • Manage your cash more effectively

Monthyl Bookkeeping Reports

Monthly bookkeeping reports are a key component to running your business. An expert certified bookkeeper will provide the QuickBooks solution that will ensure your monthly bookkeeping is maintained with the utmost accuracy.

  • Balance Sheet
  • Profit and Loss (Income) Statement and comparatives
  • General Ledger
  • Statement of Cash Flows
  • Accounts Receivable Aging
  • Accounts Payable Aging
  • Budget versus Actual Reports
  • Customized Reports

Taxes

We are not tax preparers and do not file income tax returns. We will work with your CPA or financial accountant to provide all information and documentation they need to create certified financial statements and to file your tax returns. If you do not have a CPA or financial accountant, we can provide you with a referral.

  • Forms & Filings
  • All of the forms and filings listed below have specific due dates. Our professional bookkeepers give you peace of mind in knowing that this is done timely and accurately.
  • Quarterly
  • Forms: 941 & NYS-45
  • Sales Tax Return

Year End

  • Form W-2 & W-3
  • Form 1099 & 1096
  • Prepare year end reports to your CPA for tax preparation
  • Make adjusting entries

Annual

  • Standard Annual Workers’ Compensation audit forms
  • NYS Notice & Acknowledgement of Pay Rate & Pay Date
  • Federal Chamber of Commerce Census Audit
  • Sales tax preparation and Sales tax filing
  • Profit & Loss (P&L) Statements

This report tells the business owner how the company Is doing. The report details income, minus expenses and gives you the net profit over a specific period of time. Each category is listed, allowing a quick analysis of where the money is coming from and where it is going. We can also give you comparative reports. This will give the business owner control of their expenditures and determine if more or less money should be spent in a particular category, for example:

Are we spending enough on advertising?
Can we afford to hire a new employee?
Can we afford to purchase new equipment?
Can we afford to purchase real estate or move to larger space?
Where can we cut expenses?

Your financial accountant or CPA will need the company profit and loss statement at year end to prepare both your corporate tax returns and you personal tax returns.

General Ledger

The General Ledger is used to prepare financial statements and is also a means to discover fraud.

This is “the books” of your business.  Every financial transaction flows through the General Ledger and is a permanent record.  It is a listing of all of the company’s assets, liabilities, owner’s equity, revenues and expenses.

It is a permanent summary of all your accounts. At the end of the company’s fiscal year, the General Ledger must balance in order to “close the books” to prepare tax returns.

Balance Sheet

The Balance Sheet is a report of the business as of a specific date.  This is of particular interest to lenders and creditors in determining the credit worthiness of a company.  This report lists the company’s assets, liabilities and owner’s equity.

 

Business Services

Contact Us

  •   Hands On Bookkeeping

      One South Bay Avenue
      Islip, NY 11751
      Phone: 631-328-9311
      Fax: 631-277-9798
      This email address is being protected from spambots. You need JavaScript enabled to view it.

     

Latest News

  • 15 January Long Island Bookkeeping Service in Islip, NY offers Outsourced and Full Charge Bookkeeping Services for start-up and Small Businesses.

    Long Island Bookkeeping Service in Islip, NY offers Outsourced and Full Charge Bookkeeping Services for start-up and Small Businesses.

  • 15 January Islip, New York Bookkeeping Firm Provides Professional Solutions to established businesses on Long Island.

    As an established company your bookkeeping services and small business accounting needs will be met with the professional bookkeeping solutions best suited to achieve your current and future objectives. Our service is based on providing you with an outsourced part time bookkeeper on a weekly, monthly or quarterly basis. Our proficient use of QuickBooks bookkeeping and QuickBooks accounting delivers the highest level of accuracy and quality available.

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