At: Recording
Business apart from personal
Personal and business spending are mixed together.
What we do
Recording transactions in QuickBooks Online from bank, card and payment feeds.
Bookkeeping & Accounting
We keep your books on QuickBooks Online and close them every month. Each month ends with reconciled accounts and a short set of reports you can read. At year-end the books are ready for your tax return, so the return does not wait on the books.
Where bookkeeping comes into play across the month
The points where this service comes into play are numbered.
- Stage 1TransactionsBank, card and payment feeds arrive all month.
- Stage 2RecordingEach transaction recorded in QuickBooks Online, business apart from personal.1
- Stage 3ReconciliationBank, card and loan balances matched to their statements.2
- Stage 4The closeA profit and loss statement and balance sheet for the month.3
- Stage 5ContractorsPayments to contractors tracked for Form 1099-NEC.
- Stage 6Year-endA package your tax return can start from.4
Numbered points are explained below.
The four points, explained
At: Reconciliation
Accounts that match the bank
Bank and card accounts have not been reconciled for months.
What we do
Monthly reconciliation of bank, credit card and loan accounts. Clean-up of prior months when books are behind.
At: The close
Last month’s profit, this month
You cannot tell whether you made money last month until your accountant sees the year.
What we do
A monthly close with a profit and loss statement and balance sheet.
At: Year-end
A year-end without catch-up
Year-end means weeks of catch-up before the tax return can start.
What we do
A year-end package for your tax return.
What the engagement includes
Request a proposal- Recording
Transactions recorded in QuickBooks Online from your bank, card and payment feeds.
- Reconciliation
Bank, credit card and loan accounts reconciled every month.
- The monthly close
A profit and loss statement and balance sheet after each month closes.
- Contractor payments
Payments to contractors tracked for year-end reporting, such as Form 1099-NEC.
- Catch-up
Months that are behind brought up to date.
- Year-end
A year-end package your tax return can start from.
- Something not listed?
Ask us. If it is US tax or accounting work, we will tell you plainly whether we can take it on.
How it runs
Access and review
You give us access to QuickBooks Online and your bank feeds. We review the file and tell you what needs fixing.
Clean-up
If the books are behind, we bring them up to date first and agree the opening balances with you.
Monthly routine
Each month we record, reconcile and close. Where a transaction is unclear, we ask you about it.
Monthly reports
You receive the month’s reports with a few lines on anything unusual.
Year-end
We close the year and hand your tax preparer, or us if we prepare your return, a complete package.
Do I keep ownership of my QuickBooks Online file?
Yes. The books are kept in your own file. If we stop working together, the file stays with you.
When are 1099-NEC forms due?
Form 1099-NEC must be filed with the IRS and given to each recipient by January 31. We track contractor payments through the year so the list is ready in January.
My books are a year behind. Can you start now?
Yes. We bring the books up to date first, then move to the monthly routine. The catch-up has its own written scope, agreed before it starts.
Does the IRS require a particular bookkeeping system?
In most cases, no. The IRS says your records must clearly show your income and expenses, and be backed by supporting documents such as receipts and invoices.