Basic bookeeping – Praxisbfs

Praxis BFS, LLC

Basic Bookeeping

Transaction Management

Daily Transaction Recording: Accurately documenting all financial transactions, including sales, purchases, payments, and receipts, ensuring real-time updates to financial records.
Data Entry: Inputting financial data into accounting software to maintain an up-to-date ledger.
Categorization of Transactions: Classifying transactions into appropriate categories, such as expenses, income, and assets, for better financial tracking and reporting.

Accounts Reconciliation

Bank Reconciliation: Regularly comparing the company’s financial records with bank statements to identify discrepancies and ensure accuracy.
Credit Card Reconciliation: Matching credit card statements with company records to verify charges and payments.
Inter-company Reconciliation: For businesses with multiple entities, reconciling accounts between them to ensure accurate financial reporting.

Expense Tracking

Receipt Management: Organizing and managing receipts to ensure all expenses are documented and accounted for.
Expense Reports: Generating detailed reports that categorize and summarize expenses for easier review and analysis.

Accounts Payable Management

Invoice Processing: Receiving and processing vendor invoices for payment, ensuring timely payment to maintain good relationships with suppliers.
Payment Scheduling: Organizing payment schedules to manage cash flow effectively and avoid late fees.

Transaction Management

Daily Transaction Recording: Accurately documenting all financial transactions, including sales, purchases, payments, and receipts, ensuring real-time updates to financial records.
Data Entry: Inputting financial data into accounting software to maintain an up-to-date ledger.
Categorization of Transactions: Classifying transactions into appropriate categories, such as expenses, income, and assets, for better financial tracking and reporting.

Accounts Reconciliation

Bank Reconciliation: Regularly comparing the company’s financial records with bank statements to identify discrepancies and ensure accuracy.
Credit Card Reconciliation: Matching credit card statements with company records to verify charges and payments.
Inter-company Reconciliation: For businesses with multiple entities, reconciling accounts between them to ensure accurate financial reporting.

Accounts Receivable Management

Invoice Generation: Creating and sending invoices to clients, ensuring accurate billing for services rendered.
Collections Management: Monitoring outstanding invoices and following up with clients to facilitate timely payments.

Financial Record Maintenance

Document Management: Organizing and storing financial documents securely, including invoices, receipts, and bank statements, ensuring compliance and ease of access.
Backup and Security: Implementing systems for regular backups and security measures to protect sensitive financial data.

Monthly and Quarterly Reviews

Performance Analysis: Conducting monthly or quarterly reviews of financial performance to identify trends, variances, and areas for improvement.
Adjusting Entries: Making necessary adjustments to accounts for accruals, deferrals, and corrections to ensure accurate financial reporting.

Our accounting and finance services encompass essential areas including basic bookkeeping, financial statement preparation, tax preparation and planning, payroll services, budgeting and forecasting, and consulting. We deliver tailored solutions to enhance financial accuracy, optimize tax strategies, streamline payroll, and support strategic growth for your business.

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