As a member of Collective, we give you the tools and resources to successfully run your back office. In this article, we will focus on your accounting needs. Collective provides cloud accounting and payroll platforms, software training and support, and ongoing assisted bookkeeping services.
Did you know?
Assisted bookkeeping is part of your benefits from being a member of Collective. We understand that, at times, you’ll have priorities other than updating your books. Weeks and months could go by, and your books are left untouched. Next thing you know, it’s September 15th or January 15th, and it’s time to pay your estimated taxes. Oh no! Guess what? Because we assist with bookkeeping, your books are ready for quarterly tax estimates. Each month we check Quickbooks for transactions that are left uncategorized from the previous month, and we help with getting your books updated and cleaned up.
If I am under Assisted Bookkeeping, what do I need to do?
You’ll be managing your books and will need to:
Categorize your income, expenses, distributions, and contributions. Again, if you don’t code all the transactions within the month, we got you! We will help with bookkeeping so you will never be behind;
Review the categorizations to make sure they are accurate; and
Do your monthly bank reconciliations
In Quickbooks banking or transactions screen, categorize all transactions downloaded that are “For Review.” Assign an expense such as “Meal” or “Advertising and Marketing.” You’d want to do this weekly to stay on top of your bookkeeping. In addition, you’ll need to reconcile your bank and credit card accounts every month to make sure that all transactions are recorded in your books.
Keep in mind that as a business owner, you have the best information about your business. Collective is not involved in the day-to-day operations, so at times we will need your input on how to classify specific financial transactions. Unless you are in full-service bookkeeping, we ask that you do your part and review the transactions closely. We classify the transactions based on what is generally known, what you’ve communicated to us about your business, or what’s in your historical records.
What about full-service bookkeeping?
You can always upgrade your plan to full-service bookkeeping. With this full-service bookkeeping, you can sit back, relax, and review the financial package we deliver to you. Want to learn more about how this works? Here are our different bookkeeping plans.
As a final note, whether you fully outsource services or not, you’d want to have a good understanding of how the bookkeeping process works. The output of all the work is your Profit and Loss, Balance Sheets, and other reports that paint an accurate picture of your business. You’d want the financial data to be reliable, useful for your business, and can stand up to the scrutiny of the IRS.
How do the two services compare?
Monthly Financial Report