FAQ: What is “Bookkeeping Maintenance”
If you have worked closely with a financial professional to perform bookkeeping services, you most likely have heard the term “bookkeeping maintenance”. What does it mean and what does the task consist of?
Here is what bookkeeping maintenance means at Mikaesbooks:
Transaction Categorization - We categorize your business transactions in accordance with IRS guidelines and publications.
Bank Reconciliation - We reconcile all transactions against your bank statements or credit card statements. Anything out of balance? Reconciling this gives us an idea of what may not be accurate.
Other Reconciliation - We reconcile accounts that may not be tied to a bank account. These can include loan accounts, petty cash (cash on hand) or liabilities.
Fraud Verification - We will let you know when we see something out of the ordinary. More times often than not, we can uncover compromised accounts and or cards during the categorization process.
Pattern Recognition - We take note of your vendors and expenses so we can recognize when an account is higher or lower than expected. This attention to detail can assist with revising or building a budget.
Financial Reporting - We go beyond just the Profit & Loss and Balance Sheet Statements. Financial reports are personalized to a business. Offer credit to clients? A receivables statement should be produced monthly.
Reviewing of Financials - We don’t stop once financials are submitted. We sit down and review your financials. How do they compare to other periods? Is something out of the ordinary? We answer your questions and make sure you understand your business performance.
Here at Mikaesbooks, maintaining your books means more to us than data entry. If you are looking for a new bookkeeper to serve you and your business, schedule a free consultation here today!
This blog is for educational purposes only. Mikaesbooks is not a tax advisor or legal professional. Seek an Enrolled Agent, EA or a Certified Public Accountant, CPA, or other tax professional for more information.
