Encompass Financial Services, Inc., better known as EFS, provides customized advisory services to small and mid-sized companies to support their business operations. These services are designed to alleviate some, or most, of the administrative burdens of running your business while simultaneously providing guidance on how to more effectively and successfully operate your company. This page is devoted to providing information on our Bookkeeping Services. If you’d like information on our Payroll Services, Tax Preparation Services, or Tax Resolution Services, please click on the appropriate link to be directed to those information pages.
BASIC BOOKKEEPING SERVICES
What are bookkeeping services, really? For us, basic bookkeeping services entails:
Collecting information and records about your business income and expenses
such as how much you’re selling your products and/or services for, along with the cost of your products, your supplies, your staff, your utilities, and your loans and credit cards, for example.
Organizing and classifying that information into income and expense categories
based on your industry. For example, in our industry, we could have income accounts tracking money earned for Bookkeeping, Payroll, Consulting, and Tax Services. Each company would have a complete chart of different types of income and expense accounts customized for their company/industry.
Displaying that organized information within internal financial statements
such as the company’s Profit/Loss Statement, the Balance Sheet, and the Statement of Cash Flows. These internal financial statements will show you how well, or poorly, your company is operating financially.
While our company provides numerous additional services to support your business’s administrative responsibilities, everything else that we can do depends on how solid your bookkeeping records are. The importance of the accuracy of your bookkeeping records cannot be overstated as these records are the foundation on which your business’s success is grown from! And because literally every other report, consultation, or return we do for you depends on your financial books, we place a tremendous emphasis on doing them to the highest standards.
So, what does “Highest Standards” mean to us? It means:
Ensuring Continuity of Records – Are we missing bank statements or credit card statements?
Examining Data Entry Transactions – Did your utilities bill get posted to the correct expense account, in the correct period, for example?
Verifying Data – Reconciling all appropriate accounts monthly to ensure we have entered all transactions based on your support documents. We’ll also clear out incorrect or duplicate entries during this process.
Internally Evaluating Data – If we’re reviewing January through July’s financial records and we don’t see 7 months of electric bills, we’re going to research and review records to find out why.
Ultimately, we rely on the quality of information You provide Us. The better the information we receive, the better the financial reports we can return to you, and the more confident you can be in your company’s future.
Bookkeeping Software Solutions and Options:
While our office primarily uses QuickBooks Desktop and QuickBooks Online to support the vast majority of our clients’ bookkeeping and payroll needs, our office does offer some specifically customized Excel spreadsheets to assist business owners with entering income and expense information, organizing data, and anticipating tax obligations. If you’d like more information on these spreadsheets, and their costs, please give our office a call!
Bookkeeping Services List (not exhaustive):
- Data Entry
- Account Reconciliations
- Internal Financial Reports
- Sales Tax Support
- Business License Support
- Tangible Personal Property Support
- Annual Reports
- Business Formation Support
- Bookkeeping Training for Staff
- Internal Controls Design & Evaluation
So, now that you have a solid idea of what we can do, we strongly encourage you to take a few minutes to schedule a consultation with our great staff! We can be reached at 931-919-2543!
ADVANCED BOOKKEEPING SERVICES
Clients that are looking for a deeper dive into their operational numbers can request additional opportunities with our senior staff to go over their business’s internal financial statements one-on-one. These advanced services are designed with one goal in mind: to help you become more confident in running your business successfully.
Our team will prepare a copy of all your internal financial statements to be reviewed with you for the desired time period (month, quarter, year, etc.). This consult will also include a listing of your business’s fixed assets, along with all your current, and long-term liabilities. In this meeting you’ll be able to discuss:
Your company’s financial ratios covering areas such as:
- Profitability;
- Operational efficiencies;
- Liquidity; and
- Solvency.
What services/sales are driving your revenues and discuss what expenses/expenditures are consuming the most amount of your cash:
- Revenue Drivers;
- Cost/Expense Drivers (Note: Expenses are often deductible against your taxes, whereas Expenditures are often not deductible against your taxes.)
How well your employees are performing and what opportunities there are for continued expansion through qualified, well-trained employees. (Did we mention we can process payroll for your team, too???)
What the benefits of having a budget prepared for various time frames would be, while giving you a measuring tool to strive for, and compare, against.
- One-year budget
- Three-year budget forecast
- Five-year budget forecast
We will review various tax planning strategies, such as establishing a retirement plan, to assist in lowering your tax obligations. (After all, we are an experienced tax preparation firm, too!)
Business continuity plans and strategies. You’ve worked your “asset” off to become successful, but if you aren’t planning for passing the torch, it’s a good chance you won’t get as much out of your business as you’ve put into it! We don’t want to see that happen!!
(Please note that these Advanced Bookkeeping Services are not part of our normal Bookkeeping and Payroll Support Packages, so there will be an additional charge for any consultations requested.)
We’re very glad you took the time to check out our firm and what Advanced Bookkeeping Services we offer. Since you’ve come this far, we strongly encourage you to take the next step and schedule an appointment by calling 931-919-2543!