Outsourced Accounting | James L. Beddow, PC

Let us take care of your books while you spend your time running your business.

The Jim Beddow Accounting Firm offers flat rate pricing plans. We know you will invest less to have your books prepared each month and that the information will be 100% accurate.

Our firm is fully automated, allowing us to expedite information transfers and reporting to you quickly. Our redundant, secure servers provide security and unmatched efficiency.

The Jim Beddow Firm’s monthly bookkeeping service is customizable but includes the following foundation of services:

Bank account reconcilitation
Income statement
Balance sheet
Discussions to discuss and create proactive plans based on the data generated

Policies and Procedures in Detail:

Bank Reconciliation

Reconciling your business checking account each month allows us to keep your cash on hand, financial and tax reporting on track.

Having us reconcile your account each month allows you to:

Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank.
Detect and prevent embezzlement of funds from within your company.
All accounts are reconciled and properly accounted for on your financial statement.
Manage your cash more effectively. Proper management of funds not only saves time and money, it will create positive cash flow.

Income Statement

An income statement also known as a profit and loss statement adds a summarized list of all your revenues and subtracts a summarized list of all your expenses to come up with a profit or loss for the period.

An income statement helps you to…

Track revenues and expenses so that you can determine the operating performance of your business.
Manage the budget.
Track trends and make timely descision related to your expenses.
Create strategic marketing and promotions plans in line with revenue goals.
Allows us to estimate your tax liability.

Balance Sheet

A balance sheet gives you a snapshot of your business’ financial position at a specific moment. The balance sheet can help you quickly get a handle on the financial strength and capabilities of your business.

Identify and analyze trends, particularly in the area of receivables and payables. We will work with you to implement strong system to keep cash flowing.
Determine operational capital needs and project sales goals for your company.

The Balance sheets and the Income Statement are the basic financial statement reports to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you.

Maintaining a Clean General Ledger

The general ledger is the listing of all transactions in your business classified by account and is the foundation of your company’s financial records. Since every transaction flows through the general ledger, a problem with your general ledger affects all your books. The general ledger system keeps your books in shape year around, not just at tax time.

We are available to discuss the details.

We are always available to spend time with you either in person or on the telephone so you fully understand how to interpret and utilize the financial information we provide.

Newest Posts

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Extended Federal Tax Due Date The Emancipation Day holiday in Washington, DC , which is April 16, is being celebrated on April 15 this year. By law, a local holiday in Washington is a tax holiday as well. All individual tax returns without extension and estimated tax payments for the first quarter of 2011 are due on April 18 as [...]...

2011 Mileage Rates The IRS published the 2011 mileage rates a few weeks ago. The new rate for business mileage is $.51, up from $.50 in 2010. Medical and moving mileage is now $.19 per mile, up from $.165 and charitable mileage is $.14 per mile, which is unchanged from 2010. A contemporaneous mileage log is required to [...]...

Credit Card Clearing 1099′s The result of the Housing Assistance Tax Act of 2008, bank and other merchant service providers must begin issuing a Form 1099-K to anyone whose total gross receipts from credit card transactions exceeding $20,000 and 200 transactions in a calendar year. This will no doubt be a painful time for many online sellers that haven’t [...]...

IRS Disbars CPA Have you ever wondered why your CPA keeps digging for answers until he understands a transaction or nitpicks you for the right details of a deduction? The IRS released IR-2010-82 on July 6, 2010, announcing the disbarment of a CPA. Here’s the announcement from the IRS website: IR-2010-82, July 6, 2010 WASHINGTON — The Office [...]...

James L. Beddow, PC

Outsourced Accounting Services