At Franz Bookkeeping, we specialize in simplifying the complexities of bookkeeping, providing efficient solutions tailored to your unique business needs. With our expert team, you can trust that your financial records are in capable hands, leaving you free to focus on what you do best: growing your business.
Every financial transaction, whether it’s a sale, purchase, expense, or income, needs to be recorded accurately and promptly. This includes invoices, receipts, bills, payroll, tax payments, and loan/credit card payments.
Transactions are categorized into appropriate accounts such as assets, liabilities, equity, revenue, and expenses. This classification helps in organizing financial information and generating reports.
Bookkeeping follows the double-entry system, which means every transaction affects at least two accounts – one account is debited, and another is credited. This system ensures accuracy and maintains the balance of the accounting equation (Assets = Liabilities + Equity).
Regular reconciliation of accounts, such as bank reconciliation, ensures that the recorded transactions match the actual transactions and balances. It helps in identifying discrepancies and errors that need to be rectified.
Bookkeeping lays the foundation for preparing financial statements such as the income statement, balance sheet, and cash flow statement. These statements provide insights into the financial performance and position of the business.
Accurate Financial Statements with knowledgeable counsel provides the setting for the business owner/manager to make wise decisions for the future of the business.
At Franz Bookkeeping, we’re dedicated to simplifying your financial management. With meticulous attention to detail, we handle your transactions, ensuring accuracy and compliance. Our expertise allows you to focus on what you do best while we keep your books in top shape, empowering your business for success.
Katherine
Industry: Restaurant
We understand the importance of accurate financial management for businesses of all sizes. Our comprehensive bookkeeping services are tailored to meet your unique needs, ensuring that your financial records are meticulously maintained and compliant with regulations.
Your team uploads physical receipts on the computer, app or by email.
Your vendors email purchase documents to a dedicated email address for purchases only.
We process from the purchase document and match to credit card transactions in the bank feeds.
We process bills to QBO then pay with Intuit Billpay or Melio Payments system.
Bank feeds are smart but sometimes too smart. They can get confused at times when multiple transactions come in close together for the same amount. We want the books to reflect reality so we post from the document rather than the feeds. We use the feeds to verify that the entries are accurate and that we have all the documents! We are very careful here.
Accuracy review, we seek out the tricky stuff like duplicate entries and physical checks that didn’t clear over time. We ask if what was recorded on the P&L and the Balance Sheet makes sense. We look at the A/R and A/P aging reports and see if anything isn’t clearing out. Then we seek to find out why. Balance Sheet account balances should make sense. We reconcile asset and liability accounts as needed to verify that the entries are correct, including but not limited to checking, savings, long term liabilities and credit card account bank statements reconciliation.
Payroll: Your team clocks in and out on the application of your choice. We can help you determine what works well and make suggestions on this. Many of these apps connect directly with QuickBooks Online Payroll. If so, we will review the data after you tell us it is approved, then we can send the data directly in for processing. We will alert you if something looks unusual. We process the payroll, submit for direct deposit, send you paystubs or a PDF of the paycheck to print electronically if you need to, export the reports for a record of what was issued at the time it was issued and provide those to you in a shared electronic filing system.
Document retrieval services – Most businesses have recurring costs coming in frequently for utilities, insurance, etc. We provide a service that tracks these costs. We will log into the vendor websites on your behalf and download the documents, then put them in Dext for processing. We can set this up to happen monthly or quarterly.
Client invoicing – some service-based businesses provide services over a period of time and send invoices to their clients requesting payment at predetermined intervals. We can help you trackthis, compile the invoices and send them electronically to the clients receiving payment electronically to keep the process as fast as possible. QuickBooks Online records each event in a log you can follow.
Bookkeeping involves recording financial transactions and maintaining accurate financial records, while accounting involves interpreting, analyzing, and summarizing financial data to provide insights for decision-making.
It depends on the complexity of your business and your comfort level with bookkeeping tasks. While some small businesses may handle bookkeeping internally, others may benefit from outsourcing to a professional bookkeeper or accountant to ensure accuracy and compliance.
There are various accounting software options available, such as QuickBooks, Xero, and FreshBooks, which streamline bookkeeping processes. Alternatively, you can use spreadsheets or hire a professional bookkeeper who may use their preferred software.
It’s recommended to reconcile bank accounts, credit cards, and other financial accounts regularly, ideally on a monthly basis. This helps identify discrepancies, errors, or fraudulent activities promptly and ensures the accuracy of your financial records.
Thomas
Industry: Printing
