Rushabh Shah

5/21/22, 3:15 PM Proposed Bookkeeping Methodology ( Best practices suggested ) Proposed Bookkeeping Methodology ( Best practices suggested ) Thank you for your explanation regarding your business. I have prepared herewith work methodology which would be best suited for your business based on discussion we had during the call. This things are just based on our brief understanding of the business Name of business Entity Sample Country of registration USA Software used by client QuickBooks https://docs.google.com/forms/d/1pmmDm82OstTSVLbaQc48PFEpqN9wPBz-oc6zJRMEysw/edit#response=ACYDBNhjANcRKgL-Jp7sTTluvSYt41n… 1/13 5/21/22, 3:15 PM Proposed Bookkeeping Methodology ( Best practices suggested ) Suggested period for Management report Weekly Management snapshots We can prepare a snapshot as below Monthly management report- We provide below management reports Yearly management report Quarterly management report since quantum of business is low How is payables Managed? ( Accounts payables relates to bills payable by Organization and paying vendors timely) https://docs.google.com/forms/d/1pmmDm82OstTSVLbaQc48PFEpqN9wPBz-oc6zJRMEysw/edit#response=ACYDBNhjANcRKgL-Jp7sTTluvSYt41n… 2/13 5/21/22, 3:15 PM Proposed Bookkeeping Methodology ( Best practices suggested ) Management of payables We can record all the payables and enter them one by one and prepare weekly report of payables Payables would not be managed by Bookkeeper Payables Methodology Here is suggested payables Methodology https://docs.google.com/forms/d/1pmmDm82OstTSVLbaQc48PFEpqN9wPBz-oc6zJRMEysw/edit#response=ACYDBNhjANcRKgL-Jp7sTTluvSYt41n… 3/13 5/21/22, 3:15 PM Proposed Bookkeeping Methodology ( Best practices suggested ) Here is a suggested payables methodology we can use Suggested software's to be used for payable Dext Payroll and Receivables management https://docs.google.com/forms/d/1pmmDm82OstTSVLbaQc48PFEpqN9wPBz-oc6zJRMEysw/edit#response=ACYDBNhjANcRKgL-Jp7sTTluvSYt41n… 4/13 5/21/22, 3:15 PM Proposed Bookkeeping Methodology ( Best practices suggested ) Benefits of payroll software Software for payroll ADP https://docs.google.com/forms/d/1pmmDm82OstTSVLbaQc48PFEpqN9wPBz-oc6zJRMEysw/edit#response=ACYDBNhjANcRKgL-Jp7sTTluvSYt41n… 5/13 5/21/22, 3:15 PM Proposed Bookkeeping Methodology ( Best practices suggested ) Syncing of Payroll with Accounting software ( if using payroll software) Payroll software integrates with Accounting software Payroll software does not integrates with Accounting software Accounts receivable processing How is receivable managed? Client enters the invoices into Quickbooks accounting software https://docs.google.com/forms/d/1pmmDm82OstTSVLbaQc48PFEpqN9wPBz-oc6zJRMEysw/edit#response=ACYDBNhjANcRKgL-Jp7sTTluvSYt41n… 6/13 5/21/22, 3:15 PM Proposed Bookkeeping Methodology ( Best practices suggested ) Accounts Receivable Receivables management - how to do receivables management. Payment Gateway is used- Reconciliation of payment gateway needs to be done Industry specific things to take care Ecommerce- Need to ensure that the money coming in is reconciled with the sales invoices Class Tracking - Class Tracking can help record the transactions via various business strategic units Class tracking is an opt-in feature that allows users to group expenses or invoices by location, department, or any other meaningful segment of your business. Is class tracking required Not required Sales tracking platform Sales platforms consist of tools and integrations that help companies accelerate sales cycles and organize all sales activity in one place. Tracking a lead's journey from their first interaction with a rep to a close or lost sale Amazon https://docs.google.com/forms/d/1pmmDm82OstTSVLbaQc48PFEpqN9wPBz-oc6zJRMEysw/edit#response=ACYDBNhjANcRKgL-Jp7sTTluvSYt41n… 7/13 5/21/22, 3:15 PM Proposed Bookkeeping Methodology ( Best practices suggested ) Product or Service business Service business- No inventory tracking required Product business- Inventory tracking required Inventory tracking Tracking of Inventory is required for business who need to track their inventory and the levels of inventory Inventory Management Software: Keep track of every product you buy and sell & Get real-time inventory valuation Inventory tracking The process of a business continuously monitoring all of the inventory that it owns Inventory tracking can be done with an add on accounting software Advanced Accounting https://docs.google.com/forms/d/1pmmDm82OstTSVLbaQc48PFEpqN9wPBz-oc6zJRMEysw/edit#response=ACYDBNhjANcRKgL-Jp7sTTluvSYt41n… 8/13 5/21/22, 3:15 PM Proposed Bookkeeping Methodology ( Best practices suggested ) Profit first Profit describes the financial benefit realized when revenue generated from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity in question. Yes- Organization uses Profit first https://docs.google.com/forms/d/1pmmDm82OstTSVLbaQc48PFEpqN9wPBz-oc6zJRMEysw/edit#response=ACYDBNhjANcRKgL-Jp7sTTluvSYt41n… 9/13 5/21/22, 3:15 PM Proposed Bookkeeping Methodology ( Best practices suggested ) Create and file 1099s with QuickBooks Desktop Yes- 1099 required to be filed Indirect taxes Applicable US- Sales tax- https://docs.google.com/forms/d/1pmmDm82OstTSVLbaQc48PFEpqN9wPBz-oc6zJRMEysw/edit#response=ACYDBNhjANcRKgL-Jp7sTTluvSYt41… 10/13 5/21/22, 3:15 PM Proposed Bookkeeping Methodology ( Best practices suggested ) Suggested to create and import budgets into QuickBooks /Xero or other accounting software Yes Forecasting Report The Forecast Overview Report tells you what your company’s monthly forecasted income and expenses are for a particular time period that you select. Yes- recommended for client https://docs.google.com/forms/d/1pmmDm82OstTSVLbaQc48PFEpqN9wPBz-oc6zJRMEysw/edit#response=ACYDBNhjANcRKgL-Jp7sTTluvSYt41… 11/13 5/21/22, 3:15 PM Proposed Bookkeeping Methodology ( Best practices suggested ) Required Cash flow statements A cash flow statement is a financial statement that provides aggregate data regarding all cash inflows a company receives from its ongoing operations and external investment sources Yes- Should make monthly cash flow statements Statement of financial position The statement of financial position is another term for the balance sheet. The statement lists the assets, liabilities, and equity of an organization as of the report date. As such, it provides a snapshot of the financial condition of a business as of a specific date We shall prepare detailed statement of financial position on Monthly basis Detailed Income statement An income statement is a financial statement that shows you the company's income and expenditures. It also shows whether a company is making profit or loss for a given period. The income statement, along with balance sheet and cash flow statement, helps you understand the financial health of your business We shall prepare a detailed income statement and submit on a monthly basis https://docs.google.com/forms/d/1pmmDm82OstTSVLbaQc48PFEpqN9wPBz-oc6zJRMEysw/edit#response=ACYDBNhjANcRKgL-Jp7sTTluvSYt41… 12/13 5/21/22, 3:15 PM Proposed Bookkeeping Methodology ( Best practices suggested ) Reconciliation of balance sheet accounts loan accounts and other accounts Loan reconciliation is the process of analyzing loan product data such as total files, files receive, files not received, status, etc. Yes- There are multiple accounts on balance sheet to be reconciled Additional bookkeeping things to be taken care of I note that you want to ensure that receivables are followed up on a timely basis and we shall ensure followup of receivables with QB online on a timely basis. This form was created inside of Meru Accounting. Forms https://docs.google.com/forms/d/1pmmDm82OstTSVLbaQc48PFEpqN9wPBz-oc6zJRMEysw/edit#response=ACYDBNhjANcRKgL-Jp7sTTluvSYt41… 13/13