You financial data and documents are stored in the cloud. Instead of transferring data files, you and your bookkeeper just login from home, work or on the go to see the same set of data. Your data is secure even if your computer is stolen.
TWA does bookkeeping on a cash basis, meaning we record transactions as soon as the money has been deposited into your bank or charged to your bank/credit card. When it comes to filing taxes, we find this most effective.
To import your existing books through our on-line accounting software, send your bookkeeper your most up-to-date Balance Sheet and Income Statement; OR for QuickBook clients we will import your accounting data on-online account software for free.
Get your invoices out promptly and send monthly statements on the date of your choice.
We offer two options:
Whether we prepare your invoices for you or you generate them yourself, your TWA bookkeeper can print and mail or email customer invoices and statements on your behalf.
Accounts Receivable reports for collection and cash flow management are prepared and delivered to you on a schedule of your choice. Finance charges are assessed on overdue invoices based on your company's payment terms and conditions, and statements can be initiated and transmitted on a schedule of your choice.
Invoice that we can't obtain online will need to be scanned or emailed to us. That's it! You're done! Your vendor invoices for the day are on the way to your TWA bookkeeper for recording into your accounting file.
On a schedule determined by you, your TWA bookkeeper will notify you by email all open vendor invoices. Just indicate which invoices you want paid in your accounting software. Your bookkeeper will set up the requested bill payment checks in your accounting file.
Once the checks are ready to print, we offer two options for printing:
You or a designated staff member can log into your accounting software and print checks directly to your local printer.
Your TWA team can pay the bills online through our partners at Bill.com.
Prior to taking deposits to the bank, you will scan the deposit slip and each of the items to be deposited. Your TWA bookkeeper will post the customer payments against the appropriate customer invoices and record the bank deposit.
Employee Expense Reports
Your employees can send expense receipts the same way you send business receipts, and your bookkeeper will generate expense reports for them.
Your TWA bookkeeper will have access to view and download transaction history and bank statements, and, if desired, to transfer funds between business accounts at your bank. Your bookkeeper will not have the authority to sign checks or to initiate electronic payments that have not been pre-approved by you or a designated staff member.
Bank account activity is updated daily in your accounting file, so that you always know your available cash balance. Transactions that appear in your bank account that the bookkeeper has no knowledge of will be posted, but the bookkeeper will inform you of these transactions and request supporting information by email. Bank account balance notifications and cash receipts and disbursement reports can be emailed to you daily, weekly, or monthly as desired.
Banking, credit card, and loan accounts are reconciled to the corresponding statements each month, and the reconciliation reports are emailed to you promptly. When emailing the reconciliation report, the bookkeeper will call your attention to old outstanding items that require resolution and will also provide a list of any missing check numbers for security and control purposes.
Your TWA bookkeeper will prepare required business returns such as sales tax, business license tax, personal property tax, and various industry specific tax filings. Your bookkeeper will either file these returns electronically upon approval, or email the completed tax forms to you for signature and mailing. All such filings are submitted to you for final approval.
Reconciling your business checking account each month allows us to keep your bank account, accounting, and taxes up-to-date. Having us reconcile your account each month allows you to:
Identify lost checks, lost deposits and unauthorized wire transactions.
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.
An income statement, otherwise known as a profit and loss statement, basically adds itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period. An income statement allows you to:
The general ledger is the core of your company's financial records. These records constitute the central "books" of your system. Since every transaction flows through the general ledger, a problem with your general ledger throws off all your books.
Having us review your general ledger system each month allows us to hunt down any discrepancies such as double billings or any unrecorded payments. Then we'll fix the discrepancies so your books are always accurate and kept in tip top shape.
Your TWA bookkeeper is there to help you contain costs and increase profitability. This is done through a variety of measures. We are here to help you grow your business. We strongly feel that your success is our success.
Each month you will receive a compilation of your business transactions. This is a financial statement report summarizing the results of your activity. TWA handles all of your bookkeeping entries and lets you focus other more important activities that will help you grow your business.
Your monthly reports will include an income statement, balance sheet, and detailed ledger listings showing how much you have spent during the month by expense category.
Monthly financial statements will enable you to have an up-to-date view of your business. You can see the areas that are over or under spent, look at profit to date, and find out how much tax there may be to pay.
Interested in our services? Give us a call at 877-573-5043 now or request a free consultation to get started today!