We can seamlessly hand off the books we’ve prepared to a CPA firm to prepare your taxes. We make this process easy for you and make sure that the information you’ve provided us flows through to your tax preparer. If you have a tax preparer that you’d like to continue working with, we can work with them; otherwise, we’re happy to set you up with a CPA firm who can help you with your tax filings. They will bill you directly for their services and we receive no referral fee from them.
We maintain your books in QuickBooks Online, the industry standard for storing your books. That means that you aren’t locked in to working with us, and other financial professionals will know how to work with the books that we’ve prepared for you.
Balance Sheet
A balance sheet gives you a snapshot of your business’ financial condition at a specific moment in time.
A balance sheet helps 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. For example, if your receivables cycle is lengthening, maybe you can collect your receivables more aggressively
- determine if your business is in a position to expand
- determine if your business can easily handle the normal financial ebbs and flows of revenues and expenses
- determine if you need to take immediate steps to bolster cash reserves
- determine if your business has been slowing down payables to forestall an inevitable cash shortage
Balance sheets, along with income statements, are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you.
Income Statement
An income statement, otherwise known as a profit and loss statement, basically adds an 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…
- Track revenues and expenses so that you can determine the operating performance of your business.
- Determine what areas of your business are over-budget or under-budget.
- Identify specific items that are causing unexpected expenditures. Like phone, fax, mail, or supply expenses.
- Track dramatic increases in product returns or cost of goods sold as a percentage of sales.
- Determine your income tax liability.
As a small business owner you have more important things to do than a bank reconciliation. We take care of your books for you, so you can get back to the job of running your business and generating profits.
Bank Reconciliation
Reconciling your business checking account each month allow 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.
- Know how your business is doing? You can’t really know unless all accounts are reconciled and properly accounted for on your financial statement.
- Manage your cash more effectively. Proper management of funds not only saves money, it makes money for you.
- Protect yourself. By timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented to your bank and paid by that bank.
- Sleep Better. You will sleep more peacefully at night knowing your bank accounts are reconciled.
What accounting systems does Parkway use?
We support online accounting platforms that are cloud-enabled and tested by our team of experts. We feel that QuickBooks Online represents the best opportunity for us to customize an accounting package to your needs. However we are certified an additional accounting platforms including Xero, Wave and FreshBooks and keep an open mind to new platforms to best support our clients.
Do I have to pay for the software licenses that Parkway uses to manage our books?
Parkway covers all license fees for online accounting software that we implement to run your accounting process. All of our specialty services has been matched with the best applications on the market and are included within your monthly Parkway subscription pricing.
How do I know my information will be secure?
We utilize third-party enterprise-level password vault security for all client logins and passwords. During on-boarding we’ll store these logins in your small business accounting system so our team never needs to have access to your account credentials.
What is the “onboarding fee”?
The onboarding fee is a one-time setup fee that helps us offset the costs of your Account Manager reviewing your current accounting records and building your financial calendar. We throw a lot of extra love and attention at you during the beginning of your engagement that helps ease transitions and establishes a relationship with you that makes working with our team as seamless as possible in the future.
When do you hire an accounting partner vs. hiring an employee?
We founded Parkway to help with this dilemma. We have designed an accounting program that is built to scale and grow with your company.
Can Parkway help clean up my books from past months, maybe even years?
Parkway’s Historical Bookkeeping Cleanup allows for us to continually work to tidy up your books.
Does it matter where my company is located?
We can serve you wherever you are located.
Do I have to give you access to my bank account?
We prefer not to share your private login and password information. Instead we request that you give our team Read-Only access to your accounts and whenever possible that you setup individual credentials instead of sharing your own. To improve upon this process, we have partnered up with Ledgersync, to provide an additional layer of security and convenience.
That can vary depending upon the complexity of your business, the amount of historical cleanup (if any) that you may have, and the specific systems you’re on. We will work up a more customized onboarding timeline with you after you’ve had a chance to speak with them.
We believe it is important to get to know about you, your business and your goals. To accomplish we will establish an initial meeting with you to capture specific details from youu as well as answer any questions that you may have.
Sole Proprietors and Partnerships follow a different set of requirements than Corporations. If your business is incorporated as an S Corp, and your pay someone to do work for you, the Internal Revenue Services requires that you run a payroll and deduct for taxes based on the wages earned. Depending on the to wages reported your company may be required monthly, quarterly, or annually.
By outsourcing payroll to Parkway, you can rest assured that taxes have been filed and reporting deadlines have been met.
Parkway is open Monday Through Friday from 8:00 am to 5:00 pm. We typically do not hold meetings on the weekend except as needed, especially during tax season.
Like most business owners, you probably opened your business to do something you love, and most likely that did not include bookkeeping or payroll. Parkway understand how important both your time and your financials are to your business and will provide you real time access to your numbers without the hassle of doing it yourself.
The quality of a company’s financial documents can make the difference between failure and success. Bookkeeping should empower the business owners decisions by providing historical trends as well for future forecasting. If you every need to inject capital into the business from a loan, or have considered selling your company, copies of your current financials will be required.
