Financial Accounting Services

Service Description

This service provides for the accurate processing, accounting and management of organization’s financial records.  All designated activity is recorded in QuickBooks with supporting hardcopy documentation organized and filed.  The financial record keeping and reporting service provides:

• Delivery point for financial communications, bills, statements, etc.
• Establishment of a chart of accounts to reflect needed financial and fund reporting
• Depositing of donations and receipts in bank or at broker
• Establishment of expense approval process
• Payment of bills
• Initiate U.S. or international funds transfers or wires
• Recording of bills and their payments
• Recording credit card, ATM details
• Recording income and donations.  Donations can be from a report out of a different contribution system (if not using the Donation record keeping and reporting service).
• Recording funds transfers
• Recording of payroll transactions processed by other organization
• Process and recording of expense reports
• Reconciliation of account statements to transactions and general ledger
• Working with related parties – suppliers, banks, etc. to resolve issues/discrepancies
• Produce and distribute printed monthly financial reports
• Produce and distribute printed annual financial reports
• Prepare and provide all require documents and information of tax report creation
• On-line, remote access to the financial information, in addition to current forms.

Possible additional options

• Budget preparation and tracking
• Establishment of a financial accounting or tracking system/process in the field

Cost elements:

• PO Box, if required, at cost
• Setup of accounts, processes, and systems – staff and systems costs
• Establish new bank account, if required, at cost
• Staff hours for services
• External accountants for tax report preparation – external accountant fees

Cost determinants:

• Number and type of transactions per month
• Number of external accounts
• Number and types of monthly and annual reports required
• Volume of foreign currency related transactions
• Complexity of expense and transfer approval processes