Our Commitment to Our Clients
Practical Management Solutions is committed to providing clients with extremely high quality, cost effective bookkeeping services and are dedicated to meeting their individual company’s needs. We make it a priority to stay abreast of the changes, requirements and challenges involved in managing the financial side of business while adhering to high standards of quality and integrity. Our knowledge, experience, and accuracy is demonstrated by the quality and concise information we provide to your CPA. We relieve clients of the tedious and technical bookkeeping functions allowing them to concentrate on their business. Accurate and comprehensive financial recordkeeping is vitally important to a company’s success and we are 100% dedicated to those efforts.
Why Outsourcing Makes Sense
We will streamline your bookkeeping process while ensuring organization, accuracy, and timeliness. In the typical office setting, staff is busy with other office duties and often bookkeeping functions are not given the attention they require. If your staff is “squeezing in” the bookkeeping function as time allows or has insufficient time or training required to properly perform the job, outsourcing with Practical Management Solutions is the answer you've been looking for. Outsourcing your bookkeeping can reduce stress, decrease your chance of receiving penalties from tax authorities, and allow you to focus efforts on your prime business purpose. Clients can choose for us to handle some or all of their bookkeeping functions, including but not limited to Payroll, Accounts Payable, Accounts Receivable, General Ledger, Banking, Cash Flow Projections, Monthly and Quarterly Tax Reporting, etc.
How our Service Works with your Accountant
We strive to create a working “partnership” with you and your CPA. Throughout the year, our staff works closely with your accountant to implement their recommendations for your business. We collect your financial data and compile, organize and present this data to your accountant as needed. This ultimately saves you time, money, and stress due to the effectiveness of getting you organized and prepared when tax season approaches. Our data is compiled utilizing QuickBooks software. Use of this software simplifies the reporting of year end information to your CPA firm. This enables your CPA to upload the data and have all of your information at their fingertips, enabling them to provide services more efficiently as well.
Payroll Services
Our staff can provide your business with complete payroll management. Our services include payroll calculation and processing, direct deposit, paycheck generation, pay stub reporting, and transmitting withholdings to proper tax authorities and salary deferral plans. We prepare quarterly and annual tax returns, including W-2’s and 1099’s to ensure all required reports are filed timely in order to avoid penalty. We can manage all of your payroll records, including maintaining employee records, enrollment forms, etc.
Accounts Payable Services
Our accounts payable service can manage all of your payable functions. We tailor this service to our individual client preferences and needs. Clients can route “approved” invoices or can have their bills sent directly to our Post Office Box for processing. Checks and supporting invoice documents are typically routed back to the client for signature. Depending on the client preference, they can mail their checks once signed, or route them back to us for mailing and the filing of paid invoices. We can maintain vendor files for all those with whom you do business, and provide reports detailing or summarizing disbursements.
Accounts Receivable Services
Our service can invoice your customers and manage collection as necessary. We can receive your payments and deposit them directly into your bank account, or post payments deposited by you against the customer’s open invoices. We provide reports detailing or summarizing your billing activity and accounts receivable balances, and can generate computerized deposit slips and payment history reports.
Sales Reconciliations and Sales Tax Reporting
We encourage our clients to reconcile sales that are often recorded in internal software systems to deposits actually made. Our service will work with your office to devise a system to ensure that all monies collected for sales are accounted for, thereby adding validity to the sales and collection totals reported. We can also prepare and file sales and use tax returns and other returns that may be a requirement of your particular business, such as hospitality tax returns, etc.
Bank Reconciliations
Management of your financial data and cash flow includes accurately balancing your accounts at least monthly. Whenever possible, we prefer to have online, view only access to your bank account so we can verify deposit and credit card processing activity in order to ensure sufficient funds are available for any disbursements to be made. Our reconciliation service includes monitoring and following up on outstanding transactions in order to clear up any issues in a timely fashion.
Monthly Financial Reporting
For accounts where we have access to the full financial picture, we provide monthly financial statements for your review. The financial statements typically include a Balance Sheet (which is listing of your company’s assets and liabilities) and a Profit and Loss Statement (which is a summary of your income and expenses). Other reports are prepared depending on the clients needs, such as an income allocation reports which allocates income to partners, departments or provider of services based on defined formula. Cash flow reports, projections and budgeting reports can also be generated as needed.
Data Security and Confidentiality
Our staff adheres to our confidentiality agreement requiring us not to divulge any information without the client’s authorization and mandates we protect confidential company records. All computerized records are maintained on our secure, HIPAA compliant server further helping to ensure the confidentiality of your information.