Enhancing Small Businesses with Expert Bookkeeping and Reporting
firmTRAK Solutions itself is a small business and we know that being the best company we can be is when we can play to our strengths. In our experience, working as part of a team where everyone contributes their part gives small businesses the best chance for success. For marketers, that’s marketing, for e-commerce, that’s selling products, etc. We seek to compliment other small businesses with our expertise, that is bookkeeping and reporting, so companies can focus on what they do best.
Inventory Cost Accounting Experts
firmTRAK’s team of accounting professionals has worked with brick and mortar retails stores and e-commerce companies for years. We understand how important inventory management is for your business. Our team also has experience setting up the proper “flow” from the inventory software to the accounting system so the cost of goods sold is reflected accurately on the financial statements. We also know how to properly account for the sales tax liability and the payments that are made each filing period and can help you set it up correctly in the accounting system. Inventory management and sales tax can be tricky, firmTRAK has the attention to detail needed to do the job properly.
Revenue Matching and Project Accounting
One of the core principles of generally accepted accounting is to recognize the revenue in the proper period so as to properly offset the related expenses incurred. firmTRAK knows this is doubly true for professional service companies or any business that operates as a series of small projects. We know the tools and accounting practices to properly recognize your revenue. We can optimize your company’s project accounting in order to evaluate the correct profit margins. With this knowledge, any business can make clear decisions and set realistic goals for performance.
Cloud Payroll Integration Experts
Every business has their own mix of software, checks and payment services to fund the operations of their business, i.e. their employees and contractors. firmTRAK has experience in using all the standard cloud based solutions, like GUSTO, and can integrate them to the correct chart of accounts in the accounting system. We also know that sometimes a manager will “cash app” themselves reimbursements for personal expenses or refund customers on the fly. firmTRAK can handle every situation and accurately record the company’s expenses while doing it.
firmTRAK has the knowledge base to empower small businesses to be successful. Our team is ready to evaluate your current workflows for data collection and document management as it relates to the financial cycle of your company and provide training to your staff where necessary. We can help you establish what current policies exist and document them. Once the processes are known to the business, improvements can be explored and the procedures can be optimized for the best chance at success. For example, we can train employees and managers how to use mobile apps with HUBDOC or Xero Files to collect receipts “on the go” and thus ensure all tax deductible expenses are substantiated and recognized on the financial statements.
Historical Clean up
We know that DIY can turn into YELP. So historical clean up is a core competency of the service we offer to small businesses looking to gain some horsepower in their back office by outsourcing the bookkeeping. With the resources that are available to us as Xero Advisors, we can pass on some efficiencies in the process as well. Some of our clients have relied on us to complete their reports to get multiple years of tax filings completed. If you have past years to clean up, firmTRAK solutions can help.
Commitment to Prompt Communication
One of the worst feelings in the world is knowing you’re going to have to email a black hole trying to get email support or call a 1-800 # and deal with the byzantine nightmare of a phone tree to attempt to speak to an actual person. Nine out of ten times they aren’t authorized to answer the question anyways.
At firmTRAK we are a real company of hardworking people just like you. That is why we commit ourselves to answering your questions as a priority. We seek to respond as quickly and effectively as possible. When you call our phone number, one of our full team members answers the phone, not an automated phone tree, or a 3rd party answering service. We value your time and appreciate your business.
Full Bookkeeping and Reporting
firmTRAK operates by becoming a member of the team. First we’ll get access to the data originating and operating systems, CRM, storefront, bank/ cc, payroll, and merchant processors. As we learn more about the company we’ll ask many questions to fully understand the operations of the business and establish or clean up the existing chart of accounts. Once we learn and identify all the key procedures we’ll establish a workflow document to keep in your files that establishes the best practices for your particular small business and how it operates. Then we’ll continue this high level of service while we move through the end of month procedures to issue your reports accurately and in a timely fashion. At the end of the year, your CPA will love us and it will save you time and money filing your tax returns.
Budget Creation Assistance
Once your small business is getting regular reports and has a consistent group of reports for business data in the firm, it’s time to level up, and start setting goals. A budget, even a break even budget, is a great way to start thinking about future financial decisions. If the goal is to hire more staff, it would be a first step to figure out what your margins are currently and what it would take to break even on current staff salaries. After that, a company can start to plan for any number of different decisions. firmTRAK includes a basic budget with its services for small businesses. The budget variance report will be part of the standard report package and can be as simple or as sophisticated as needed.
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