TRADE & PROFESSIONALS
We know relationships and customer service are the engine that drives any trade or professional service business’s success. We seek to provide the organization, accounting service, and software integrations to help your business achieve a five star level of service for your customers.
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 trade 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 or project based reporting. With this knowledge, any business can make clear decisions and set realistic goals for performance.
Full Bookkeeping and Reporting
firmTRAK operates by becoming a member of the team. First we’ll get access to the data originating operating systems, legal CRM, 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 law firm 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 refer to the best practices for your particular law firm 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.
Historical Clean Up
We know that DIY can turn into NOPE. So historical clean up is part and parcel of the service we offer to law firms looking to gain some horsepower in their practice 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.
We said our goal is to provide organization to your trade or professional organization and we meant it. Our team is ready to evaluate your current workflows for data collection and document management as it relates to the financial cycle of the trade or professional business and provide training to your staff. If your business doesn’t have any official policies and procedures we can help you establish what they are and document them in a central location. Once the processes are established, improvements can be explored and the procedures can be optimized for the operation of the company. For example, we can train employees and managers how to use mobile receipt apps like 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.
Budget Creation Assistance
A budget is really about setting goals. To set these goals, 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 great idea to figure out what your margins are currently and what it would take to break even. Then the firm can start to plan for any number of different decisions. firmTRAK includes a basic budget with its services for trades and professional services. The budget variance report will be part of the standard report package and can be as simple or as sophisticated as needed.
Customer Invoice Tracking and Payments
In our experience one of the most important challenges busy trades and professional service businesses face is generating customer invoices, applying payments, tracking down past due invoices, and making sure the invoicing software is talking to the accounting software correctly. Our team has the experience and organizational skills to keep your accounts receivable up to date and synced across software platforms. If you are behind on your customer invoices, there is money being left on the table. We also have experience with many merchant processors and can keep your customer payments up to date. Let firmTRAK do the tedious record keeping so your can focus on running your business and providing great customer service