Comprehensive accounting and financial solutions tailored to your needs
We provide services in relation to accounting and bookkeeping wherein we record day-to-day transactions of sales, purchase, payments, receipts in books of accounts. We apply payments and receipts against outstanding payments and receivables respectively in the books. We record month-end adjustments at the end of the month like depreciation, prepaid, accruals etc. that helps in closing books for the month.
Payroll processing is one of the services we offer. We have hands-on expertise in processing payroll on almost all of the payroll software available on the market, regardless of the payroll software you have subscribed to. We collect payroll information from our clients and enter it into payroll software after analyzing it. After that, we prepare the payroll and send it to our clients for approval. We process the final payroll once the pre-processed payroll has been approved.
We understand how critical it is to complete payroll accurately and on time. Payroll processing errors or delays may result in unnecessary legal compliances and employee unhappiness. Our goal at GLB360 Accountancy is to process payroll without errors and to submit it on time.
Budgeting is one of the techniques for effectively managing cashflow. It helps the business in projecting upcoming income and capital expenditures, as well as how they intend to fund the same. However, we must remember that simply preparing a budget does not ensure successful cashflow management. The key point is to create a budget and then stick to it. Simply preparing the budget will not serve any purpose if we do not conduct periodic reviews of actual vs budgeted expenses.
GLB360 Accountancy assists our clients in budget preparation and then conducts a periodic review of the budget against actual costs incurred. Based on this, we advise our clients if they are on track with their budget or straying from it.
Forecasting, on the other hand, is concerned with anticipating revenue and spending for the future and determining how the business will allocate the budget to the future time. We understand our clients' businesses, we analyze previous financial numbers, and after a detailed discussion with them, we generate Forecasting reports that enable them to take a more forward-thinking approach to their businesses and make key decisions.
Failure to file a sales tax return, late filing of a sales tax return, or failure to pay sales tax results in interest and penalties. We assist our clients in avoiding such interest and penalties by ensuring that their sales tax returns are filed on time. We handle monthly and quarterly sales tax filings for our clients. We prepare sales tax returns for our clients using information from books and POS and file them after they are approved.
Monthly management accounts help in analyzing how we are doing in business and whether or not we are profitable. If we are not profitable, where are we spending more money that will exhaust our profits? It helps in making critical decisions regarding cost control, profit maximization, and so on.
However, it is critical to highlight that monthly management accounts must be prepared on time. Ideally, we should have monthly management accounts completed by the 10th of each month so that we may make crucial business decisions on time. Management accounts that are not received on time will delay crucial choices and, in the end, will be irrelevant.
GLB360 Accountancy is the right place for you if you are a CPA firm searching for back-office operations help that can handle bookkeeping, accounting, and year-end finalization work for all of your clients and that too at a fair price.
The founders of GLB360 Accountancy have significant experience dealing and working with CPAs in the USA. CPAs are so busy preparing and filing client tax returns that they do not have time for bookkeeping catch-up work or finalization during the busy tax season. By handling all of their clients' bookkeeping needs, GLB360 Accountancy greatly assists CPAs. Additionally, we help in the preparation of the accounts and the creation of the final Working Papers. Once CPAs receive the final Working Papers, it becomes very easy for them to review the final figures and file the client's tax return in no time. In a way, we help CPAs in saving time, energy and money.
Accounting help during busy Tax season for your business
Tax season can be stressful for any business. When you partner with GLB360 Accounting, we can prepare your working papers and finalize your books so your tax return can be filed accurately and on time.
Filing tax return of any business on time is very essential. This is because it helps staying out of legal implications that may occur by non-filing or late filing of income tax return. At the same time, tax return is an important document that needs to be submitted while liaising with financial institutions for getting loans or for increase in credit limit.
At the end of the year, we take care of finalization of books of our clients. We make necessary year-end adjustments, reconcile all the balance sheet ledgers, prepare Working Papers showing back-up schedule of each and every ledger that we have reconciled and submit the same to the CPAs of our clients so that they can file tax returns on time. We coordinate with the CPAs on a regular basis to resolve their queries and facilitate filing tax returns on time.
Small and medium-sized enterprises may not always have in-house accountants. In such cases, business owners handle bookkeeping. Because owners are supposed to run a business, not bookkeeping, they may make several errors when recording transactions into books of accounts. In such cases, the books at the end of the year require extensive cleaning before being presented to CPAs for filing taxes.
At the same time, it is possible that transactions were not recorded at all for the entire or a portion of the year, and that catch-up work is required before the books are sent to CPAs for filing tax returns.
GLB360 Accountancy assists clients with one-time clean-up and catch-up work for the year at competitive prices.
Improper accounts payable management has two effects on the firm. One, it has a negative impact on the business's cashflow if we do not take full use of the credit term provided to us. On the other hand, if funds are not issued to vendors on time, it has a negative impact on the vendor's relationship, which may result in non-delivery or delayed supply of goods or services.
GLB360 Accountancy helps our clients in appropriately managing their accounts payable. After we record all invoices and apply payments to the appropriate bills, we conduct a periodic analysis of AP ageing data and advise our clients on how we may improve Accounts Payable management. We send an outstanding bills report on a weekly basis, focusing on payments that need to be issued as soon as possible in order to continue uninterrupted vendor services.
Accounts receivable management is critical for any company. If we do not handle it effectively, it will immediately have a negative impact on the business's cashflow. Many businesses have collapsed simply because their receivables were not adequately managed.
GLB360 Accountancy assists our clients in managing their receivables by doing a periodic review and analysis of ageing reports and advising them on where they are lacking in receivable management and how they may improve. This is supported by accurate receivables bookkeeping and efficient payment allocation against receivables.
Because hospitality is a rapidly growing business industry, having detailed insights into your company's financial situation keeps you on pace. Accounting is required in the hospitality business to keep track of transactions. Mismanagement and inefficient tracking can be avoided with a well-organized accounting system.
Accounting is important in the hotel sector since it assesses the basic expenses, revenue, profit, loss, assets, and liabilities. Any firm dealing with cash flow, such as the hospitality industry, should have a systematic accounting facility to record all transactions. Improve every part of the industry while focusing on profit generation using simple accounting principles.
The majority of restaurant businesses fail because they are unable to control their food waste and labor costs. Rent is another significant fixed cost that eats into the business's profit. Our monthly Business Analytics Reports help restaurants in understanding ways to control such costs.
Our Business Analytics Reports for the Restaurant Industry provide insight into how we are performing as a business. If there is an increase or drop in sales on a specific day, we attempt to determine the cause. In addition, our Business Analytics Reports show if we generate more money from breakfast, lunch, or dinner. We also conduct weekly comparison analyses of Sales, COGS, and profitability to determine where we are heading as a business.
Your accounting records need to be correct, otherwise you lack the proper tools to successfully run your business. In many cases, you could be under-reporting or over-reporting your income on your tax returns. Perhaps your attorney with an IOLTA account and you are not sure if it is accurate. Our comprehensive Diagnostic Review will identify and outline any issues that exist.
At the end of the year, we take care of finalization of books of our clients. We make necessary year-end adjustments, reconcile all balance sheet ledgers, prepare Working Papers showing back-up schedule of each ledger that we have reconciled and submit the same to the CPAs so that they can file tax returns on time.
Whether it's Bookkeeping, Accounts Payable & Receivable, Sales Tax, Budgeting, Forecasting, or Payroll Services, we can help. From ongoing cashflow management to a one-time clean-up of your books, GLB360 will deliver exceptional solutions.
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