Bookkeeping Services

Bookkeeping Services

Bookkeeping Task List

Hirsch Tax Pros will provie the following common bookkeeping tasks and duties, broken down by week, month, quarter and year. 

Weekly or every two weeks

  • Enter deposits and payments
  • Enter payables and receivables
  • Pay any bills due
  • Mail requests for I-9's and/or certificates of insurance to new subcontractors (note on bill to hold payment against return of paperwork)
  • Follow up on any past due accounts

Monthly

  • Enter principle and interest on any loan payments
  • Review vendors for expired certificates of insurance and request updated information
  • If collecting sales tax, review resale and nontax customers for any missing or expired ST-4 or ST-5 forms and request updated information
  • Review A/R and create customer statements or mail reminder invoices as needed
  • Review A/P statements against possible missing or past due invoices to be paid
  • Reconcile and pay sales and/or meals tax (monthly filers only)
  • Reconcile all bank and credit card accounts
  • Create/review monthly profit and loss and balance sheet statements
  • Create/review monthly inventory, sales, and other reports
  • (Nonprofits & some for-profits) Do monthly cost allocations
  • If you pay estimated taxes, set aside 20-30% of net monthly profit in a savings account for estimated or year-end taxes

Quarterly

  • Reconcile payroll liability accounts against quarterly reports
  • Reconcile and pay sales and/or meals tax (quarterly filers only)
  • Create/review quarterly profit and loss and balance sheet statements
  • Create/review quarterly inventory and sales reports
  • (Nonprofits & some for-profits) Do quarterly cost allocations
  • If you pay estimated taxes, make your quarterly payment

Annually

  • File and pay sales or meals taxes (if an annual filer)
  • Review vendors and services (telephone or internet service providers, credit cards, etc.)
  • Update year-end inventory and capital assets in the books
  • (Nonprofits only) review the status of any restricted grants; prepare reports for funding sources as necessary
  • (Nonprofits only) review overhead expense allocations (Management & General, Development, Program) and adjust as needed
  • Review company insurance coverage against inventory value, potential liabilities or increased revenue
  • Review status of any owner loan accounts
  • Prepare materials for accountant and/or tax preparer