For a big business or large corporation to thrive, they must have timely, effective, and accurate bookkeeping. That’s no small task!
Compared to small and medium businesses, big businesses and large corporations have multiple locations, more employees, a more complex management hierarchy, a greater number of daily business operations, a large number of clients and business contacts, and more business communications.
Big business and large corporation managers must follow every business transaction and understand the impact that various factors have on the bottom line. Bookkeeping at that level is another full-time job! As a business grows and becomes more complex, so does the bookkeeping.
That’s where Sherman Oaks Accounting and Bookkeeping powered by One Source Services, Inc. can help.
Our trustworthy, vigilant bookkeepers simplify big business and large corporation bookkeeping by following these important guidelines:
Reconcile every transaction. Our bookkeepers check the balances and transaction records for each bank account, loan, line of credit, etc. that a big business or large corporation holds at least once a week. Bank records are reconciled transaction by transaction against debits or credits on the books and assigned to the appropriate income or expense account. Discrepancies are identified and addressed immediately. We’re also checking that all transactions are legitimate postings as we reconcile.
Dual-entry accounting. One Source Services, Inc. dba as Sherman Oaks Accounting & Bookkeeping bookkeepers rely on user-friendly accounting software that automatically records changes to assets or liabilities and the appropriate income or expense category at the same time. This automated dual-entry system ensures that even the biggest businesses’ and largest corporations’ accounts are always in balance.
Regular financial reviews. Auditing financial work is absolutely necessary. Periodically reviewing financials helps identify previously unnoticed problems and opportunities. We require our big business and large corporation clients to designate a minimum of one representative who participates in the financial review process at least once a month. Our bookkeepers use these regular financial reviews as report cards on performance and financial health.
Ensure timely tax filings. Late or missed tax filings can have serious financial repercussions on a big business or large corporation. Sherman Oaks Accounting & Bookkeeping powered by One Source Services, Inc. bookkeepers remind big business and large corporation managers when tax filing deadlines approach or payments are due. They provide information CPAs need to help with preparing and submitting federal, state, and local taxes accurately and on time.
Risk control. Unfortunately, malfeasance is not uncommon in big businesses and large corporations. Regular financial monitoring can effectively identify and prevent fraud. Plus, having a designated bookkeeper minimizes who can access accounts; we carefully control login credentials and advise big business and large corporation owners and managers on who should have account access and signing authority. By minimizing the risk of errors and late or missed payments or filings, our bookkeepers are the first line of defense against funds misappropriation and are a second set of eyes to help spot operational inefficiencies.
Details management. Big business and large corporation owners and managers must be able to assess individual costs at-a-glance. One Source Services, Inc. dba Sherman Oaks Accounting & Bookkeeping simplify finances by recording details in secure cloud-based accounting software. Big business and large corporation managers can gain valuable insight into employee expenses, product lines, vendor costs, and so much more 24/7 from anywhere. One Source Services, Inc. manages the details so that big business and large corporation managers can focus on other important things.
Thorough Analysis. Our professionals help big business and large corporation managers thoroughly consider operational changes, identify new options, and carefully examine potential investments. Our staff CFOs can perform gap analysis and financial impact reviews, empowering big business and large corporation managers to make more informed decisions.
Bookkeeping is a full-time job. The extremely detail-oriented work requires intimate knowledge of a big business’s or large corporation’s financial and operational areas.
Sherman Oaks Accounting & Bookkeeping powered by One Source Services, Inc. can anticipate big business’s and large corporation’s needs, ensure their financial records are accurate, and offer theft and fraud protection, helping big businesses and large corporations to not only survive but to THRIVE.