BlackBull Accounting, Inc.

Bookkeeping & Budgeting

At BlackBull, we are QuickBooks Online (QBO) Tier-4 Elite-Level Certified ProAdvisor accountants and provide timely and relevant bookkeeping services for our business owners. Everyone knows that good bookkeeping is essential to the health of any small business (and household). The problem is, most business owners know very little about fundamental, GAAP compliant, 1065, 1120, and 1120-S tax-ready bookkeeping.

Business owners are often good at providing a specific product or service, but can be poor managers and administrators of their entire business.  The do-it-yourself (DIY) business owner may be trying to bite off more than they can chew trying to tackle the operations of their business and the bookkeeping. As a result, owner-produced books are often inaccurate, overlook many tax-reducing opportunities, and cause headaches at tax-filing time.  In business, everything costs either time or money. Skimping on bookkeeping does not usually pencil out well. Saving a few bucks in tax-prep or bookkeeping fees can cost a business owner hundreds or thousands of dollars more on their taxes.

When it comes to bookkeeping, small business owners generally do 1 of 3 things:

1) Neglect the bookkeeping- Bookkeeping is not fun and may not produce an immediate cash flow for the business owner. Bookkeeping depletes owners of their time and energy. As a result, the books are put off until the last possible minute. It is a disaster waiting to happen… and it usually ends up on our desks (in December or January) in flash drives, boxes, or folders. All the while, the business owner is in the dark as far as the true income, expenses, taxes, and health of the company.

2) Do the bookkeeping themselves- The DIY owner is brave and tries to tackle every aspect of the business operations. However, similar to #1, since bookkeeping is not a "sales" activity, the books are often put on the backburner. When the owner finally does sit down to do the books, they are overwhelmed, scattered, tired, and have a hard time remembering how the software works (if they even have software). It is not uncommon for the DIY owner to spend 20 - 40 hours or more at year's end trying to make sense of things. This is time they should be spending on revenue generation. Plus, it only provides after-the-fact data; too late to make any effective business management decisions. 

3) Hire a professional accountant / bookkeeper to handle the bookkeeping- This may be the best use of your time! You can remain focused on sales and what you enjoy and receive ALL the benefits listed below. (Go ahead. Scroll down!)

BlackBull provides efficient bookkeeping services (monthly, quarterly, and timeframe-specific projects). Most small business owners want us to do 100% of the work and provide support each month. Others might want to do some parts of the books and have BlackBull “check their work” and maintain accurate financials. It’s all good to us as long as we know the bookkeeping is getting done, and is done well. 

Here are a few of the benefits sound and up-to-date books will deliver to you as a business owner: 

•    Buy your time back! Spend those 5-15 bookkeeping hours each month generating sales instead of staring at your bank statements and spreadsheets! Or... spend more quality time with your family and friends!!
•    Preserve your mind, focus, and energy (and reduce your need for more coffee?)
•    Stress reduction 
•    Peace of mind (what is that worth to you?)
•    Capture unseen expenses
•    Fraud detection!
•    Reduce taxes payable
•    Generate current financial statements. Forget what you think or feel; KNOW what is actually happening

•    Build the company’s worth
•    Satisfy underwriter’s requirements. Address VC and Investor concerns.
•    Provide information necessary in the case of an audit
•    Ensure the business is tax return-ready at year-end (no more year-end projects!)
•    Provides monthly facts, figures, & transparency and the BEST business management tool there is!
•    Provides an intangible asset to the company
•    The bulk of the bookkeeping project fees are one-time expenses; an intangible assets increasing your company's worth.
•    Monthly maintenance fees are inexpensive
•    In most cases, you may not have a net cost for bookkeeping!
•    Help determine the value of the company when selling the business or transitioning ownership 

So what does BlackBull actually do when it comes to your bookkeeping project or monthly bookkeeping? Well, here is a breakdown:

  • Bookkeeping Software Set-Up (cloud-based)
  • Payroll Software Set-Up (if needed)
  • Bank Syncs & Data Downloads
  • Bank Statement Downloads, Formatting, & Renaming 
  • Document Sharing and Cloud Storage
  • Check Viewing and Categorization
  • Income & Expense Classifications
  • Equity Contributions and Distributions
  • Bank Reconciliations
  • Journal Entries
  • Undeposited Funds
  • Unapplied Cash Payments
  • Payroll Classifications 
  • Income & Expense Tracking 
  • Custom Vendor List Maintenance
  • Bank Security Protocols - Connect / Re-connect
  • Bank Rules
  • Fraud Detection / Bank Mistakes
  • Chart of Accounts (COA) Updates
  • Liabilities Rules and Splits
  • Create / Send Un-Categorized Expenses to Client
  • Monthly / Quarterly / Annual Financial Statement Review
  • Depreciation Adjustments
  • Retirement Funds
  • Asset Tracking and Maintenance
  • Year-End Review
  • Year-End Close

Yep, it's alot.  And each year, we also help many of our clients with their personal budgets as well!  Don't be afraid to ask for help.