LSL aims to improve your financial visibility for better decision-making and planning. Our team is here to make things easier, provide support, and help establish a solid financial foundation. We offer flexible service levels tailored to your specific needs, as listed below, and have recommended a package based on our discussions. Our services include regular meetings to address accounting questions and align with your business goals. Through collaboration, we gain insights into your operations and track progress, integrating strategic and operational perspectives to drive success.
Ongoing Accounting Services
| Description of Service | Period-End Review and Reporting | Period-End Close and Reporting | Full-Service Accounting |
|---|---|---|---|
| Prepare basic Profit & Loss and Balance Sheet reports | ✓ | ✓ | ✓ |
| Set closing date in the accounting software so that no changes can be made, where applicable | ✓ | ✓ | ✓ |
| Set up a periodic meeting to discuss questions or concerns regarding your accounting | ✓ | ✓ | ✓ |
| Review financial reports for reasonableness and communicate all questions and/ or concerns to management | ✓ | ✓ | |
| Review general ledger and post adjusting entries as needed for accurate financial statements in accordance with the client’s chosen basis of accounting | ✓ | ✓ | |
| Reconcile payroll expenses to payroll detail reports, if applicable | ✓ | ✓ | |
| Review all balance sheet accounts for proper support. Provide feedback and recommendations as needed | ✓ | ✓ | |
| Review accounts receivable aging and provide monthly reports detailing accounts receivable by customer and accounts receivable aging | ✓ | ✓ | |
| Maintain fixed asset records/depreciation reports | ✓ | ✓ | |
| Reconcile the general ledger accounts in the accounting software with your bank, credit card, and loan statements | ✓ | ✓ | |
| Annual year-end closing and preparation for tax return | ✓ | ✓ | |
| Record transactions in general ledger using the automated bank feature | ✓ | ||
| Enter receipts only if not on a bank, credit card or loan statement (exception, not the rule) | ✓ | ||
| Categorization of all transactions to the correct account in the general ledger to assure accurate and reliable tax-ready financial statements | ✓ | ||
| Ask you questions: If any transactions are unclear, we will ask you to verify the nature of the transaction | ✓ |
Fractional CFO and Fractional Controller Services
| Description of Service | Fractional Controller | Fractional CFO |
|---|---|---|
| Review financials for changes period over period and year over year | ✓ | ✓ |
| Investigate large or unusual variances | ✓ | ✓ |
| Meet with management to discuss findings and recommendations | ✓ | ✓ |
| Budgeting and forecasting | ✓ | |
| Key performance indicators (KPIs) | ✓ | |
| Cash flow management | ✓ |
Additional Support Services
Accounts Payable Processing
- Process vendor invoices for payment on a weekly basis, based upon management-approved vendor listing and authorization limits.
- Provide a list of accounts payable for you to approve
- Print/mail checks or pay online, if applicable***
- Setup new vendors in accounting software
- Prepare and file 1099s
Please note that pricing is determined by the average number of payments processed and may be adjusted as the volume of payment processing fluctuates. *** Please note any third party processing costs or postage will be billed as expenses are incurred.
Payroll Processing
- Calculate payroll based upon the payroll information provided to us
- Calculate payroll taxes based and ensure the correct deductions
- Integrate third-party 401(k) and benefit plans, if applicable
- Provide electronic payroll records to employees and employers
- Ensure compliance with all state and federal laws governing payroll
- Prepare and file W-2s
- Prepare and file payroll tax returns
- Make payroll tax deposits
Please note that pricing is determined by the number of employees, frequency of payroll processing and other changes that could cause additional time to be incurred. Fee quotes may be adjusted as if these occur. Additionally, a setup fee could apply with each new hire depending on the responsibilities of setting up. Additional fees may be charged for last-minute changes to payroll.
Tax & Compliance Filings
- Payroll Tax (when not processing payroll): Prepare and file payroll tax returns , prepare payroll tax deposits, if requested
- Sales Tax: Prepare and file states sales tax returns , prepare state sales tax deposits, if requested
- Unsecured Property Tax: Prepare and file Unsecured Property Tax Statements
- 1099 Reporting: Prepare and file 1099s (for clients who process their own vendor payments)
Systems & Asset Management
- Fixed Assets: Maintain fixed asset records/depreciation reports
- System Configuration: Establish the accounting framework
- Reviewing and organizing historical financial data
- Setting up or optimizing accounting software
- Customizing chart of accounts
- Integrating bank and financial feeds
- Aligning reporting formats with the client’s operational needs
