Save Time & Money on Everyday Tasks
Excellent Medical Billing Services started with general bookkeeping and payroll services. Now, we understand how mundane these tasks can be and we also understand that they are the lifeblood of your business. We know how complicated your life will become if these duties are not managed properly.
Our Florida-based bookkeeping and payroll team has 20+ years of experience with all types of payroll –straight time, overtime, commission, holiday pay, disability pay, bonuses, and more. We have also shepherded several companies through the recently enacted government stimulus programs, to ensure that all paperwork is in order and that your company meets all requirements for distribution and documentation.
We take advantage of cloud-based software to keep your balance sheet healthy and your ledger clean. We customize your bookkeeping program based on your needs. That way, you can focus on your business while we manage your books.
Our bookkeeping expertise & services include:
- Cash Basis Accounting
The cash basis accounting method may be used by small businesses with no inventory because it is simple and easy to maintain. This system is exactly what it says – in that you recognize a receivable when the money is in the bank and a payable when the bill has been paid. Your cash flow is what you see on your balance sheet, so you don’t have track receivables or payables. Finally, your income is taxed only once it has been deposited into your account.
- Accrual Basis Accounting
For accrual accounting, your revenues and expenses are recorded when they are earned, irrelevant of when they are actually paid. Accrual basis accounting will give you a more accurate picture of where the business stands at any given time, but it does not account for cash flow, which must also be tracked properly.
- Accounts Payable (AP)
AP is money that you have been billed for goods or services and is still owed to the provider. This is money you owe.
- Accounts Receivable (AR)
AR is money that you have billed to a vendor for goods or services provided, but it has yet to be paid. This is money owed to you.
Payroll is the business process of paying employees and it is a part of labor costs. Payroll includes salaries, employer payments for benefits such as health insurance, payroll taxes, bonuses, commissions, etc.
Inventory, or the goods and materials held within a business, is one of the most important assets for a company. Additionally, turnover of inventory is the largest source of revenue generation for a company. There are three ways to measure inventory: FIFO – First In First Out; LIFO – Last In First Out; Weighted Average – a combination of the two.
In accounting, sales is made up of any operating revenue that a company earns through its business activities, such as selling services, goods or products. Gross sales are the top line sales, then other deductions are included to generate net sales.
In accounting, purchase is the cost to buy inventory that will be sold in the ordinary course of the business. It is classified as an expense and will be included within the cost of good sold (COGS).
- Loans Payable
Loans payable differs from accounts payable, in that there is interest and repayment involved. Loans payable is a liability such that you are making payments to a lender and the payments cover interest as well as original principal.
- Retained Earnings (RE)
Retained earnings is the net income that remains after you have paid your shareholders.
- Owner’s Equity
Owner’s equity is the amount that is left over to the owners after you have subtracted the liabilities from the assets. Some examples of owner’s equity include stock (both common and preferred), retained earnings, accumulated profits, general reserves, etc.
- Partnership Accounts
A partnership is a formal agreement between two or more parties to operate a business and share in its profits. Each partner has a separate investment account and a separate withdrawal account.