Buckley Small Business Solutions, LLC

Dedicated to Your Business Success


 Mobile: 215.279.3958

Bookkeeping
Bookkeeping can be an extremely time-consuming operation and without the appropriate level of knowledge, it is possible that money can be lost and opportunities missed. Bookkeepers are specialized professionals, often outsourced, who focus on tracking the financials of your business. The bookkeepers goal is to optimize tracking operations and maximize benefit within the restrictions of the tax codes.

Call Terence today for a consultation, and we can talk about your business, some of the challenges that are being presented and perhaps discuss some ways towards working out a solution. 


Besides,
when it comes to tax time, it isn't necessary to pull your hair out! The organization resulting from hiring Buckley Small Business Solutions circumvents the tense preparation of year-end taxes.



 

Terence is a member of the Sustainable Business Network of Philadelphia.

 


Terence is a notary public with the State of Pennsylvania



The goal of my bookkeeping service is to free-up your time for a minimal fee, so you can spend more time focusing on your business and spending more time with your family. But perhaps more importantly, the goal of a bookkeeper is to properl;y allocated income, expenses, and investments in your business to optimize tax benefits.

Bookkeeping Services Include:      

  • Quickbooks set-up, management, and education. Terence can either meet you at your office or work from home to set-up a hand-tailored bookkeeping system to suit your individual business needs. Although the software program is comparatively simple, there is a  need to translate the tax code into your bookkeeping system. Translating the tax code into a bookkeeping program requires a functional knowledge of federal, state, and city tax codes that remain dynamic and changing. Terence keeps abreast of the latest changes - especially with the current stimulus package to take effect.
  • Weekly, monthly, and annual reports: once the bookkeeping program is set-up correctly, these reports are automatically generated by the software program. However, customizing the reports to provide the information you need takes a little bit of know-how. There are additional features, such as class-tracking, that provide a further in-depth look into how your business is functioning. For example, some one may want to class-track overhead verse operating costs, or for those working in and out of the city of Philadelphia may want to class-track by location.
  • Prepare documents for your accountant: Terence works hand-in-hand with your accountant to help prepare your tax returns. An accountant bases your tax return on the information you provide. If you are unaware of certain tax write-offs or creative ways to reduce income and increase overhead cost, then your accountant may not know that certain income has the potential to be deferred or that certain expenses are part of your business. Terence has experience working with a variety of companies and has unique knowledge for reducing gross and net profits.
  • Track income and expenses per client or per job: for certain businesses this is an important part of bookkeeping. For example, contracting businesses may want to know what the overhead costs, payroll costs, and material costs are for a job, or they may want to know what each phase of construction costs, so they can go back and analyze the information. The analysis of information provides the contractor with an in-depth look at subcontractor performance, labor performance and whether their bids were appropriately placed.
  • Track mileage for your vehicles: a much overlooked aspect of bookkeeping, hundreds or even thousands of dollars can be expenses via vehicles. Vehicles may also be added as fixed assets if purchased through the company, or you have the option of writing off the gas purchases and maintenace costs as opposed to writing off the vehicle mileage. Determining the best accounting process is restricted by the IRS, but within that limit, Terence can analyze the information at hand and assist you with making the best decision.
  • Payroll: a complicated aspect of bookkeeping because there are several different tax agencies to deal with on a bi-weekly or monthly and quarterly basis. With additional taxes and preparation costs, payroll is a very expensive aspect of business. There are payroll services that are optimally efficient at payroll, and to be honest, these companies are significantly difficult to compete with. However, payroll data entry still takes the knowledge of a bookkeeper, especially when including time sheets, class-tracking, and allocating time to jobs for later analysis.
  • Accounts Receivable (Billing/Invoicing): based upon a solid bookkeeping system, accurate billing and invoicing becomes much easier. Tracking reimbursable expenses, compiling labor hours, and using this function to ultimately determine if you are charging enough for your services or products relies upon control of information.
  • Accounts payable: tracking bills from vendors contributes to the financial outlook of the business. Through A/P reports, one can see where the business needs to be at certain time intervals. This largely applies to companies that operate on credit accounts with vendors.
  • Asset/Liability accounts: There are several types of assets and liability saccounts that include loans, fixed assets, mortgages and more. Determining whether equipment or tools should be expenses or placed into fixed asset accounts subject to depreciation in future tax years is largely dependent upon the larger outlook of your personal and business financial position as well as dependent upon IRS tax code.
  • Equity: building equity in your business is an aspect of bookkeeping that can be accurately tracked. Moving personal income in and out of your business alters the equity you have in your business. This account also includes distributions, personal office space/utilities and may include vehicle expenses.
  • Good bookkeepers have the capability to develop a system of bookkeeping that enables the business owner to project cost, track overhead, and on a moment's notice acquire the financial position of his or her company.  At your request Terence can individualize your books to your needs. Creating an accurate and effective bookkeeping system from the start requires a knowledge of business in general and a specific knowledge of tax codes. If you are considering hiring Buckley Small Business Solutions, this is what you are really paying for: the knowledge of how business works and knowledge of tax codes to create an optimal bookkeeping system that reflects the true value of your business. From this detailed portrait, Terence can perform an in-depth analysis of your business isolating problems in day-to-day operations, so we can begin working towards a solution together.