Business’s Finances
to learn more about our comprehensive services and take
the first step towards financial peace of mind.
with Expert Tax Services
From 1099 preparation to tax planning and filing, we have the expertise
to ensure your taxes are handled efficiently and accurately.
with QuickBooks.
Our expert team will handle the set-up and configuration, granting
you access to wholesale QuickBooks subscriptions.
Our Services
At Grand K Consulting, we are committed to staying abreast of industry-specific regulations, accounting standards, and financial best practices. This dedication ensures that our clients receive the highest level of expertise and a comprehensive understanding of their industry’s financial landscape.
Our professional invoicing services ensure accurate and timely billing for your business transactions, streamlining the payment process and improving cash flow.
Our comprehensive monthly maintenance package provides ongoing financial support, ensuring your books are up-to-date and in compliance with accounting standards.
We’ll set up your QuickBooks accounting software, tailored to your business needs, so you can efficiently manage your financial data and gain valuable insights.
At Wholesale Price: Benefit from discounted QuickBooks subscriptions, allowing you to access powerful accounting tools without breaking the bank.
Bank and Credit Card accounts: Our meticulous reconciliation services ensure that your bank and credit card accounts are accurately balanced, detecting any discrepancies and maintaining financial accuracy.
From financial analysis to budgeting, we create customized Excel spreadsheets to streamline your financial processes and enhance data organization.
Accounts Payable
Streamlined Financial Management for Your Business
Efficiently managing accounts payable is crucial for maintaining the financial health of any business. At [Your Company Name], we offer comprehensive accounts payable services to streamline your payment processes and improve cash flow management.
Our Accounts Payable Services Include:
We handle the entire invoice processing cycle, from receiving invoices to verifying their accuracy and processing payments promptly.
We maintain up-to-date vendor records and handle all communications with vendors, ensuring smooth relationships and timely payments.
Our advanced payment systems enable seamless automation, reducing manual errors and accelerating payment processing.
We track and manage your business expenses, providing you with detailed reports and insights to make informed financial decisions.
Our team ensures compliance with accounting standards and provides accurate accounts payable reports for financial analysis.
Accounts Receivable
Accelerating Cash Flow for Your Business
Effective management of accounts receivable is vital for maintaining a healthy cash flow and ensuring the financial stability of your business. At [Your Company Name], we offer comprehensive accounts receivable services to optimize your revenue collection processes and enhance your bottom line.
Our Accounts Receivable Services Include:
We create and send accurate and timely invoices to your clients, ensuring prompt payment and reducing payment delays.
Our team diligently tracks all incoming payments, providing real-time updates on outstanding balances and following up on overdue payments.
We maintain proactive communication with your customers to address any queries, resolve issues, and ensure a positive payment experience.
Our experts reconcile your accounts receivable with bank deposits and internal records, ensuring accuracy and transparency.
In case of overdue payments, we employ a tactful approach to collect outstanding debts while preserving customer relationships.
Budgeting
Effective budgeting is the foundation of financial success for individuals and businesses alike. At [Your Company Name], we offer comprehensive budgeting services to help you take control of your finances and achieve your financial goals.
Our Budgeting Services Include:
Our team of financial experts works closely with individuals to create personalized budgets that align with their financial objectives. Whether you’re saving for a big purchase, planning for retirement, or looking to pay off debt, we’ll tailor a budget that suits your needs.
For businesses, we develop strategic budgets that align with your short-term and long-term goals. Our budgeting process takes into account your revenue projections, expenses, and growth plans, providing a clear financial roadmap for success.
We conduct a thorough analysis of your expenses to identify areas of improvement and potential cost-saving opportunities. Our aim is to optimize your spending and maximize your financial resources.
We track and manage your business expenses, providing you with detailed reports and insights to make informed financial decisions.
Our budgeting services focus on effective cash flow management to ensure that your income and expenses are well-balanced, providing stability and predictability to your finances.
We help you set achievable financial goals and create actionable plans to reach them. Our experts will guide you on how to stay on track and make adjustments when necessary.
Catch-up Bookkeeping
We specialize in helping small businesses streamline their financial management processes, from accounts payable and accounts receivable management to budgeting, job costing, and reconciliation of bank and credit card accounts. Our experienced team provides accurate and efficient services, including QuickBooks set-up, 1099 preparation, financial reports generation, and Excel spreadsheet solutions. With Catch-up Bookkeeping, you can focus on growing your business while we take care of your bookkeeping needs.
The Chart of Accounts (COA)
The Chart of Accounts (COA) is a fundamental accounting tool that helps businesses organize and categorize financial transactions systematically. It serves as a blueprint that outlines all the specific categories where financial transactions are recorded. Creating, maintaining, organizing, and updating the Chart of Accounts is essential for accurate and meaningful financial reporting
Our team of financial experts works closely with individuals to create personalized budgets that align with their financial objectives. Whether you’re saving for a big purchase, planning for retirement, or looking to pay off debt, we’ll tailor a budget that suits your needs.
For businesses, we develop strategic budgets that align with your short-term and long-term goals. Our budgeting process takes into account your revenue projections, expenses, and growth plans, providing a clear financial roadmap for success.
We conduct a thorough analysis of your expenses to identify areas of improvement and potential cost-saving opportunities. Our aim is to optimize your spending and maximize your financial resources.
We track and manage your business expenses, providing you with detailed reports and insights to make informed financial decisions.
Our budgeting services focus on effective cash flow management to ensure that your income and expenses are well-balanced, providing stability and predictability to your finances.
We help you set achievable financial goals and create actionable plans to reach them. Our experts will guide you on how to stay on track and make adjustments when necessary.
Job Costing
Empowering Project Success with Precise Financial Management
Effective job costing is the cornerstone of project success for businesses of all sizes. At [Your Company Name], we offer comprehensive job costing services to help you gain better visibility into project expenses, analyze profitability, and make informed decisions.
Our Job Costing Services Include:
We work closely with your team to create detailed budgets for each project, considering all direct and indirect costs involved. Our goal is to ensure that projects are financially feasible and aligned with your business objectives.
We meticulously allocate project expenses to specific tasks, resources, and cost centers, providing accurate cost breakdowns for better analysis and decision-making.
Our job costing experts allocate indirect costs to projects using appropriate methodologies, ensuring that the true cost of each project is captured.
With our comprehensive job costing reports, you can assess the profitability of each project, enabling you to identify successful ventures and areas that need improvement.
In case of overdue payments, we employ a tactful approach to collect outstanding debts while preserving customer relationships.
Financial Reports
Financial reports, such as the Profit and Loss (P&L) statement, Balance Sheet, and Statement of Cash Flows, are essential tools for assessing a company’s financial performance, stability, and cash flow. Each report provides unique insights into different aspects of the business’s financial health. Let’s explore each report in more detail:
The P&L statement, also known as the Income Statement, showcases a company’s revenue, expenses, and resulting net income or loss over a specific period, typically a quarter or a year. It reflects the company’s ability to generate profits from its core operations. The structure of the P&L statement includes the following components:
- Revenue (Sales)
- Cost of Goods Sold (COGS)
- Gross Profit (Revenue minus COGS)
- Operating Expenses (e.g., salaries, rent, utilities, marketing)
- Operating Income (Gross Profit minus Operating Expenses)
- Other Income and Expenses (e.g., interest income, taxes)
- Net Income (Operating Income plus Other Income and minus Other Expenses)
The Balance Sheet provides a snapshot of a company’s financial position at a specific point in time. It shows the company’s assets, liabilities, and equity, and adheres to the fundamental accounting equation: Assets = Liabilities + Equity. The structure of the Balance Sheet includes the following components:
Assets: Current Assets (e.g., cash, accounts receivable) and Non-current Assets (e.g., property, plant, equipment)
Liabilities: Current Liabilities (e.g., accounts payable, short-term debt) and Non-current Liabilities (e.g., long-term debt)
Equity: Common Stock, Retained Earnings, and additional components such as Treasury Stock and Accumulated Other Comprehensive Income
The Statement of Cash Flows tracks a company’s cash inflows and outflows over a specific period. It provides insight into how cash is generated and used within the business. The structure of the Statement of Cash Flows includes three categories:
- Operating Activities: Cash flows from core business operations, including receipts from customers and payments to suppliers and employees.
- Investing Activities: Cash flows from investments in assets or securities, including purchases and sales of long-term assets.
- Financing Activities: Cash flows from obtaining or repaying funds to investors and creditors, including stock issuances, loan proceeds, and debt repayments.
1099 Preparation
Preparing Form 1099 is an essential task for businesses and individuals who have made certain types of payments to independent contractors, freelancers, and other service providers during the tax year. Form 1099 serves to report these payments to the IRS and the payee, enabling proper tax reporting and compliance. Here’s how to handle 1099 preparation:
To ensure compliance and avoid penalties, it is crucial to follow the proper procedures for 1099 preparation and filing. If you are unsure about any aspect of 1099 reporting, consider consulting with a tax professional or accounting expert for guidance.
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Identify Reportable Payments: Determine the types of payments that require 1099 reporting. Common categories include nonemployee compensation, rents, royalties, and various other types of income.
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Obtain W-9 Forms: Request W-9 forms from all service providers, freelancers, and vendors who you made payments to during the tax year. The W-9 form provides essential information, including the recipient’s name, address, and Taxpayer Identification Number (TIN) or Social Security Number (SSN).
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Verify Information: Review the information provided on the W-9 forms to ensure accuracy. Double-check names, addresses, and TINs/SSNs to avoid discrepancies on the final 1099 forms.
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Use Appropriate 1099 Form: Choose the correct 1099 form based on the type of payment made. For example, Form 1099-NEC is used for reporting nonemployee compensation, while Form 1099-MISC is used for various other types of payments.
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Complete Form 1099: Fill out the appropriate Form 1099 for each recipient. Include the recipient’s name, address, TIN/SSN, and the total amount paid during the tax year in the relevant box.
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Send Copies to Recipients: Distribute the completed Form 1099 to the respective service providers or recipients by the designated deadline (January 31st). They need this form for their own tax reporting.
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File with the IRS: Submit the 1099 forms to the IRS by the required deadline. If filing on paper, the deadline is typically February 28th. If filing electronically, the deadline is March 31st.
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Keep Records: Retain copies of the filed 1099 forms and related documentation for at least three years for audit purposes.
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Penalties for Non-Compliance: Be aware of the penalties for late or incorrect filing. Failure to file accurate and timely 1099 forms may result in fines and penalties from the IRS.
