Our Transactional accounting service includes ongoing data capturing and transaction processing for your organization. By leveraging state-of-the-art technology, we categorize, compile, and report all of your organization’s activities into aesthetically pleasing and easily digestible financial statements. Whether you are a nonprofit or small business with or without an accounting department, we can help.
How Does Transactional Accounting Work?
The ultimate goal of our Transactional Services is to provide you with timely and accurate financial statements. Although this sounds simple enough, there are many steps that go into financial statement preparation. Let’s take a look.
We begin by reconciling all of your bank accounts and credit card accounts while recording all accounts payable and receivable activity. We then proceed to book all month-end, quarter-end, and year-end adjusting accrual entries to ensure all your organization’s revenue and expenditures have been accounted for in the proper reporting period. Whether you are using Stripe, Paypal, and other data capturing applications, we’ll work to integrate your financial technologies with your accounting system to ensure you’re equipped with a state of the art financial ecosystem.
General Ledgers & Transaction Processing
Once all your organization’s transactions have been recorded, we will create your general ledger. The general ledger contains an itemized list of all of the activity for each individual account, which is then validated monthly by calculating a trial balance and month-end close. At the end of each reporting period, all of this data is used to prepare your financial statements.
The trial balance, calculated periodically, lists the balances of your general ledger accounts, including assets, liabilities, net assets, revenues, expenses, and gains and losses. The Trial Balance primary function is to determine the ending balance of the debit and credit balances in the general ledger at a particular point in time. Similar to the General Ledger, the trial balance is the basis for preparing financial statements.
We’ll provide you month-end, quarter-end, and year-end financial statements to equip you with the data driven information for decision making. The main statements include:
- Balance sheet: a statement of your assets, liabilities, and equity at a particular point of time, such as quarter end or year end.
- Income statement: a financial statement showing your income and expenditures in a given period, demonstrating a profit or loss for the reporting period.
- Income Statement by Class: similar to the Income Statement but instead of showing the organization wide activity for the reporting period, the Income Statement by Class shows the revenues and expenses for each of your programs throughout the reporting period.
Benefits of Transactional Accounting
Transactional accounting provides tremendous benefits to your company. First it allows you to have the ongoing financial records necessary to prepare your annual tax return and any reports that may be required by your board, funders, and external stakeholders. Clean and accurate financial records provide transparency to external stakeholders and give you a clear idea of the financial health and performance of your organization. Other benefits include:
- Understand your financial status: ensure you have real-time access to your organization’s financial position, performance, and health.
- Identify your inefficiencies: are there things that cost too much to do or produce too little revenue? How are each of your programs performing? Transactional accounting can help give you visibility over your program-specific and organization-wide performance to give you data driven insight aimed at assisting with future planning.
- Achieve clean audits: Remove the stress that comes with the audit process and achieve consistently clean audit results for your funders, donors, and stakeholders.
Although good financial records are not the answer to everything, accurate and timely financial statements are key for transparency and growth.
How We Can Transform Your Accounting
With our concentration in non-profits and professional services, we have the expertise and technology to develop and transform the way you view your information and achieve your goals.
Our Transactional Accounting Package
Our transactional package is set up to ensure that you’ve created the right infrastructure for your organization’s bookkeeping needs and that you are capturing all of your data correctly and efficiently. Our platform offers:
- Disaster recovery
- Automatic software updates
- Cap-Ex Free
- Increased collaboration
- Document control
- The ability to work from anywhere
Historically, the most commonly outsourced functions are accounting, payroll, and accounts payable and receivable, but no matter your needs, we’ll tailor our transactional services to fit within your organization’s structure and growth stage.
The Bottom Line
Goldin Group CPAs can provide you with an individual or an entire team to handle some or all of your financial needs and bookkeeping services. Contact us today to see what efficiencies and savings we can bring to your organization.
Please contact us with any questions.
Call, email, fax, or use the contact form!
Office: 4641 MONTGOMERY AVE #300. BETHESDA, MD 20814
Phone: (301) 913-0008
Fax: (240) 744-7176