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. 

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.

Trial Balance

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.

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.