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 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’, or other data-capturing applications, we’ll work with you to integrate your financial technologies with your accounting system to ensure you’re equipped with a state-of-the-art financial ecosystem.

Who benefits from Transactional Services?

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.

Although good financial records are not the answer to everything, accurate and timely financial statements are key for transparency and growth.

Financial Statements

We’ll provide you with month-end, quarter-end, and year-end financial statements to equip you with data-driven information for decision-making. The main financial statements include:

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.