Monthly bookkeeping and reporting

1. Recording Transactions: Logging all financial transactions such as sales, purchases, payments, and receipts in a systematic manner.
2. Managing Accounts Payable and Receivable:
   • Accounts Payable: Keeping track of bills and ensuring they are paid on time.
   • Accounts Receivable: Recording customer payments and sending invoices as needed.
3. Reconciling Accounts: Comparing financial records with bank statements to ensure accuracy and identify discrepancies.
4. Tracking Expenses and Income: Monitoring the money flowing in and out of the business to provide a clear financial picture.
5. Maintaining Ledgers: Keeping detailed records of debits and credits to create an accurate general ledger.
6. Generating Financial Reports:
   • Profit and loss statements
   • Balance sheets
   • Cash flow statements
7. Preparing for Taxes: Organizing records and reports to simplify tax filing and ensure compliance with tax regulations.
8. Compliance and Recordkeeping: Ensuring adherence to legal and regulatory requirements for financial reporting.

 

 

Payroll processing services

1. Employee payment processing, including calculation of gross wages based on hourly, salary, or commission pay structures, overtime calculation, and issuance of paychecks, direct deposits, or pay cards.
2. Tax withholding and filing, including federal taxes such as federal income tax, Social Security, and Medicare, as well as California state income tax and mandatory withholding for State Disability Insurance (SDI), along with filing of quarterly and annual payroll tax forms such as Form 941, 940, DE 9, and DE 9C.
3. Compliance with California labor laws, including minimum wage compliance, accurate overtime pay calculation, monitoring compliance with meal and rest break laws, and tracking and accrual of mandatory paid sick leave.
4. Employee benefits management, including deduction management for benefits like health insurance, retirement contributions (e.g., 401(k)), flexible spending accounts (FSAs), or health savings accounts (HSAs), as well as administration of California-mandated programs like CalSavers.
5. Workers’ compensation insurance integration for automatic premium calculations and compliance with California’s requirements
6. Paid Family Leave (PFL) and Disability Benefits management, including deductions for California Paid Family Leave and State Disability Insurance (SDI) and assisting with claims and tracking payments
7. Reporting and recordkeeping, including providing detailed payroll reports, maintaining payroll records for at least 3 years, and handling year-end reporting such as W-2 forms for employees and 1099 forms for independent contractors
8. New hire reporting, including reporting new hires and rehired employees to the California New Employee Registry within 20 days of hire
9. Payroll taxes for independent contractors, including proper classification of independent contractors versus employees, compliance with California’s AB5 law, and issuing 1099 forms for contractors
10. Optional add-ons such as time and attendance tracking, employee self-service portals for pay stub and W-2 access, and HR support for compliance and employee handbooks.