Make Your Main Thing The Main Thing
Keeping records is a very important aspect of doing business. It lets you know how your business is going, alert you to what may require attention and guide you chart your course. Also, accurate and timely record keeping lets you stay compliant with the IRS and with other relevant regulating agencies giving you peace-of-mind. We also believe that the best business decisions are made when based upon factual, complete and timely information.
This is where Lifeway Tax Accounting Bookkeeping comes in. For small and medium sized businesses that do not have a fully functioning accounting department, keeping accurate and timely records is tedious and diverts your valuable time and resources, preventing you from doing your main thing. We’re here to worry about your record keeping and free you up so you can devote your time to managing your business. We have the resources, expertise and leverage, to offer timely, quality and secured bookkeeping services at inexpensive rates.
Accounting / Bookkeeping Packages
All packages start with a personal meeting with you to determine your accounting/bookkeeping needs. During this needs assessment meeting, we will discuss the nature of your business, the volume and complexity of your data and your needs and wants. We will then define the scope of the engagement, the reporting required, the timetable for reporting and other factors. We call this the package. All packages will include Financial Reports as may be required by your tax preparer or CPA. Our service includes complying with data request by your tax preparer or CPA to assist them with audit or tax filing.
Basic (Packages starting at $60.00 per month; up to 100 transactions per month)
- $60Month
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- Maintain and update the Chart of Accounts/General Ledger
- Review and Correct Data Entry of Income, Expenses and Disbursements
- Review and Correct Bank and Credit Card Reconciliation
- Maintain Depreciation and Amortization Schedules
- Prepare Journal Entries
- Prepare Tax Ready Reports
Best Value
Full Cycle (Packages from $120.00 per month; up to 200 transactions per month)
- $120Month
-
- Maintain and Update the Chart of Accounts/General Ledger
- Enter, Review and Correct Data Entry of Income, Expenses and Disbursements
- Bank and Credit Card Reconciliation
- Maintain Depreciation and Amortization Schedules
- Prepare Journal Entries
- Month-End Close
- Prepare Tax Ready Reports
Highly Recommended
Pro (priced based on volume and complexity)
- $240+/mo
-
- Add to the Full Cycle Service:
- Accounts Receivable – Invoicing, Posting of Customer Payments, Aging Analysis
- Accounts Payable – Entering of Bills, Check Runs, Individual Check Requests
- Loans or Credit Line Management
- Cash Management, Cash Flow Analysis and Forecasting
- Planning and Budgeting
- Quarterly or Monthly Analytical Review and Consultation
First Time Clients
All packages will require an engagement document and payment of a one-time fee of $150.00 for review and set-up of the chart of accounts, report design and documents organization. Client staff will be trained on how to organize and forward documents (electronically, by fax or by mail). For clients who start with a free trial, this fee will be collected only when they sign up for regular service.
If you are in these businesses, we got you covered:
Professional practice (Doctors, Lawyers, Consultants, Dentists, Athletes, Realtors, etc.)
Building and Specialty Contractors
Services providers
Restaurants and food services
Trading and merchandising, retail or wholesale
Light Manufacturing
With Lifeway Tax Accounting Bookkeeping, you get professional, accurate and timely bookkeeping service committed to giving you best practices GAAP*** and IRS**** compliant record keeping. We will not sell you services that you do not need. Our service is professional, responsive, and committed to help you prosper in what you do. Working with us will not tie you up long term. You may cancel at anytime with just 30 days notice. We are local to Southern California and are available to meet you in person, when required. Sign up for a one-month free trial, so you know we will be a great fit to your needs risk free.
***Generally Accepted Accounting Principles as defined by the FASB
****The Internal Revenue Service prescribes a standard of acceptable supporting documents to support income and expense transactions for businesses. Visit this link to know more: https://www.irs.gov/businesses/small-businesses-self-employed/what-kind-of-records-should-i-keep
What To Expect
Engaging us is easy and we designed our system to minimize the burden for you. Here is what you can expect from us:
If you sign up for a free trial
- We will set-up an initial meeting to assess your needs. During this needs assessment meeting, we will ask you the nature of the business, the volume and complexity of the data, the desired scope of the engagement, the reporting required, the timetable for reporting and other factors. From there, we will determine the set-up required, the package applicable and the approach we will take to meet the said needs. (We will not charge you for this needs assessment service if you do not sign up for our regular service.)
- We will submit an engagement letter with the terms and conditions that will cover the free one-month trial agreement. In the letter, we will inform you the cost of the package going forward, if accepted.
- Once the one-month trial agreement is accepted, you can send your documents for the month for processing and data entry.
- Upon completion of our work for the subject month, we will send you the agreed reports. This will take place no later than 15 business days from the time you sent your complete documents.
- If you find that our service meets your expectation, you can sign up for the regular monthly service.
If you sign up for regular engagement without the free trial
- We will set-up an initial meeting to assess your needs. During this needs assessment meeting, we will ask you the nature of the business, the volume and complexity of the data, the desired scope of the engagement, the reporting required, the timetable for reporting and other factors. From there, we will determine the set-up required, the package applicable and the approach we will take to meet the said needs.
- We will submit a formal offer/ engagement letter with the terms and conditions that will cover our service. This is not a long term contract but it will cover the scope of our service, the terms and conditions, as well as our responsibilities and yours as the client. You may cancel the engagement at anytime by providing a 30 day notice.
- Once we receive the signed copy of the agreement and your initial payment, you can forward your documents for processing and data entry.
- We may ask questions and request additional information from you to ensure that we record your transactions accurately. As we both become more familiar with our responsibilities, we expect these calls to be eliminated or reduced to minimum.
- Upon completion of our work for the month, we will send you the agreed reports. This will take place no later than 15 business days from the time you sent your complete documents.
- Upon receipt of the reports, we expect a call from you so we can walk you through the report and answer any questions. We are local and will answer or return you call or email within 24 hours.
Best Practices and GAAP compliance
Our bookkeeping is done meeting the best accounting practices and Generally Accepted Accounting Principles adopted by the Financial Accounting Standards Board. Our bookkeepers are highly trained and competent to record your transactions in a timely and consistent manner. In order that we will be able to give you a service that meet and exceed your expectations, we expect you to adhere also to these best practices:
- Always keep business transactions separate from personal transactions
- Have a dedicated bank account and credit card accounts for business
- Keep a supporting document for all financial transactions
- When entertaining, make it a habit to write the names of the persons entertained and the company they represent, on the receipts
- Timely and complete submission of documents
- Disclosure of events or transactions that will require extraordinary treatment