Full-service bookkeeping is a comprehensive, hands-off solution for businesses where a dedicated bookkeeper or firm handles virtually every day-to-day financial record-keeping task. Bookkeeping Services in Baltimore. It provides a complete, accurate, and up-to-date picture of a business’s finances without the business owner having to spend time on manual data entry or reconciliation.
It’s the highest level of bookkeeping service, essentially outsourcing the entire financial record-keeping process.
What Full-Service Bookkeeping Typically Includes
A full-service package covers the entire accounting cycle (the stages of bookkeeping) from the initial transaction to the generation of monthly reports.
- Daily Transaction Management
Transaction Recording & Categorization: Automatically or manually capturing every expense, sale, and bank deposit and assigning it to the correct account (following the Chart of Accounts).
Source Document Management: Organizing and storing digital copies of receipts, invoices, and bills.
- Month-End Reconciliation & Close
Bank & Credit Card Reconciliation: Comparing the business’s internal ledger to all bank and credit card statements to ensure they match perfectly, catching any errors or missing transactions.
Adjusting Entries: Making necessary non-cash entries (like depreciation and amortization) to ensure the books follow the Accrual Method and are finalized for the period.
- Accounts Management
Accounts Receivable (A/R): Tracking customer invoices, recording incoming payments, and monitoring what customers owe the business.
Accounts Payable (A/P) & Bill Pay: Tracking vendor bills, ensuring they are paid on time, and managing vendor relationships.
- Financial Reporting
Monthly Financial Statements: Preparing and presenting the three core reports vital for business management:
Profit & Loss (P&L) Statement: Shows revenue and expenses over a period.
Balance Sheet: Shows assets, liabilities, and equity at a specific point in time.
Statement of Cash Flows: Tracks actual cash movement.