+1 301 778 0202
Ahmedabad, India.
Schedule a Meeting

CountCrewGlobal

+1 301 778 0202
Ahmedabad, India.
Schedule a Meeting
+1 301 778 0202
Ahmedabad, India.
Linkedin Facebook-f Instagram X-twitter
Schedule a Meeting

CPA Firm Based in Chicago

Client Background: CPA Firm, located in Chicago, specializes in tax preparation and advisory services for a diverse clientele, including high-net-worth individuals and small businesses. They sought to enhance their bookkeeping capabilities to ensure compliance and accuracy in financial reporting.

Challenge: They faced challenges in keeping up with the latest accounting standards and regulations while managing complex client requirements. They needed a partner who could provide specialized expertise in bookkeeping and ensure compliance with local and federal financial reporting guidelines.

Solution: They engaged with us for and FTE bookkeeping service to handle intricate bookkeeping tasks such as payroll processing, tax filing support, and compliance reporting. our team’s expertise in US GAAP and IRS regulations ensured accuracy and adherence to legal requirements.

Outcome:

  1. Regulatory Compliance: By leveraging our knowledge of local and federal financial regulations, now they could confidently navigate complex compliance issues for their clients.
  2. Specialized Expertise: our team’s specialization in bookkeeping best practices and software proficiency (QuickBooks, Xero) enabled them to deliver high-quality financial services to their clients.
  3. Risk Mitigation: Through rigorous quality control measures and regular audits, potential errors and discrepancies in financial reporting were minimized, reducing the risk of penalties and audits for their clients.

Client Trust and Retention: The accurate and timely financial reporting provided by your outsourced service bolstered client trust and satisfaction, leading to increased referrals and business growth.

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Sales and Marketing assistance

For Accountants

Sales and Marketing assistance

  • Lead Generation
    Our lead generation service is designed to connect you with high-quality prospects who are genuinely interested in your products or services. By leveraging advanced strategies and targeted campaigns, we identify and nurture leads through multiple channels, ensuring a steady stream of potential customers for your business. Whether you’re looking to increase sales, expand your client base, or boost brand awareness, our customized approach delivers measurable results. Partner with us to optimize your lead generation efforts and achieve sustainable growth. 
  • Dedicated BDM
    Our Dedicated Business Development Manager service provides you with a seasoned professional who is committed to driving your business growth. With expertise in forging strategic partnerships, identifying new opportunities, and nurturing client relationships, our BDM will focus exclusively on expanding your market presence and enhancing revenue streams. Whether you’re entering new markets, launching products, or seeking to optimize your business development strategies, our tailored approach ensures proactive and targeted efforts to meet your objectives
  • Database creation /management
    Our Database Creation and Management service is designed to streamline your information organization and enhance operational efficiency. We specializes in curating comprehensive databases enriched with verified email addresses and phone numbers. Whether you’re launching targeted marketing campaigns, conducting market research, or seeking to expand your client base, we ensure your access to accurate and up-to-date prospect information.
  • Email funnel set up
    Our Email Funnel Setup service is designed to optimize your email marketing efforts for maximum engagement and conversion. We create strategic email sequences tailored to guide leads through your sales funnel, from initial interest to final conversion. With a focus on segmentation, personalized content, and automation, we ensure that each email is relevant and timely, enhancing the overall effectiveness of your campaigns. Whether you’re nurturing prospects, promoting new products, or re-engaging existing customers, our expertise in email funnel setup guarantees impactful results. Partner with us to streamline your email marketing process and achieve measurable growth for your business. 
  • Search engine optimization (SEO)
    Our Search Engine Optimization (SEO) service is crafted to elevate your online presence and drive organic traffic to your website. We employ advanced SEO strategies tailored to your industry and business goals, ensuring improved visibility on search engines like Google. From keyword research and on-page optimization to content creation and link building, we optimize every aspect of your digital footprint. Whether you’re aiming to rank higher for competitive keywords, attract more qualified leads, or enhance brand authority, our comprehensive SEO approach delivers measurable results. Partner with us to unlock the full potential of your online presence and achieve sustainable growth in the digital landscape.
  • Social media marketing
    Our Social Media Marketing service is designed to amplify your brand presence and engage your target audience across various platforms. We craft customized strategies that leverage the power of social media to increase brand awareness, drive traffic, and foster meaningful connections with your customers. From content creation and community management to paid advertising and analytics, we optimize every aspect of your social media presence. Whether you’re looking to build a loyal following, generate leads, or boost conversions, our innovative approach ensures impactful results. Partner with us to harness the full potential of social media and elevate your brand’s influence in the digital sphere. 
  • Pay-per-click (PPC) advertising
    Our Pay-per-click (PPC) Advertising service is designed to maximize your ROI through targeted campaigns that drive immediate traffic and conversions. We specialize in creating tailored PPC strategies across platforms like Google Ads and social media channels, ensuring your ads reach the right audience at the right time. From keyword research and ad creation to bid management and performance tracking, we optimize every aspect of your PPC campaigns to deliver measurable results. Whether you’re aiming to increase website traffic, generate leads, or boost online sales, our data-driven approach guarantees cost-effective and impactful outcomes. 
  • Content marketing
    Our Content Marketing service is designed to establish your brand as a thought leader and drive meaningful engagement with your target audience. We create compelling and valuable content tailored to resonate with your customers at every stage of their journey. From informative blog posts and engaging social media content to insightful whitepapers and email newsletters, we craft content that educates, inspires, and converts. Our data-driven approach ensures that each piece of content is optimized for SEO and audience relevance, maximizing its impact and reach. Whether you’re looking to attract new leads, nurture existing relationships, or enhance brand authority, our comprehensive content marketing strategy delivers measurable results. 

Virtual Assistance

For Accountants

Virtual Assistance

Save time and ease your workload by hiring a Virtual Assistant today! 

  • Email Management
    Delegate email management, calendar scheduling, and e-file organization to keep your operations running smoothly. 
  • Scheduling/Calendar Management
    Efficiently handle business presentations, memos, and meeting summaries for clear and concise communication within your team. 
  • Business Presentations
    Craft professional and visually appealing presentations that effectively communicate key messages and data to your audience. 
  • Memos and Meeting Summaries
    Prepare concise and comprehensive memos summarizing important information and meeting outcomes for efficient decision-making. 
  • Social Media Management
    Develop and execute social media strategies, create engaging content, and interact with followers to enhance brand visibility and engagement.

E-File Organization

Organize electronic files and documents systematically for easy access and retrieval, maintaining a clutter-free digital workspace. 

  1. Project Management: Assist in planning, tracking, and coordinating projects, ensuring deadlines are met and stakeholders are informed of progress. 
  2. CRM Management: Maintain and update customer relationship management systems, ensuring accurate and up-to-date client information for effective client communication and relationship building. 
  3. Data Entry: Input and manage data accurately and efficiently, maintaining data integrity and supporting decision-making processes with reliable information. 
  4. Document Production: Create and format documents such as reports, proposals, and manuals with attention to detail and adherence to organizational standards. 
  • Others 
    Any kind of repetitive virtual admin tasks.  

Payroll

For Accountants

Payroll

Employee Information Management: 
Maintain precise records of employee information, encompassing personal details, salary or wages, tax withholding data, benefits, and deductions.

  • Timekeeping: 
    Monitor employee work hours meticulously using manual timesheets, time clocks, or automated systems. Ensure precise recording of hours worked, overtime, vacation time, and sick leave. 
  • Calculating Gross Pay: 
    Compute gross pay for each employee according to their hourly rate, salary, or commission earnings, taking into account overtime, bonuses, and other forms of compensation. 

 Deductions and Withholdings:  
Deduct relevant taxes (federal, state, and local income taxes) and employee contributions for benefits like health insurance, retirement plans, and garnishments. 

Net Pay Calculation:  
Subtract deductions and withholdings from gross pay to determine the net pay employees will receive. 

Federal Income Tax Withholding:  
Calculate and deduct federal income tax from employee wages according to their withholding allowances and filing status as specified on Form W-4. 

State Income Tax Withholding:   
Deduct state income tax from employee wages in states where income tax applies, following the relevant state withholding regulations. 

FICA Taxes:  
Withhold Federal Insurance Contributions Act (FICA) taxes, including Social Security and Medicare taxes, from employee wages. Employers also match these contributions for each employee. 

Federal Unemployment Tax (FUTA): 
Pay Federal Unemployment Tax Act (FUTA) tax based on employee wages, up to a specified threshold, to finance federal unemployment benefits. 

State Unemployment Tax (SUTA):  
Pay state unemployment tax to support state-level unemployment benefits, calculated as a percentage of employee wages up to a designated threshold. 

Accounts Payable and ReceivableProcessing

For Accountants

Accounts Payable and ReceivableProcessing

Accounts payable (AP) management encompasses the oversight and handling of a company’s outstanding obligations to suppliers and vendors. It involves the systematic tracking and management of payments due for goods and services received, ensuring timely settlements to prevent late fees or disruptions in the supply chain, and optimizing cash flow. Effective AP management is essential for fostering strong vendor relationships and maintaining financial stability. Here’s a concise overview of accounts payable management:

  • Invoice Receipt and Verification:
    Upon receipt of an invoice from a supplier, the initial step is to verify its accuracy. This involves confirming that the products or services were received as specified, ensuring prices and quantities align with the purchase order, and verifying compliance with any relevant agreements or contracts. This thorough verification process ensures the integrity of financial records and facilitates timely and accurate payment processing. 
  • Record Keeping: 
    Maintain thorough records of all invoices and associated documentation, including purchase orders, delivery receipts, and contracts. This documentation is crucial for auditing purposes and ensures compliance with regulatory requirements. Keeping detailed records facilitates transparency and accountability in financial operations, supporting effective management of accounts payable and regulatory audits. 
  • Approval Workflow:
    Establish a structured approval process to ensure invoices undergo review and approval by authorized personnel before payment. This may include implementing multiple levels of approval, tailored to the company’s size and organizational structure. By formalizing this process, businesses can enhance financial oversight, minimize errors, and maintain compliance with internal policies and regulatory standards.

Payment Terms Negotiation: ChatGPT 

Negotiate advantageous payment terms with suppliers, such as extended payment periods or early payment discounts. These negotiations are pivotal in optimizing cash flow and lowering operational costs. By securing favorable terms, companies can effectively manage their financial resources while fostering stronger supplier relationships. 

  • Payment Scheduling: 
    Schedule payments in adherence to agreed-upon payment terms, prioritizing early payments to capitalize on available discounts. This approach ensures efficient cash flow management and cost savings, while maintaining favorable relationships with suppliers through timely settlements. 
  • Vendor Management: 
    Maintain regular and transparent communication with vendors. Promptly address any issues, disputes, or inquiries to uphold positive relationships and ensure mutual understanding and satisfaction. Effective communication fosters trust and collaboration, contributing to smoother operations and strengthened partnerships with suppliers.  

Accounts Payable Aging Report:  
Regularly generate and review accounts payable aging reports. These reports categorize outstanding invoices based on their aging status, facilitating the identification of overdue payments and enabling proactive management of payment schedules. This practice enhances financial oversight and helps maintain timely vendor payments, supporting strong supplier relationships and operational efficiency. 

Automation and Software:  
Consider implementing accounts payable software or automation tools to streamline the invoice approval process, minimize manual data entry, and enhance accuracy. These tools optimize efficiency by automating routine tasks, such as invoice matching and approval workflows, while providing real-time insights into payment statuses. Embracing such technology fosters operational efficiency, reduces errors, and supports effective financial management practices. 

  • Accrual Accounting: 
    Accrue expenses in the accounting system to accurately reflect the company’s financial obligations, even in cases where invoices have not yet been received. This proactive approach ensures that expenses are recorded in the appropriate accounting period, aligning financial reporting with the true costs incurred by the business. 
  • Reporting and Analysis: 
    Generate regular reports to analyze accounts payable data. These reports are essential for identifying cost-saving opportunities, pinpointing areas of inefficiency, and tracking spending trends. Analyzing this data enables proactive management decisions and supports strategic initiatives aimed at optimizing financial performance and operational efficiency. 
  • Accounts Receivable Processing 
    Accounts receivable (AR) management entails the systematic administration of a company’s unpaid customer invoices to ensure prompt payment. This process includes overseeing, monitoring, and optimizing the collection of outstanding balances, aiming to sustain a robust cash flow, mitigate bad debts, and nurture positive client relationships. Here’s an outline detailing accounts receivable management: 

Credit Policy and Evaluation:  
Establishing clear credit policies is essential for defining credit terms, credit limits, and criteria for assessing customer creditworthiness. This involves conducting thorough credit evaluations on both new and existing customers to gauge their ability to fulfil payment obligations. 

Invoice Generation:  
Craft precise and transparent invoices that comprehensively outline the goods or services rendered, pricing details, agreed-upon payment terms, specified due dates, and explicit instructions for making payments. 

Invoice Delivery:  
Ensure invoices are promptly dispatched immediately following the delivery of products or completion of services. Consider leveraging electronic invoicing (e-invoicing) to accelerate delivery and streamline processing times. 

Accounts Receivable Aging Report: 
Consistently generate and review accounts receivable aging reports. These reports categorize outstanding invoices based on their payment status, enabling you to promptly identify overdue accounts. 

Payment Follow-Up:  
Implement a structured follow-up procedure for overdue accounts, which may involve sending reminders, conducting phone calls, or issuing collection letters as necessary. 

  • Automation and Software: 
    Implement accounts receivable software or automation tools to streamline operations, monitor payment histories, and enhance accuracy. 

Reporting and Analysis:  
Generate routine reports to analyze accounts receivable data, enabling the identification of trends in late payments, evaluation of collection effectiveness, and projection of future cash flow. 

 Write-offs and Bad Debt:  
Develop a structured procedure for identifying and writing off bad debts that are deemed uncollectible, ensuring adherence to accounting standards. 

 

Cleanup and catch-up

For Accountants

Cleanup and catch-up

Cleaning up the financials and books of accounts is pivotal for maintaining precision, adhering to regulations, and fostering transparency in financial reporting. Here’s a comprehensive outline of the cleanup procedure: 

  • Review and Assessment 
    Begin by conducting a comprehensive review of the financial records, encompassing balance sheets, income statements, cash flow statements, and associated documentation. This step aims to identify and document any discrepancies, errors, or inconsistencies that require resolution. This thorough examination ensures that the initial stage of the cleanup process establishes a clear understanding of the current financial status and sets the groundwork for accurate adjustments and improvements.  
  • Reconciliation 
    Reconcile all accounts meticulously, encompassing bank accounts, accounts receivable, accounts payable, and other ledger accounts. Verify that all balances reconcile accurately with external records, such as bank statements and vendor statements. This thorough reconciliation process ensures alignment between internal financial records and external documentation, promoting accuracy and transparency in financial reporting. 
  • Adjusting Entries 
    Make essential adjusting journal entries to rectify errors and update account balances as needed. This process may involve adjustments for accruals, prepayments, depreciation, amortization, and provisions for doubtful accounts. By making these necessary corrections, the financial records accurately reflect the current financial position and ensure compliance with accounting principles and standards. 
  • Asset and Liability Verification 
    Verify the existence and value of assets and liabilities through physical inspections, asset tagging, and confirmations from creditors and debtors. This ensures accurate recording on the balance sheet and enhances financial transparency. 
  • Classification and Categorization 
    Review the classification of transactions to ensure proper categorization according to accounting standards and company policies. Correct any misclassified transactions to accurately reflect the financial position and performance of the business. This step enhances the integrity of financial reporting by aligning transactions with appropriate accounting principles and internal guidelines. 
  • Depreciation and Amortization: 
    Review depreciation and amortization schedules for fixed assets and intangible assets to ensure consistency with accounting principles and accurate reflection of their economic value. This process verifies that depreciation methods and rates align appropriately, maintaining compliance and reflecting the assets’ true financial impact.
  • Inventory Valuation 
    If applicable, perform a physical inventory count and reconcile the findings with inventory records. Adjust inventory balances and valuation methods as needed to accurately reflect the cost of goods sold and ending inventory. This process ensures that the financial statements present a true and precise representation of inventory levels and values, supporting accurate financial reporting and decision-making.
  • Revenue Recognition 
    Review revenue recognition policies to ensure compliance with accounting standards like ASC 606 or IFRS 15. Verify that revenue is recognized correctly based on the completion of services or delivery of goods, aligning with established guidelines. This ensures accurate financial reporting and adherence to regulatory requirements regarding revenue recognition.  
  • Expense Recognition
    Review expense accounts to ensure expenses are accurately recognized in the appropriate accounting period and properly matched with related revenues. Accrue for any unpaid expenses or liabilities to reflect the true financial obligations of the business. This process enhances the accuracy of financial reporting by aligning expenses with their corresponding revenues and ensuring that all financial obligations are appropriately recorded. 
  • Documentation and Audit Trail 
    Thoroughly document all adjustments and cleanup activities to establish a clear audit trail for external auditors and regulatory agencies. Maintain comprehensive supporting documentation for all entries made to the financial records. This documentation ensures transparency and accountability in financial reporting, facilitating audits and regulatory compliance reviews effectively. 
  • Internal Controls 
    Enhance internal controls to safeguard against future errors and uphold the accuracy and integrity of financial reporting. Implement segregation of duties, rigorous approval processes, and regular reviews to mitigate risks of fraud and errors. These measures are crucial for maintaining transparency and reliability in financial operations, fostering confidence among stakeholders and ensuring compliance with regulatory standards. 

Regular Bookkeeping

For Accountants

Regular Bookkeeping

  • Transaction recording
    Transaction recording is a core bookkeeping process involving meticulous documentation of financial activities such as sales, purchases, expenses, and cash movements. This ensures accurate records in the general ledger or journals, essential for financial transparency and compliance. By tracking income, expenditures, and cash flow, businesses can generate reliable financial statements crucial for informed decision-making and regulatory compliance. 
  • Bank Reconciliation: 
    Bank reconciliation is a critical financial process that ensures the alignment of personal or business financial records with those provided by their bank. This process involves meticulously comparing transactions, balances, and other financial data between both sets of records. By detecting and resolving discrepancies promptly, bank reconciliation helps maintain accurate financial reporting and ensures transparency in financial management. 
  • Payroll Processing: 
    Payroll processing is essential for accurately calculating and distributing employee salaries, wages, and deductions. It ensures compliance with tax laws and company policies, including benefits administration and issuance of pay stubs. Efficient payroll management enhances employee satisfaction by ensuring timely and accurate compensation, while also supporting organizational transparency and compliance. 
  • Payroll Reconciliation:
    Payroll reconciliation is the process of verifying payroll records against financial statements and employee data to ensure accuracy in wages, taxes, and benefits. It detects and corrects discrepancies, ensuring compliance with regulations and transparent financial reporting. This practice is essential for maintaining accurate financial records and building trust with employees by ensuring correct compensation and benefits administration. 
  • Financial Review:
    Financial review involves a comprehensive examination of an individual’s or organization’s financial documents and transactions. It aims to assess financial health, identify strengths and weaknesses, and ensure compliance with regulations. This process helps in making informed decisions, managing risks, and planning for future financial goals effectively. A thorough financial review provides insights into cash flow, profitability, and overall financial performance, guiding strategic financial management and improving transparency. 
  • Preparing Management Reports:
    Preparing management reports entails gathering and analyzing financial and operational data to summarize key metrics such as revenue, expenses, and profitability. These reports offer insights into performance, trends, and forecasts, aiding decision-makers in strategic planning and resource allocation. They promote transparency by providing clear, concise summaries of organizational performance and progress towards goals. Management reports are essential tools for informed decision-making and effective monitoring of business objectives.