We have several tiers of support but are not wed to strict boundaries. For some clients we simply perform monthly bank and credit card reconciliations and prepare year-end books and documents. For others we are responsible for everything: running payroll, paying bills, filing annual reports, inventory management, and more. And many clients want something in between. In all cases, we collaborate with you and your accountant, providing business analysis and financial statements, and ensuring you are ready at tax time.

Our motto is Knowledge, Not Just Numbers! With that in mind, Common Cents Bookkeeping also strives to keep clients up to date on important information — in 2020 we have assisted in over two dozen loan and grant applications for both clients and pro bono consultations, and we continue to keep them up apprised regarding the PPP loan forgiveness process. We also love educating business owners about bookkeeping and financial statements and are available for consultations and QuickBooks training. Finally, we stay abreast of the latest technology to work securely, remotely and virtually paperless if needed.

Frequently Requested Services

 

Account Organization

  • Create and maintain chart of accounts

  • Design efficient information flow and record keeping systems


Banking

  • Record bank and credit card transactions

  • Reconcile bank and credit card accounts and loan balances

Payroll

  • Set up and maintain payroll service account

  • Process and record payroll and worker’s comp payments.

  • Reconcile payroll taxes quarterly

    Please note: we do not run payroll ourselves but work with payroll services who file and pay payroll taxes.

 

Accounts Receivable

  • Generate invoices on desired schedule

  • Record customer payments

  • Deposit checks

  • Generate client statements and follow up on past due accounts.

Accounts Payable

  • Enter and pay bills on regular basis

  • Reconcile vendor statements

Subcontractors

  • Collect W-9s and certificates of insurance

  • Make payments to subcontractors

  • Issue recipient 1099s/ file with IRS

 

Periodic Tasks

  • File/pay sales and use tax returns

  • Create/review reports of interest to client (e.g. sales, inventory, financial)

  • Conduct trial balance review to ensure account accuracy

Annual Tasks

  • File annual reports

  • File and pay corporate excise taxes

  • Prepare materials for insurance audits

  • Prepare books and work papers for accountant for tax return