Gain Financial Clarity Outsource Your Accounting
Outsourced Accounting Services
Outsource your accounting to the experts – We’ll help you save time and money.
We provide accounting services to small to mid-sized businesses and startups in various industries, helping them maintain financial clarity. By leveraging our services, you can integrate these tasks smoothly into your business. Our goal is to help them achieve long-term success. Our services are personalized and tailored to meet your business’s specific needs, ensuring streamlined operations. We ensure that your financial operations are accurate and compliant with all relevant regulations. Don’t wait, outsource your accounting tasks today to New Wave Accounting Services. This allows you to get back to running your business.
Our accounting services include:
- Full-Cycle Accounting: We manage your entire accounting cycle, encompassing daily transaction recording, reconciliations, and monthly closings—all within our comprehensive outsourced accounting solution.
- Financial Statement Preparation & Analysis: We produce accurate income statements, balance sheets, and cash flow statements to provide a clear view of your financial health.
- Budgeting & Forecasting: We work with you to create accurate budgets and forecasts that drive smart decision-making and support your business goals—all as part of our outsourced accounting services.
- General Ledger Management: Services that ensure your general ledger is accurate and up to date. It serves as the foundation for all your financial reports, ensuring accuracy through outsourced accounting.
- Variance Analysis: Comparing actual performance against budgets to identify trends. We address discrepancies to improve financial outcomes through our outsourced accounting expertise.
- Accounts Payable & Receivable: Managing your payables and receivables, part of our outsourced accounting process, to ensure smooth cash flow. We strive to maintain vendor and customer relationships.
- Reconciliation Services: Regularly reconciling bank, credit card, and other accounts ensures accuracy. This helps to minimize discrepancies.
- Financial Modeling & Analysis: We create dynamic financial models and conduct in-depth analysis to provide actionable insights that drive strategic planning and business growth.
- Monthly/Yearly Close Process: We manage your monthly and annual closing activities to ensure accurate, timely financial reporting and compliance.
- Sales Tax Reporting to BOE: We prepare and file accurate sales tax returns with the California Department of Tax and Fee Administration (formerly BOE), ensuring timely compliance and avoiding penalties.
- Payroll Processing: We manage end-to-end payroll, ensuring accurate calculations, timely payments, and full compliance with tax and labor regulations.
- 1099 Filings: We prepare and file 1099 forms accurately and on time to ensure your compliance with IRS requirements for contractor payments.
Term | Definition / Context |
|---|---|
Accrual Basis / Accrual Accounting | Revenue is recognized when earned (not when cash is received); expenses are recognized when incurred (not when paid). |
Cash Basis | Accounting method where you record revenue and expenses only when cash actually comes or goes. |
Chart of Accounts (COA) | A structured list of all accounts used in an organization’s accounting system (assets, liabilities, equity, revenues, expenses). |
Journal Entry | The entry (or entries) you make to record a financial transaction — debit(s) and credit(s) that must balance. |
Reconciliation | The process of comparing two sets of financial records to ensure they agree (e.g. bank statements vs your books). |
Materiality | The threshold at which missing or incorrect information would influence the decision-making of users of the financial statements. |
Depreciation / Amortization | Depreciation is spreading the cost of a tangible asset over its useful life; amortization is similar but for intangible assets (or debt premiums). |
Bad Debt / Allowance for Doubtful Accounts | Bad debt: amounts owed to you that you determine will not be collectible. Allowance is a provision you set aside in anticipation of some receivables going bad. |
Revenue Recognition | Rules/methods for when and how revenue is recognized in the financial statements (especially under accrual accounting). |
Liabilities | What the business owes: debts, obligations, payables, loans, etc. |
Assets | Resources the business owns or controls that provide future economic benefit (cash, receivables, property, equipment, etc.). |
Equity / Owner’s Equity / Net Assets | The residual interest in the assets of the business after subtracting liabilities. |
Expenses | Costs incurred in running the business (rent, wages, utilities, etc.). |
Profit / Net Income | What remains after subtracting all expenses from all revenues. |
Account Payable (AP) | Amounts the business owes to vendors/suppliers for goods or services received but not yet paid for. |
Account Receivable (AR) | Amounts owed to the business by customers for goods or services delivered but not yet paid for. |
Deferred / Prepaid Expense / Deferred Revenue | Prepaid Expense: where you pay in advance for something (rent, insurance) that benefits future periods. |