by Russell Barker
The accounting services department at Langdon and Company LLP utilizes a customized approach to serve many companies by providing varied aspects of a “backoffice” accounting department. We can perform the following functions: accounts receivable, accounts payable, invoicing, payroll and financial reporting. We communicate with the client to ensure that we have the needed documentation to properly record transactions. We process transactions on a monthly or quarterly basis for general ledger processing based on the clients’ needs. We also provide payroll services and offer direct deposit. To efficiently and effectively perform these functions, great communication is required. There is supporting information and documentation that is needed.
Typically, for a small business items such as bank statements, invoices, billing records, loan records, amortization schedules, credit card statements, etc. are required in order post to the general ledger. For payroll, employee information, hours and pay rate is needed. In order to properly maintain fixed asset records, invoices and applicable financing records are needed.
With the client providing all appropriate documentation on a monthly basis and L&C recording proper transactions, this will enable our year end process to be more efficient, precise and timely in order for the tax department prepare the clients tax returns in a timely fashion.