Abacus Financial Services

If you’re in the process of setting up your business or perhaps looking to manage your finances and cash flow more efficiently, then you’re probably in need of bookkeeping. Abacus offers two levels of service: Self-Directed and Professional assistance, allowing the business owner to manage their own financial records but having access to in-house CPA assistance when necessary.

Self-Directed bookkeeping involves tracking every dollar moving in and out of the business to ensure accuracy and to provide a clear picture of business health to support....

Cash flow (managing income vs. expenses), tax compliance (deadlines & rules), and accurate record-keeping (categorizing transactions & receipts), habitually compounded by mixing personal/business funds, manual systems, and insufficient financial oversight, leading to missed deductions, penalties, and poor business decisions, requiring urgent fixes and professional assistance. Bookkeeping organizes data into five categories: Assets, Liabilities, Equity, Revenue, and Expenses.

The Core Concepts and Methods Are....?

Single-Entry: Simplest method where each transaction is recorded once as income or an expense (like a checkbook).
Double-Entry: More robust system when transactions affect two accounts (a debit and a credit), ensuring the accounting equation stays balanced.

Cash vs. Accrual Basis
Cash Basis: Transactions are recorded only when money actually changes hands.
Accrual Basis: Transactions are recorded when they are earned or billed, even if no cash has moved yet.
 
Essential Tasks for Success
Keep Finances Separate: Open a dedicated business bank account to avoid mixing personal and business funds, which simplifies tax preparation.
Record Everything Daily: Save and categorize every receipt and invoice immediately to prevent a backlog.
Reconcile Accounts Monthly: Compare your internal records against your bank statements to catch errors or missing entries.
Store Records Digitally: The IRS accepts digital records; use cloud storage like Google Drive or Dropbox to keep backups of all source documents.

What’s the Difference Between Bookkeeping and Accounting?
Let’s talk about one of the biggest misconceptions in the business world: that bookkeeping is the same as accounting. Even though both have some overlapping features and their names are often used interchangeably, there are major differences between the two.

Bookkeeping deals with the identification, measurement, and recording of financial transactions. Accounting, on the other hand, can be used to summarize financial data and interpret it to determine the financial health of the business and make calculated decisions for the future. In simpler terms, accounting encompasses most of the features of bookkeeping and provides a holistic overview of the financial transactions (and status) of a business. The best bookkeeping services are structured to integrate with the Generally Accepted Accounting Principles (GAAP), allowing the two processes to share information and remain in tune with each other. The Abacus "Self-Directed Program" offers this integration through our "Professional Assistance" option when desired.

So, have we answered the basic questions...?

If yes, then in the time since you started your entrepreneurial journey has your internal bookkeeping, payroll or tax reporting become frustrating and time- consuming? Have you been encouraged to find a good service that can assist you? What about strategic planning?

If you've put off that advice thus far now might be a good time for some research, because now, you're involved with more than recording payables and receivables. Now, you’ll want to guarantee the security, power and continued success of your business. Abacus provides remote services to all business entities, including home-based sole-proprietors.

Our CPA led "Professional Assistance Option" provides a comprehensive service from basic cash flow recordkeeping, to payables, receivables, payroll, tax and advisory support. Every client is provided with not only a dedicated internal account manager but also the ability to interact with your assigned CPA for quarterly consultations.

Our Pricing Model is Very Reasonable!

If you are Just Starting Out,
We'll provide software access and coordinate for your initial training along with ongoing technical support from our software partner, create the "Chart of Accounts" related to your business, provide a dedicated Enrolled Agent licensed directly by the Internal Revenue Service for tax related services, provide a dedicated Customer Service Representative to coordinate for any additional Abacus services as desired. All this for just $99.00 per month....

Already Established,
Same monthly fee and services as above but with one time additional fees of $99.00 per hour for any cleanup work or restructuring of the "Chart of Accounts" if needed....

Interested in our Professional Assistance Option with a Licensed Certified Public Accountant,
All services above with full payroll processing and support (first 2 employees free) additional workers are $5.00 each per person plus CPA monitoring with quarterly consultations for $198.00 per month.

Still not convinced....

How about access to our team of investment or insurance professionals to create and service retirement and employee benefit programs, plus so much more. Single project, non-recurring CPA and CFO requests are available but charged separately depending on the scope and time involved. We would provide a firm quote for any such project in advance.

In Conclusion...

Bookkeeping services offer critical benefits including financial accuracy and cost savings over hiring internally allowing you to regain valuable time to focus on core growth activities, which ultimately drives higher productivity. Also, by leveraging professional expertise through our "Professional Assistance Option" you would gain payroll capabilities, enhanced financial accuracy, expert regulatory compliance and advisory support going forward.

Onboarding is easy....

You are matched with a CPA-led team providing the equivalent of in-house full-charge bookkeeping. When partnering with Abacus you'll access "Certified Executive Level" professionals with full support to oversee all bookkeeping, accounting and tax-related tasks while controlling salary and benefit costs. Just starting out ? Have additional questions ? Just give us a call, we're as close as your nearest phone....