Levels of Service

Basic Service

Accounts Payable

  • Process accounts payable invoices weekly from invoices provided to Consultant in weekly submission; Invoices to be provided to client via email, fax or scan once per week
  • Code invoices using standard coding
  • Send weekly check run to Client for approval which will include all invoices due in the selected time period, an Aging Report and a General Ledger Report
  • Complete data entry of manual checks once a week when provided by Client
  • Process for payment all invoices approved by Client for Payment; Payment will be issued using default preference of Client (electronic or direct payment from Accounting Software to be sent directly to vendor or printed by Consultant and mailed to Client)
  • Reconcile vendor statements monthly when received from Client

Payroll

  • Prepare bi-weekly payroll with data polled from Client’s POS system; Client is responsible for keeping wage rates up to date
  • Send payroll preview to Client for Review prior to processing
  • Upload payroll journal information to Accounting System for inclusion in period financials

General Accounting

  • Confirm and post daily sales as reported by POS Polling software; post daily deposits when presented with information from Client
  • Complete bank reconciliations once per period
  • Process Inventory journal entries at period end with inventories provided by Client
  • File Sales Tax prepayments and quarterly filings; Consultant will not be held liable for interest, penalties or other charges or damages due to late payment if auto debit is not utilized for sales tax payments
  • File Annual Business License
  • File Annual 571-L with balance sheet information provided by Client
  • File Annual 8027 if applicable and if Commencement Date is prior to period 11 of the applicable fiscal year
  • File Environmental Fee
  • Prepare annual financial statements as necessary for CPA use for income tax preparation

Budgeting

  • Load in budgets prepared by Client and provided to MEPRS in a format that is easily uploaded to our systems

Financial Reporting and Value Added Services

  • Provide weekly flash reports with sales, labor and cost of goods once invoices are processed; sales and labor information will be available daily for review
  • Prepare period financials in Standard formats with no customization
  • Annual meeting to review performance and discuss opportunities

Intermediate Offerings

In addition to those services outlined above, the following financial reporting and value added services will be provided for clients selecting Intermediate services

  • Preparation of a standard budget using MEPRS budget format
  • Narratives written for Client once Client approves preliminary financials
  • In-person meetings to be held Quarterly to review performance and to train management in the use of period financials to improve performance
  • Cursory review of Client contracts with Credit Card processing or other vendors to compare rates to industry standards at reduced hourly rate
  • Support for Sales Tax or other Audits at a reduced hourly rate

Premium Services

In addition to those services outlined above, the following services will be provided for clients selecting premium services at no charge:

  • Preparation of the annual budget with customization as needed and as is reasonable
  • Customized coding of AP invoices
  • Customization of Financial Reports as requested by Client (within parameters possible with accounting and reporting software)
  • Customized dashboards when logging in to accounting software and polling software
  • Monthly meetings with management including additional training of management in the understanding of daily decisions on profitability; suggestions on ways to achieve budgeted goals provided monthly
  • No charge for cursory review of insurance rates, credit card processing fees, w/c rates
  • No charge for Audit support for workers comp or Sales Tax audits