Accounting and Bookkeeping Services| Lancaster | Philadelphia | Exton | West Chester

There are so many benefits to hiring a virtual bookkeeping company to take care of your books.

​

• Peace of Mind
  Have you ever wondered if you were doing your books right or if you were missing something in your process? Now you don't have to worry. You'll have peace of mind knowing your books are being done right and that everything is correct.

• Relief
  You'll love the time (and stress) you free up when we take care of your books. You can focus on your business, and we can focus on those pesky deadlines for you. No more late nights and Saturdays doing books; instead you can spend your newfound time any way you want.

• Better Business Insight
  We provide you with accurate financial reports to give you great insights so you can make well-informed decisions to run your business better.

• Tax Time is a Little Less Taxing
  Your books will be right and ready when tax time comes around. You won't need to spend time worrying since we can work directly with your tax preparer (plus we can talk their language, too). 

• More Profits
  We can alert you when we're seeing potential waste, extravagant spending, or just when things look a little out of the norm to us. We can also help you reduce risk, and we can identify opportunities in your business that you can monetize.

• Focus
  With those big bookkeeping chores and deadlines handled, you can focus on your business and what matters most.

• Freedom from Supervisory Chores
  We're small business owners just like you. Unlike traditional bookkeeping employees, we don't need to be trained or supervised. We don't charge for vacations, benefits, sick time, mistakes, training, or even payroll taxes. As virtual bookkeepers, you won't bear the cost of our travel time or expenses to come to your office. We won't take up any of your valuable office space because we work from our own office and provide our own equipment. We come "hassle-free", and we don't bother you with personal problems! We're thrilled to have you as a client, and your relationship is important to us. We are committed to earning your trust. 
   

Bookkeeping Services That We Offer
Here are just a few of the bookkeeping services that we offer. We'll design a package of services that is best for your business and your budget. No job is too big for us!

​

• Start-up, Setup, Cleanup
  It is so important to set up the accounting system correctly from the start. Doing so will allow you immediate reporting. During a start-up or setup, we will analyze your bookkeeping needs and assist in choosing the best platform of QuickBooks. We make sure everything is in place for a painless bookkeeping experience.​
  Do you have an accounting data file that is a mess, maybe with many unused accounts, items, jobs, customers, and vendors? Do you find lots of duplicates? Are your reports inaccurate; or do you find there are several transactions entered incorrectly? Leave the cleanup to us.

​

• Accounts Receivable
  Accounts receivable refers to the outstanding invoices a company has or the money the company is owed from its clients. The phrase refers to accounts a business has a right to receive because it has delivered a product or service.
  ​You may need help with invoicing, accounts receivable management, and collections. We can assist with the preparation and distribution of customer invoices, proper recording in the accounting system, payment matching, payment recording, statement preparation, credit memo and refund processing, and collection of past due invoices.
  ​We can generate reports to help manage your customer records and accounts receivable better, including customer balances. If you need help writing off uncollectible accounts or other adjusting journal entries, we can assist.

​

• Accounts Payable
  Accounts payable is money owed by a business to its suppliers. We're here to help with bill processing and can assist or perform preparation of purchase orders and bills, and we can pay vendors. We will also set-up vendors and track for W-9's and liability insurances.​
  We're experienced with accounts payable management and can make sure you have the best controls set up to give you peace of mind. We can perform some of the more advanced functions, such as three-way matching, automated payments, expense report processing, vendor management, automated data entry, and more. Accounts payable is an area where automation has streamlined the process, and we can help you stay up-to-date and efficient with these new processes.
   

• Bank, Credit Card, and Loan Reconciliation
  Each month, it's important to reconcile key accounts, including your bank accounts, PayPal accounts, merchant accounts, credit card accounts, petty cash, and loans. Reconciliation of an account ensures the transactions you have on file match and balance with the banks records.​
  We can set up online banking to ensure all transactions are entered correctly. We will then reconcile all bank and credit card statements and loan amortization schedules provided.

​

• Fixed Asset Maintenance
  Fixed Assets are tangible items that have a useful life in excess of one year and can be depreciated over time. They usually have a value of $1,000.00 or more. We will maintain a schedule of all fixed assets from buildings, leasehold improvements, trucks and autos, furniture and fixtures, equipment, computers, etc. In addition, we will prepare standard journal entries to record depreciation expense on these assets. 
   

• Inventory
  Inventory includes raw materials, work-in-process, and finished goods. They are the portion of a business's assets that are ready or will be ready for sale.
  ​We can track your inventory using the FIFO (first-in, first-out) method of inventory valuation. We will assist in reporting adjustments to the purchase and sale of inventory.
   

• Sales Tax Collection, Filing, and Requirements
  Many new entrepreneurs are surprised to realize that federal taxes are not the only taxes that they need to worry about when running a business. Depending on the types of products and services you sell, you may need to collect, file, and pay sales tax on items you sell.
  ​Many states require several types of businesses to report sales tax on sales and purchases each month and quarter. At  Farr & Associates, we will prepare and assist your company in the compilation of information and preparation of sales tax returns. 

 

• QuickBooks Payroll Services:
  At Farr & Associates, we can eliminate the risk of calculating and filing your own payroll. 
  ​We perform the following:

Complete Payroll Processing

Quarterly Payroll Reporting

Annual Payroll Reporting

Year-End w-2's / w-3

Forms 1099

Consulting Services:
Job Costing

Income & Expense Analysis

Special Projects

Cash Flow / Budgeting

​

• Financial Reporting:
  The whole point of bookkeeping is to find out where your business stands financially! We automatically generate an income statement (profit and loss) and balance sheet each month for the business. These are key reports to help you measure the amount of revenue and profit you've made for the period.
  Going deeper, there are many fantastic reports that can be generated from your accounting system to help you hone in on an area so you can make smart business decisions about operational spending, staffing,marketing, capital purchases, and all of the things you need to know to run your business.
  Our bookkeeping services will provide you with a clean set of books that you can use to prepare your federal and state tax returns. We can make adjusting entries and perform year-end tasks so that you're all set to turn your books over to your tax preparer.  
   

Are We a Good Fit for Your Bookkeeping Needs?
Our bookkeeping services may be a good fit if:

• You are looking to switch bookkeeping services companies for any number of reasons

• You have outgrown your current bookkeeping solution and are looking for a new one

• You have problems with your current accounting system and/or your numbers look wrong, and you need professional help to resolve them

• Your books are behind or out of control, and you need help catching up

• You have hired bookkeepers in the past, but it hasn't worked out

• You realize that just because you can do your books doesn't mean you should - you may have far more high-value business tasks you should be accomplishing with your limited time

• You need layers of expertise and skill to do your books and to advise you on more technical accounting matters

• You have bookkeeping employees, but you need additional support to help train, supervise, and check their work and perform more advanced bookkeeping tasks

​

How to Get Started
It's easy! We're friendly, knowledgeable, experienced and love numbers and deadlines! And we can get started in three easy steps:

1. ​The first step is to contact us. You can call, e-mail, or schedule a consultation. Find our e-mail and phone number on the Contact page. We'll schedule a complimentary consultation so we can find out about your business and your current situation.

2. During the consult, we'll ask you a few questions about your business and your current accounting solution. Then we can provide you with a quote or suggest a set of services or packages that are right for your business and your budget.

3. Once you've accepted to become a client, we'll start the "new client onboarding" process. It's simple and painless. In no time, your books will be sparkling clean and you'll have peace of mind. We look forward to hearing from you via phone or e-mail.

​