Our Services
Systems Setup
We begin by establishing solid bookkeeping systems
Leverage the experience of a Certified QuickBooks ProAdvisor with 15+ years of experience to set up your books is beneficial. Well-tailored financial databases are easier to use and provide valuable data for long-term decision-making. Morgan Morrow will guide you through choosing the QuickBooks Online subscription that fits your needs and create a final product that meets the personality of your business.
Morgan Morrow will help you determine if you want to use a financial software at this juncture in the life of your business. We will discuss the alternatives as well as the pros and cons of utilizing financial software for bookkeeping needs.
Morgan Morrow provides initial training as the QuickBooks company file is being created and populated. Ongoing training is available as your staff acclimates.
Simple processes and procedures can add tremendous efficiencies for owners and their staff. We can help put those handy processes and procedures in place, making your bookkeeping tasks more enjoyable or helping your staff increase accuracy and effectiveness.
Getting your business registered with the proper agencies can be easier than you think. We give guidance and provide:
- Assistance with securing a Federal Employer Identification Number (EIN).
- Assistance with the NC Secretary of State registration.
- NC DOR Sales Tax ID registration support
- Support registering as an S-corporation designation with the IRS
Payroll setup is complex, but we are here to help. We can start from the beginning by assisting with securing your state and federal withholding IDs and state unemployment insurance agency ID. We recommend using a payroll service for payroll software. They are reasonably priced and limit those alarming notices from tax agencies. We currently use numerous payroll services for our clients and would be happy to provide pros and cons for each service based on business needs. After choosing a payroll company, we would happily set up your payroll and map it to your QuickBooks Online. Mapping payroll to QuickBooks eliminates manual entries and keeps payroll entries accurate, avoiding unnecessary cleanup work.
Morgan Morrow provides one-on-one initial QuickBooks training while also providing guidance on basic accounting principles. Ongoing training is available on an as needed basis for the owner and staff.
We can provide one-on-one guidance to those that are just getting started or have found some complexities with their American Institute of Architects (AIA) invoicing. Training for proper completion of the AIA G702 (Application for Payment), AIA G703 (Continuation Sheet) and general change order procedures is available. Lenders and developers have very specific expectations for these forms. It is best to learn the basics early as cleanup is difficult, time consuming and delays payment which impacts company cashflow.
Bookkeeping
We offer operational support for day-to-day tasks
Accounts payable (A/P) can have multiple layers and we can help at any level. We can enter bills in QuickBooks and attach invoices for busy business owners to review and pay as they come due. At the owner’s request and approval, we can also issue payments. QuickBooks Online has an intuitive, built-in accounts payable system. Additionally, we have experience with various third-party A/P systems that provide more robust A/P options, if needed, and sync with QuickBooks Online.
Issuing invoices immediately or at regular intervals promotes reliable collections and cash flow. We can help with this. Morgan Morrow is versed in the nuances of invoicing and has issued invoices through various project management software systems, including QuickBooks. Matching payments with invoices is an integral part of QuickBooks protocol for gaining accurate accounts receivable (A/R) reporting but is often overlooked. We are happy to help with invoice matching and monitor A/R reports for trends or customers needing something more than automated reminders.
American Institute of Architects (AIA) invoicing can be time-consuming and gain complexities as jobs grow. If invoices get rejected for corrections, it can delay payment and impact cash flow. If you need more bandwidth or expertise to get these pay apps out the door, we can help with AIA G702 (Application for Payment) and G703 (Continuation Sheet), as well as general change orders.
Monthly or quarterly bank reconciliations facilitate accurate books and help spot fraudulent transactions. Most business owners request bank reconciliation monthly or quarterly from their bookkeepers. It is prudent to reconcile bank and credit card accounts before financial reports are pulled and analyzed.
We can categorize financial transactions processed through the business bank and credit card accounts so that accounts are ready to reconcile at the end of the month or quarter. In QuickBooks, these transactions come through a “bank feed”. Many business owners like us to ask questions and categorize their transactions for them to increase the accuracy of their reports.
Assets such as vehicles and machinery are not only costly but, if not handled properly in the books, can result in missed tax deductions and balance sheet errors. As assets are purchased, we can enter them into your books quickly and accurately to avoid future complications and missed tax deductions.
As a standard practice, we provide our clients with a profit & loss and a balance sheet to review on a monthly/quarterly basis. As they express interest in exploring other financial aspects of their business, we create tailored reports that show the data of interest for forecasting and decision-making.
Morgan Morrow will prepare your books for presentation to your tax accountant/ CPA. We will help answer CPA questions and consult with your CPA on the nuances of how they like data presented. This will make their job easier and is likely to make your tax preparation bill smaller.
Morgan Morrow will review your ledgers, which contain a record of business transactions, for any items that look out of place or that may be incorrectly coded.
Create invoice
Issue Invoice
Have you ever wished you could look at the profitability of each service the company provides? Well, you can, and Morgan Morrow can help. Many of our clients implement job costing as part of their standard bookkeeping so that they can track profitability by service or sector every month. This allows them to leverage their most profitable services and discontinue less profitable ones.
Morgan Morrow will prepare the appropriate adjusting journal entries necessary for accurate reporting for each indicated reporting period.
Payroll is a necessary part of business but is complex and time-consuming. We highly recommend using a payroll service, as the software, to process your payroll runs to limit those alarming tax agency notices. Multiple payroll services are reasonably priced and easy to use. We would be happy to discuss the pros and cons of the various services. Morgan Morrow is here for guidance, to provide payroll setup, map payroll to QuickBooks, and run company payrolls.
If your company sells a product, sales tax is typically due to the NC Department of Revenue monthly or quarterly. We can calculate and submit sales tax filings for your business in North Carolina.
Consulting
We help small businesses tackle projects and solve problems
Just getting started? We can provide guidance on the basics to get your business off on the right foot with Tax ID’s needed, essential bookkeeping practices and some practical processes and procedures that your future self will appreciate.
Business owners are fantastic at their trade but sometimes enjoy guidance when analyzing the financial health of their business. We are happy to discuss the business financial reports and what all those numbers mean.
Strong bookkeeping practices are vital to producing accurate financial reports for sound business decision-making. As business owners or staff members run across transactions or topics that stump them, we are happy to hop on a video chat or phone call to provide guidance.
QuickBooks has an extensive number of reports that can be sliced and diced in many ways, but they are only helpful to those that understand what the numbers are saying. We can review your financial statements in a one-on-one training session, covering the reason for the reports and what they tell you about your business.
When accounts receivable and invoicing become troublesome, the negative impact quickly ripples through the business. Simple steps can produce significant results. We provide guidance to get accounts receivable back on solid footing.
Many business owners enjoy handling their own bookkeeping but find it helpful to have a second set of eyes conducting quarterly reviews. This gives business owners a chance to discuss their financial reports with someone excited to talk their language. Business owners also have the comfort of an expert looking for oddities (problems) in their books. Oddities can potentially create extra work for the owner or result in missed tax deductions. We bring those oddities to the owner’s attention to determine if a problem needs troubleshooting and correcting.
Initially, business owners are focused on getting the business up and running. They may not have had time to gain a strong foundation in bookkeeping practices. As companies grow and questions arise from potential lenders and their tax preparers, business owners may decide that QuickBooks cleanup is needed. We can help with QuickBooks cleanup and with the training necessary to keep those books in excellent shape moving forward.
As business owners or their staff enter transactions or view reports in QuickBooks, they may encounter oddities or complexities. We are happy to hop on a video chat or phone call to provide guidance.
Get Your Initial Consultation on Us!
We provide end-to-end solutions helping with financial systems set up to providing turnkey bookkeeping and consulting services as your business grows. Our goal, as a company, is to step in where you need us. Our clients notice a common thread to all we do. Our actions show that we care intensely about the quality of our end product and our customer satisfaction.
