Your Partner for Bookkeeping Services and Operational Support
Contact Us: 888-631-8922

Learn More

What are you interested in learning more about?

×

Bookkeeping Services


Give Your Healthcare Bookkeeping System a Checkup

February 5, 2019 / by Jane Gilpin posted in Downtown San Diego, Bookkeeping Services, Small Business Advice

0 Comments

Is your healthcare practice's cash flow suffering from clogged arteries? Take our checkup and find out.

Open Your Mouth and Say "Aargh!"
Most practitioners enter the healthcare field because they want to help people, not because they want to run a business. But failing to observe good business practices can create cash-flow problems that impede your practice's ability to provide quality care. Furthermore, insurance reimbursements and a thicket of regulations make healthcare an especially complicated business.

The complexity starts with third-party billing systems, which have become as much a part of healthcare as jokes about hospital food. Any healthcare provider who accepts insurance as payment is required to submit a bill with a current procedural terminology (CPT) code to the billing department. While larger hospitals typically have an in-house billing department, most smaller practices outsource that responsibility to a third party.

Read More

Good Bookkeeping Involves More Than Keeping the Books Current

January 22, 2019 / by John Gleason posted in North Shore, Metrowest, MA, Central MA, West Houston, Bookkeeping Services, Business Advice, Small Business Advice

0 Comments

Whether you own a startup or a growing business, a professional bookkeeper will help ensure you're following standard business practices and provide the financial information you need to make better business decisions.

From recording daily transactions in the general ledger to delivering in-depth financial reporting, here are several of the key tasks a professional bookkeeping service can perform:

1. Compiling Key Financial Reports
At a basic level, the goal of any business is to take in more money than it spends. But figuring out if the business is actually doing that can be surprisingly difficult. In order to fully understand what's going on, you need to review an array of financial reports. Of particular importance — especially in the startup phase, where cash is often in short supply — is the cash flow statement. If you or your bookkeeper don't understand the implications of this statement, the results could be disastrous.

Read More

New Year's Resolutions (and Reconciliations) for Businesses

December 26, 2018 / by Dawn Hershik posted in Bookkeeping Services, Business Advice, Small Business Advice, Chicago Far West Suburbs

0 Comments

If you run a small business, the holidays can be a distraction. It's easy to lose focus during the rush (if you're in retail) or the lull (if you're not). Either way, this is a crucial time. You need to take stock of where your financials are as this year ends and the next begins.

Don't drop the ball before watching the ball drop in Times Square. As the year ends, resolve to …

Keep good records all year long. Yes, we offered the same advice at this time last year. Did you follow it? And if you didn't, don't you wish you had? Wouldn't it be nice to relax and enjoy some holiday time with family and friends instead of scrambling to pull together 12 months of records?

It's worth repeating: At a minimum, performing monthly reconciliations and keeping accurate, up-to-date records — including all expenses, such as equipment updates or mileage, as well as W-9 and 1099 forms — will make your life (and your bookkeeper's life) much easier at tax time. It will also prepare you for any unexpected audits. Perhaps most important of all, thorough records give you insights into your business that can make it easier to create accurate budgets and forecasts.

Read More

Scary Numbers on Small-Business Fraud

December 20, 2018 / by Mark Schanen posted in Milwaukee, Bookkeeping Services, Business Advice, Small Business Advice

0 Comments

"Small businesses lose almost twice as much per scheme to fraud" as larger businesses. That's just one of the disturbing findings in the Association of Certified Fraud Examiners (ACFE) "2018 Global Study on Occupational Fraud and Abuse."

According to the study, small businesses (which the ACFE defines as having fewer than 100 employees) sustained a median loss of $200,000 per fraud scheme, compared to $104,000 for larger businesses. Moreover, the study found that "a majority of the victims recovered nothing."

A Big Problem for Small Businesses
Why are small businesses particularly vulnerable to fraud? There are several reasons. First, many small-business owners start out in the corporate world (where high-level financial controls are part of the infrastructure) before venturing out on their own. So they tend to take security measures for granted and are too trusting of the people they bring onboard to operate their new business. Let's face it: No one hires an employee whom they think will try to defraud them.

Read More

Case Study: Providing Comprehensive Bookkeeping Services to a Busy Surgeon

December 6, 2018 / by Leslie Jorgensen posted in Boston, Case Study Blogs, Bookkeeping Services

0 Comments

Like many medical professionals who operate their own practices, Beverly M. Shafer MD, FACS (Fellow, American College of Surgeons), is under tremendous pressure to manage her time as efficiently as possible. "It drives me crazy when there are gaps in the schedule," says Shafer, a renowned plastic surgeon who has practiced on the North Shore of Massachusetts for over 30 years.

Shafer's combination of compassion and surgical artistry has created a high demand for her services. Meanwhile, her practice's back-office functions have become more time-consuming over the years, due to the growing complexity of insurance-reimbursement bureaucracy and a migration from paper-based to digital bookkeeping. Staff turnover compounded the problem; an outside CPA firm wound up doing many basic bookkeeping tasks. That wasn't cost-effective.

Specialized Bookkeeping Services for Healthcare Practices
A business contact encouraged Shafer to reach out to Supporting Strategies Founder and CEO Leslie Jorgensen. "I loved her immediately," Shafer says. A leading provider of outsourced bookkeeping services and operational support, Supporting Strategies began reconciling all of the practice's accounts on a monthly basis, "which is super-complicated, honestly," Shafer says. "They interface with my CPA to provide them the necessary information to do what they need to do, and they also interface with my paychecks company to get my staff paid and make sure that their taxes are correct."

Read More

Case Study: Helping a Healthcare Clinic Take its Bookkeeping into the 21st Century

November 27, 2018 / by Jason Freilinger posted in South Puget Sound - Tacoma, WA, Case Study Blogs, Bookkeeping Services

0 Comments

Since 1979 Evergreen Speech & Hearing Clinic (ESHC) has become a respected source of comprehensive hearing evaluations and rehabilitation in the Puget Sound region. The healthcare practice has expanded from one location to three, with a staff of 28 that includes five audiologists and six speech therapists.

With the clinic’s growth came bookkeeping and back-office complexities. While ESHC used a robust, mid-market accounting system, they still entered vendor invoices and cut checks manually. Then ESHC's in-house bookkeeper gave two weeks’ notice.  

21st Century Bookkeeping
On the recommendation of a business associate, ESHC called on Supporting Strategies. Despite some initial misgivings about outsourcing bookkeeping, ESHC soon saw the advantages. "The Supporting Strategies team optimized our entire system and brought us into the 21st century," says ESHC Project Manager Chris Norwood. "What felt like a crisis turned out to be a great opportunity."

Read More

Employee and Independent Contractor Documentation Every Business Needs

November 13, 2018 / by John Gleason posted in North Shore, Metrowest, MA, Central MA, West Houston, Bookkeeping Services, Small Business Advice, Tips for Startups, Business Advice

0 Comments

Disagreements with employees, clients, and independent contractors can create risks for your small business. By having certain employee and contractor documents in place, you can help safeguard your company.

Here's a quick look at some of those key documents:

  • Employment records: Organize your employee records (e.g. applications, performance reviews, W-2s, non-compete agreements) and keep them in a central location. Plus, confirm the records for each employee are complete and up-to-date.
Read More

A Closer Look at New Pass-Through Rules Under the TCJA

November 8, 2018 / by Rick Punturo posted in North Shore Long Island, Bookkeeping 101, Bookkeeping Services, Business Advice, Small Business Advice

0 Comments

One of the most important — and complicated — changes established by the new Tax Cuts and Jobs Act (TCJA) is Section 199A, which concerns the type of businesses known as "pass-through entities," also known as flow-through entities.

Basically, these businesses pass their profits on to their individual owners. That's how most small businesses work, including S corporations, partnerships and LLCs. (Sole proprietorships handle business income in a similar way using Form 1040 Schedule C and are also covered by the new rules.)

The good news is that if you own one of these businesses, you may get as much as a 20% reduction in taxes on business net income under the new rules. The calculations can be very complex, however. Several factors — including your level of income, your profession and the amount your business spends on wages and property acquired during the year — determine the actual deduction. Let's take a closer look.

Read More

Does Changing the Clocks Save Money as Well as Time?

October 30, 2018 / by Susan Dybvig posted in Sarasota, FL, Bookkeeping Services

0 Comments

Senator Marco Rubio has sponsored legislation requesting federal permission for Florida to switch to daylight saving time (DST) year round — or, failing that, for the entire country to do so.

I used to live in Indiana, which switched from year-round Eastern Standard Time (EST) to Eastern Daylight Time in 2006. Like DST proponents in Indiana, Senator Rubio and his supporters insist that later sunsets provide an economic benefit.

But do they really? That depends on who (and where) you ask.

Paying by the Hour
To anyone with a bookkeeping mindset, the economic argument for DST is a little unsettling. For starters, no one "gains" an hour of daylight with DST. Obviously, the extended daylight at the end of the day comes at the cost of an added hour of darkness at the beginning of the day. It's a zero-sum game.

That's just bookkeeping 101.

Read More

DCAA Compliance Quiz: Bookkeeping for Government Contractors

October 16, 2018 / by Jim Rice posted in Orlando, Rochester, Bookkeeping Services, Business Advice, Small Business Advice

0 Comments

Pop quiz: Your business recently landed a $50 million Department of Defense contract. You've let a couple of smaller jobs expire in anticipation of taking on the government work. You've invested in materials and lined up a series of subcontractors to help you meet the contract terms. Everything's humming along beautifully.

Then the Defense Contract Audit Agency (DCAA) pays a surprise visit and determines your accounting system isn't in compliance with their standards. What happens next?

A: The DCAA immediately terminates the contract.

B: The DCAA sets a reasonable deadline for bringing your system into compliance, and the work continues.

C: The DCAA suspends the contract until you come into compliance. You're solely liable for any lost revenue and for any money invested in materials and subcontractors to date, as well as the costs of reaching compliance.

D: None of the above.

Read More


Subscribe to Email Updates

Download our E-book "What You Need to Know About Cloud Accounting"

Recent Posts