Running the daily operations of a business or organization can require significant time and effort from owners and upper management, leaving little time to keeping up with the books and records. Additionally, those individuals in charge may not have the necessary accounting skills set to manage a set of books.
GlobalPEG has the personnel and technology to deliver various levels of accounting and bookkeeping support. From basic check writing and cash receipts reconciliations to management-level controllership duties, we have the capability.
A brief summary of our more common services:
- Quickbooks support for desktop and online users (eg, periodic reconciliation of bank, credit card, and loan accounts, payroll posting and reconciliation, month-end closing entries, etc.)
- Prepare and manage accounting sub-ledgers for financial or audit support
- Fixed asset and depreciation management
- Budgets, forecasts, and cash flow preparation
- Financial statement preparation (GAAP, cash basis, not-for-profit, governmental, etc.)
- Review and supervision of financial reporting systems (Controller, CFO, Finance Director level)
- Payroll, sales tax, 1099, and property tax reporting
Some of our advisors are certified Quickbooks Pro-Advisors. The Pro-Advisors can provide basic training and assistance with getting a Quickbooks account established. We also have capability to offer clients Quickbooks software packages at discounted prices.
According to Investopedia, managerial accounting is the process of identifying, measuring, analyzing, interpreting and communicating information for the pursuit of an organization’s goals. The key difference between managerial and financial accounting is managerial accounting information is aimed at helping managers within the organization make decisions, while financial accounting is aimed at providing information to parties outside the organization.
Managerial accounting involves utilizing information related to capital expenditure decisions. Managerial accountants utilize standard capital budgeting metrics such as net present value and internal rate of return to assist decision makers on whether to embark on capital-intensive projects or purchases. It involves examining proposals, deciding if the products or services are needed, and finding the appropriate way to finance the purchase. It also outlines payback periods so management is able to anticipate future economic benefits and when they will occur.
Managerial accounting deals with determining the actual costs of products or services. Managerial accountants calculate and allocate overhead charges to properly assess the true expenses related to the production of a product. The overhead expenses may be allocated based on the number of goods produced or other drivers related to the production, such as the square foot of the facility. In conjunction with overhead costs, managerial accountants use direct costs to properly assess the cost of goods sold and inventory that may be in different stages of production.