Ideal Bookkeeping Process for Small and Medium-Sized Businesses

Meru Accounting’s Ideal Bookkeeping, Accounting, and Tax Return Process:

(for small and medium-sized Businesses with turnover or sales less than $10 Million per year):

1. Choosing best accounting software as per needs of Business.
2. Understanding the Business of client.
3. Setting up a Chart of Accounts, Class tracking, Working Process, frequency of updating books, client-specific requirements, etc.
4. Setting up Recurring tasks in our Project Management system and assigning correct due dates.
5. Executing recurring tasks and making sure all the tasks are delivered on time.
6. Monthly/Weekly Bookkeeping discussion on Financials and suggestions on improvements from both side.
7. Preparation of 1099 and W9 forms.
8. Preparation of year-end accounts for the Owner’s review.
9. Drafting and Finalization of Tax liability after considering all the possible tax deductions.
10. Finalization of Tax return and submission of Tax returns.