+ Accounts Payable

Everybody has bills, but when it comes to a business, paying the bills is about more than just keeping the lights on. The BCFS Accounts Payable (AP) process ensures bills are paid efficiently, accurately, and most importantly on time.

+ Accounts Receivable

Customer focus is one key to a successful business. At BCFS we believe that the best way to ensure customers pay on time is to establish open lines of communication and maintain a healthy dialogue between a client and its customers. The BCFS Accounts Receivable (AR) process gets bills to customers in the way that suits their business best (physically, electronically, or both). Invoice automation means bills are sent to customers on time and without concern for entry errors. BCFS will then send helpful reminders to keep customers and our clients apprised of open invoices. These processes help keep our clients focused on what they do best knowing that their customers and invoices are in good hands.

+ Collections

Despite best efforts, sometimes Accounts Receivable efforts just aren’t enough. Many times, bills can get lost, go unnoticed, or customers can find themselves in financial difficulty and unable to pay their invoice on time. At BCFS, we believe that the most effective way to collect unpaid invoices is to work with customers to understand and overcome payment challenges. BCFS collections always begin by providing a copy of the unpaid invoice with a friendly reminder that a bill has come due. If these efforts are not successful, personal contact will be made with each delinquent customer to understand the situation and arrange a payment plan that works for them. By these methods, BCFS establishes a collection process that ensures delinquent bills are paid without damaging the customer relationship.

+ Cash Management

Cash Management is all about knowing how much the business has and where. The BCFS methods for managing customer deposits, vendor bill payments, and other cash expenditures means that our clients always know their available funds and never need to worry about overdrawing an account. We can also make suggestions and provide guidance if available cash gets too high or too low. Cash is the lifeblood of an organization and as such BCFS provides strategies to manage this valuable resource, help our clients plan for future needs, and promote future success.

+ Deferred Revenue Management

Deferred Revenue is required when a business receives payment for its goods or services before the goods are shipped or the services have been delivered. This is one of those common accounting principles that causes many organizations to stumble and unfortunately can have serious consequences if done incorrectly at high volumes. Fortunately, BCFS and its Beans have extensive experience recognizing and managing deferred revenue. We will establish a process that is simple and efficient in order to ensure your sales are recorded right when they should be.

+ Expense Classification

Every business has expenses and one of the most common issues for businesses is knowing how to “class” those expenses. This is why some accounting software even comes with an account called “Ask my accountant.” The correct classing of financial information is important for tax reporting purposes. This is where BCFS can help by providing understandable explanations of how classifications work, offering options and advice for correct classifications, and conducting periodic reviews to ensure everything is financially in order.

+ Sales Commissions

Sales commissions can be a great way to boost business, but they also can be difficult to calculate and control. Most businesses want to reward their employees for meeting certain thresholds, goals etc. But how does a business easily tell when an employee has met their goal and how are commissions calculated as a result of those goals? Bean Counters can leverage the calculation and tracking features of Microsoft Excel and other software to ensure that commissions are a help rather than a hassle.

+ Employee Expense Reporting and Reimbursement

Employee expenses can be a lengthy, if not difficult task. While many seasoned companies have advanced software to manage expense reimbursement, many smaller businesses find themselves faced with the daunting task of correctly classing and reimbursing employee expenses per the required schedules. Regardless of which category, Bean Counters can assist by offering streamlined processing of employee expensed reports. We can even implement an expense policy where needed. Regardless of the scale, we will ensure expenses are reviewed, correctly classes, and most importantly paid on time!

+ Bank Account Reconciliation

Many individuals and businesses have long-since forgone the practice of balancing a checkbook in the new age of online bank accounts. While online banking is a truly wonderful tool of the modern business and accounting systems do a splendid job maintaining balance information, every bank account should be reconciled on a monthly basis. This review ensures that a business always knows exactly how much money is available at a given time and that what they think is happening in their bank account it what is truly happening.

+ Credit Card Reconciliation

Credit cards offer businesses a new way to leverage their buying power by providing a quick, secure, and often rewarding way to spend money. However, just like bank accounts, credit cards require constant supervision both to protect against fraud and ensure expenses are correctly classed, not to mention ensuring the bill is paid on time. Bean Counters utilizes custom reports to automate the processing of credit card transactions for efficient, easy, and accurate reconciliation and recording of credit card expenses.

+ Payment Processor (PayPal, Stripe, etc.) Reconciliation

Many companies use popular payment processors to boost sales by allowing customers to pay for products and services in a way that’s convenient for them. These tools can be a great advantage for a business, but they can also represent unique accounting challenges depending on the manner in which they are used. Whether the issue is matching payments to orders, correctly recording processing fees, or just transferring information from one system to another, Bean Counters can help smooth the path between the processor and the client.