+ Financial Statements & Custom Reporting

Financial statements are an important part of any business. These tell internal and external users how the business is doing. However, as important as these statements are, they can also be difficult to retrieve and even more difficult to understand. Even if reports are easy to get, standard system reports don’t always make sense to non-accountants and they rarely meet the needs of business owners. Bean Counters specializes in the art of listening to user needs and customizing reports to meet those needs. Sometimes this means limiting the amount of information displayed to prevent information overload or organization information into more helpful categories. Whatever the case, we will ensure that your financial information is presented in a way that is meaningful to your business.

+ Inventory Management

Inventory Management is a multifaceted process that requires extensive knowledge of cost, timing, and accounting system transactions. Cost accounting aids businesses in understanding the cost and ultimate value of their products and services. Because cost and value change and evolve over time, inventory cost management is an ongoing concern for all businesses in order to remain healthy, profitable, and competitive.

After cost accounting, inventory tracking is likely the most important element of inventory management. This process involves answering the what, where, and when questions about inventory. What will be needed, where is it stored, when will it be needed and available? A proper inventory management process can ensure your inventory is where you need it when you want it.

Whatever stage of inventory management is necessary, Bean Counters can provide knowledge and expertise to ensure products are handled in a financially correct and responsible manner.

+ Fixed Asset Management

Fixed Assets (also called Capital Assets) are one of the least understood areas of operating a business but they represent an important element of the financial health and operation of a business. Bean Counters Financial Services helps client identify what purchases can and must be capitalized. Additionally, we will provide an easy-to-understand schedule for depreciation that anyone can use to ensure fixed assets are appropriately recorded, capitalized, and reported for financial and tax purposes.

+ 1099 Forms

Just as employees must receive a W2 outlining wages received each year, contractors must receive a 1099 summarizing all payments made in the tax year. Whether help is needed to setup 1099 reporting within the accounting system or retroactively calculating untracked payments, Bean Counters can help ensure reports are correct and on-time.

+ Coordination with CPA or Tax Advisors

Unless a business’ tax advisor/preparer has access to the accounting system, it can be difficult to understand and provide exactly what is needed for form preparation. Bean Counters acts as a liaison with tax preparers and auditors to provide the information and explanation necessary without the stress and hassle that accompanies non-accountants learning accounting lingo and jargon.

+ Accounting Software Selection & Implementation

Although we have thankfully left behind the days of column ledgers and physical accounting books, choosing and implementing the right accounting software can be a headache at best and an expensive disaster at worst. Every software has its own unique strengths and weaknesses and as such it is paramount that every business chooses the right software that will support their business without causing undo grief and frustration. Bean Counters can evaluate you individual business(s) needs and select the software that’s right for you. We can even support or drive the implantation of that software all the way from planning and coordinating with developers and programmers to training employees and writing custom documentation. No matter what your software needs, Bean Counters can help ensure you find the tools that fit.

+ International Taxation (Limited Services Available)

As the world shrinks and businesses continue to become more global in their customer base and sales, it is vital to understand how international sales taxation works, what must be collected, what must be remitted, and how to properly account for each. Bean Counters provides support for US businesses that sell or import to the US, UK, Canada, and limited areas of Europe. We provide guidance as to the collection and remittance of Sales Tax, GST/QST/PST, and VAT. Note, these services are meant as a support and should not replace the existence of a third-party VAT or GST processor or auditor. Most cases will require a period of research to understand the exact filing requirements for each unique client.

+ Product Costing

Product costing is one of the better known and more easily understood areas of accounting. It is this process that helps individuals and businesses know if an idea can or should be brought to market. Bean Counters uses a practice of combining known data, trends, quotes, and estimations to determine the true cost and potential profitability of new or existing products and services. This essential exercise helps our clients determine which opportunities to pursue by providing information necessary for good decision-making.

+ Controller Services (Financial Statement/Data Validation & Control)

Most small and medium-sized businesses do not have the resources necessary to employ a full-time (or even part-time) financial controller. However, this role provides crucial assurance to owners and executives that financial information is up-to-date and accurately represented. This responsibility then often falls to either the CFO, accounting manager, or general accountant – none of which are ideally suited to provide data quality assurance. Although Bean Counters is also not able to completely fill the shoes of a normal controller, we implement a series of “closing” procedures that provide the controls necessary in the absence of a controller. These practices can then be adopted by normal accounting staff and the results reviewed by executives or other personnel to ensure control and accuracy of financial information.

+ Process Documentation & Handbook Generation

Process documentation represents perhaps the most valued, and yet under-performed, tool for almost every business. Especially when it comes to accounting and financial processes, consistency is key and true consistency is not possible without proper documentation. That is why Process Documentation & Handbook Generation are one the of most highly valued services provided by Bean Counters and its consultants. We begin by leveraging our extensive process knowledge, learn our clients’ unique internal processes - offering suggestions for areas that can be improved if desired – and end by provide clean instruction files that any user at any level of experience could follow. This eliminates much of the need for cross training and allows for seamless coverage in the event of an employee’s unexpected leave (such as sick leave or bereavement). Bean Counters will then periodically review processes and update documentation accordingly as desired by our clients.