Accounts payable (AP) is one of the foundational functions of accounting and informs other functions in the process. It is important to correctly classify vendor invoices to ensure that complete and accurate information is supplied to other functions (e.g. budget creation, internal management reporting, financial statement preparation). Another aspect of using a consistent AP process and system is the production of timely vendor payments. Information from the system can help management make informed decisions related to the timing of cash flow. An organized AP process can help a business run smoothly and maintain vendor relationships.
Accounts Receivable and Billing
Revenue and cash collection are key to a business’ success. Healthy companies bill and manage receivables on time. CRI can consult with your accounting staff, as well as co-source or outsource billing and receivables for your business.
Bookkeeping is known by many names, such as maintaining the ledger, recording the entries, reconciling the books, and more. Bookkeeping consists of many important functions: accounts payable, accounts receivable, reconciliation of accounts and journal entries, and others. CRI’s professionals can assist you in both maintaining and understanding your financial records so that you’re always on the right page.
Financial Statement Preparation
Financial statement preparation is our most basic level of service. Our team does not perform any verification of the financial data, and we pull the numbers together in your chosen format. The financial statements will be marked to indicate that “no assurance is provided.” While you may share the financials with third-parties, the financial statement preparation service is really aimed at meeting management’s internal needs.
Forms 1099 are informational returns required by the IRS relative to vendor payments. Various types of Forms 1099 exist, but the most common type is the 1099-MISC. CRI’s professionals can help determine which forms and vendors should be reported – as well as help prepare the forms.
Form I-9 verifies eligibility to legally work. It is required:
E-Verify is an internet-based system of the U.S. Citizenship and Immigration Services allowing businesses to determine or verify an employee’s eligibility to work in the U.S. CRI’s accounting outsourcing professionals can assist you with your Form I-9 and E-Verify questions and concerns.
Payroll and Payroll Tax
Two critical areas in the complex world of payroll are regulation compliance and delivery to your employees. CRI can help your business prepare payroll checks and comply with tax regulations. We can also take your provided information and prepare federal, state, and local tax returns.