Our Commitment to Our Clients

Practical  Management Solutions is committed to providing clients with extremely  high quality, cost effective bookkeeping services and are dedicated to  meeting their individual company’s needs. We  make it a priority to stay abreast of the changes, requirements and  challenges involved in managing the financial side of business while  adhering to high standards of quality and integrity.   Our knowledge, experience, and accuracy is demonstrated by the quality and concise information we provide to your CPA. We relieve clients of the tedious and technical bookkeeping functions allowing them to concentrate on their business.  Accurate  and comprehensive financial recordkeeping is vitally important to a  company’s success and we are 100% dedicated to those efforts.

Why Outsourcing Makes Sense 

We will streamline your bookkeeping process while ensuring organization, accuracy, and timeliness.  In  the typical office setting, staff is busy with other office duties and  often bookkeeping functions are not given the attention they require. If  your staff is “squeezing in” the bookkeeping function as time allows or  has insufficient time or training required to properly perform the job,  outsourcing with Practical Management Solutions is the answer you've  been looking for.  Outsourcing  your bookkeeping can reduce stress, decrease your chance of receiving  penalties from tax authorities, and allow you to focus efforts on your  prime business purpose. Clients can choose for us to handle some or all  of their bookkeeping functions, including but not limited to Payroll,  Accounts Payable, Accounts Receivable, General Ledger, Banking, Cash  Flow Projections, Monthly and Quarterly Tax Reporting, etc.

How our Service Works with your Accountant 

We strive to create a working “partnership” with you and your CPA. Throughout the year, our staff works closely with your accountant to implement their recommendations for your business.  We collect your financial data and compile, organize and present this data to your accountant as needed. This  ultimately saves you time, money, and stress due to the effectiveness  of getting you organized and prepared when tax season approaches. Our data is compiled utilizing QuickBooks software. Use of this software simplifies the reporting of year end information to your CPA firm.  This  enables your CPA to upload the data and have all of your information at  their fingertips, enabling them to provide services more efficiently as  well.

Payroll Services

Our staff can provide your business with complete payroll management. Our  services include payroll calculation and processing, direct deposit,  paycheck generation, pay stub reporting, and transmitting withholdings  to proper tax authorities and salary deferral plans. We  prepare quarterly and annual tax returns, including W-2’s and 1099’s to  ensure all required reports are filed timely in order to avoid penalty. We can manage all of your payroll records, including maintaining employee records, enrollment forms, etc.

Accounts Payable Services

Our accounts payable service can manage all of your payable functions. We tailor this service to our individual client preferences and needs. Clients can route “approved” invoices or can have their bills sent directly to our Post Office Box for processing. Checks and supporting invoice documents are typically routed back to the client for signature. Depending  on the client preference, they can mail their checks once signed, or  route them back to us for mailing and the filing of paid invoices. We  can maintain vendor files for all those with whom you do business, and  provide reports detailing or summarizing disbursements.  

Accounts Receivable Services

Our service can invoice your customers and manage collection as necessary. We  can receive your payments and deposit them directly into your bank  account, or post payments deposited by you against the customer’s open  invoices. We provide reports  detailing or summarizing your billing activity and accounts receivable  balances, and can generate computerized deposit slips and payment  history reports.

 Sales Reconciliations and Sales Tax Reporting

We encourage our clients to reconcile sales that are often recorded in internal software systems to deposits actually made. Our  service will work with your office to devise a system to ensure that  all monies collected for sales are accounted for, thereby adding  validity to the sales and collection totals reported. We  can also prepare and file sales and use tax returns and other returns  that may be a requirement of your particular business, such as  hospitality tax returns, etc.

Bank Reconciliations 

Management of your financial data and cash flow includes accurately balancing your accounts at least monthly. Whenever  possible, we prefer to have online, view only access to your bank  account so we can verify deposit and credit card processing activity in  order to ensure sufficient funds are available for any disbursements to  be made. Our reconciliation  service includes monitoring and following up on outstanding transactions  in order to clear up any issues in a timely fashion.

Monthly Financial Reporting

For accounts where we have access to the full financial picture, we provide monthly financial statements for your review. The  financial statements typically include a Balance Sheet (which is  listing of your company’s assets and liabilities) and a Profit and Loss  Statement (which is a summary of your income and expenses). Other  reports are prepared depending on the clients needs, such as an income  allocation reports which allocates income to partners, departments or  provider of services based on defined formula. Cash flow reports, projections and budgeting reports can also be generated as needed.

Data Security and Confidentiality 

Our  staff adheres to our confidentiality agreement requiring us not to  divulge any information without the client’s authorization and mandates  we protect confidential company records. All  computerized records are maintained on our secure, HIPAA compliant  server further helping to ensure the confidentiality of your  information.