Exigo Business Solutions' Profit First and Bookkeeping provides small businesses owners with an essential set of accounting services that can help them understand the financial health of their business. With services designed specifically for small businesses, Exigo Business Solutions can help you keep you know your numbers so you can focus on growing it.
Using a software app called Dext.com, we process all submitted receipts which track bills, expenses and cash transactions to ensure that a company has accurate information about their financials. Having the source document tied to each transaction and readily available when needed make it easier to plan profitable strategies that will keep their business running smoothly long term.
Processing all transactions in connected bank feeds is essential for the financial health of a business. By streaming data in real time directly from your bank / credit card accounts, businesses gain instant, up-to-date access to accurate information on their financial condition and can make informed decisions that are based on real numbers. This streamlining of activities means quicker processing times, faster reconciliation, and reduced errors.
Payroll journal entries are transactions that document the wages, salaries, and other payments made to employees. In order to ensure accurate financial records and compliance with labor regulations, it is important to process payroll journal entries each pay period. This is not running payroll but ensuring payroll entries are recorded accurately in the accounting software.
Reviewing your transactions for accuracy, consistency and completeness in categorization is an important step in the accounting process. Categorizing financial data can help businesses become more organized by ensuring that all transactions are properly categorized and accounted for. Consistency in categorization is also important as it ensures that similar items/expenses are categorized in the same way throughout a company's books. This allows for a clearer overview of how money moves through your business across different periods of time and can provide invaluable insight into financial trends or discrepancies.
Reconciling all business bank and business credit card statements with the transactions in the accounting software is a beneficial way to ensure accuracy for your organization. It helps protect your businesses from financial losses due to incorrect data entry or other human errors that can occur when manually managing records. The reconciliation process ensures that any money coming into and going out of the accounts, such as cash deposits or payments made through credit cards, are accurately represented and corresponding entries are made to match.
We believe that it is important to provide monthly financial reports so that owners and management have an accurate view of the business’ financial health. By providing monthly reports, all are kept up to date on the business’s performance and can make sound strategic decisions based on complete information. Moreover, with regular reporting, any discrepancies can be caught quickly and addressed accordingly.
The reason we provide the option for a monthly call to review your numbers is that it allows us to have regular dialogue with our clients about their business performance. Having this regular check-in allows us to stay up to date on how different areas of the business are performing and ensures that we can quickly adapt to changing circumstances. It also gives us an opportunity to discuss any changes in strategy or tactics that may need to be made in order to maximize profits or minimize losses.
This monthly call also serves as an accountability mechanism - it encourages responsible fiscal management on the part of our clients as they continually strive towards their business goals. With our experienced team discussing key data points each month, they can get a better understanding of what strategic steps need to be implemented in order to reach those goals. We’re able to provide valuable advice and insights into their individual businesses through this process, allowing them to make better decisions when it comes time for optimization or expansion.
We believe that safety and security should always be top priorities for businesses storing financial information, especially in the digital world. That’s why we have a secure digital file storage system with data centers specifically created to store confidential data. By following industry best practices such as Payment Card Industry (PCI) and Data Security Standard (DSS), our secure file storage system provides your business with an effective and reliable security plan.
Our secure digital file storage system offers businesses the capability to store all their files digitally, access records when necessary, and safely share them with important parties. We offer high-level encryption and authentication technology to keep your data safe throughout transmission and within our file storage system. All data is SSL secured using industry-grade encryption protocols – ensuring only authorized personnel can access your confidential financial information.
Backing up your accounting software is essential for protecting your financial data from unforeseen circumstances, being able to quickly recover any lost information due to system failure, ensuring business continuity across all departments and guaranteeing no teething issues associated with updating your software based on revised standards or requirements. It ultimately provides an indispensable level of security against potential risks while enabling you maximize operational efficiency even in times of crisis.
Our tax professionals understand how difficult it can be to accurately calculate your estimated tax payments. That’s why we provide our clients with an easy and efficient service to help them figure out the amount they need to pay each quarter. When calculating your estimated tax payments, our team looks at your prior year tax history and current quarterly profits. By consulting the data from these two sources, we are able to determine an estimate of how much you owe in taxes each quarter. This estimate allows us to determine the right amount that you need to pay when submitting your quarterly tax payments, ensuring that the payment is accurate and sufficient.
We recognize the importance of cash management and understand how vital it is to have healthy finances. We believe that having a successful business requires effective cash flow management and this is why we help our clients to implement the profit first cash management system.
The Profit First system works on the concept that revenue should be allocated to operating expenses, owners’ compensation, profit and taxes. This system ensures that even when businesses experience difficult times, there is always money available to keep them running smoothly - which helps them to stay true to their mission and maximize their profits over time. Conducting reviews on a quarterly basis we are able to effectively monitor cash flow, while also adjusting allocations where needed in order to maximize profitability on an ongoing basis.
The importance of setting up profit first allocations on a bi-weekly basis cannot be overstated. Doing consistent allocations helps ensure that cash is being properly funneled to the correct account and that your Profit First performance is properly tracked. Ultimately, creating a consistent rhythm is need for keeping tight control over cash management as well as ensuring overall financial health throughout the organization.