Our Comprehensive Accounting Services
Bookkeeping
In the dynamic world of business, financial awareness is key, and at Aware CPA, we’re committed to illuminating your path towards success with expert guidance, all year round. Our bookkeeping service goes beyond the usual record-keeping by not only tracking, categorizing, and reconciling every financial transaction across your bank, credit card, and loan accounts, but also transforming this data into a tangible roadmap.
Together with this comprehensive bookkeeping, we provide reporting which includes essential financial statements such as Profit & Loss, Balance Sheet, and Cash Flows. These reports offer you a clear, detailed snapshot of your financial position, telling your unique business story through its fiscal activity. But it’s not just about presenting data – it’s about empowering you with the knowledge and insights that enable informed, data-driven decision making.
With Aware CPA, bookkeeping and reporting are not merely administrative tasks. They are integral tools that shine a light on your financial health, providing clarity and guidance, and facilitating your business’s strategic growth all year round. Because at Aware CPA, your financial clarity and success are our shared goals.
Tax-Ready Financial Statements
At Aware CPA, we know that tax season doesn’t start when you meet with your tax advisor—it begins with how your financial records are maintained throughout the year. Our financial statements are prepared with you, the business owner, in mind, ensuring clarity and ease of understanding. When tax season approaches, we take things a step further by tailoring year-end reports specifically for your tax advisor, making sure everything is in perfect order.
With years of experience in tax preparation, we know what tax professionals need to efficiently file your returns. Our year-end Profit & Loss statements, Balance Sheets, and Cash Flow reports are structured to minimize confusion and reduce questions, streamlining the entire process. We act as your behind-the-scenes partner, preparing reports that your tax advisor can use with minimal adjustments, so you spend less time going back and forth.
By preparing reports that bridge the gap between you and your tax advisor, we help take the guesswork out of tax season. You may not know the intricate details of your bookkeeping, but we do—and we’re here to ensure your records are accurate, comprehensive, and tax-ready. With Aware CPA, you’re not just getting bookkeeping; you’re gaining a strategic partner dedicated to making your year-end as smooth as possible.
Forecasting
Having a clear vision of the future is paramount. That’s where financial forecasting comes into play, acting as a beacon to guide your venture’s path, especially when it pertains to cash flows. As they say, “Cash is king.” This isn’t just a catchy phrase; it embodies a fundamental business truth. While profits elevate a company’s stature, it’s the cash at hand that keeps operations smooth, opportunities viable, and challenges manageable.
But here’s the real kicker: crafting these invaluable forecasts isn’t a solitary affair. At Aware CPA, we believe in a collaborative approach. We work on these forecasts together, live. This synergy combines your first-hand knowledge of the business with my expert financial guidance. It’s an interactive process, providing you with a unique learning experience as well as a robust projection.
Efficient cash management through accurate forecasting can make the difference in your business’s ability to navigate both calm and stormy financial seas. For instance, consider the potential of launching a new service line. There’s excitement but also inherent financial risks. How will expenses evolve? What might the revenue curve look like? A forecast doesn’t just predict these figures; it provides a roadmap, showing potential cash positions under various scenarios—best case, average expectations, and worst case.
Beyond just crafting a financial projection for the upcoming month or quarter, we pride ourselves on the flexibility of our forecasting tools. Any variable can be adjusted, tweaked, or fine-tuned, ensuring that you’re equipped with the most comprehensive and customizable insights for decision-making. Whether you’re considering an expansion, weighing a significant investment, or simply aiming to keep daily operations flowing, our adaptable forecasts are your go-to compass, leading the way through the business world’s many intricacies.
This service is a must-have for those of you that get tax projections done by your tax advisor!
Financial Review Meetings
Your financial statements hold the key to understanding your business’s performance, but it’s not always easy to unlock the insights on your own. That’s why Aware CPA offers personalized Financial Review Meetings—a dedicated time to sit down with an outsourced-CFO or outsourced-controller and dive deep into your monthly financials.
These meetings are driven by your needs. You set the agenda, and we tailor each session to address the questions and topics that matter most to your business. Whether it’s reviewing recurring monthly expenses, identifying opportunities to improve accounts receivable, or strategizing debt repayment priorities, we ensure your financial concerns are met with expert guidance. For clients who want a deeper analysis, we can even explore what-if scenarios—’What would my reports have looked like if…?’—helping you understand the potential impact of key decisions.
With Aware CPA’s Financial Review Meetings, you’re not just getting answers to your questions—you’re gaining a strategic financial partner who helps you interpret your financials in ways that fuel your business growth. Whether you need ongoing support or occasional insight, we’re here to ensure you make informed, confident decisions based on a clear understanding of your financial data.
Financial KPI Tracking
Tracking key performance indicators (KPIs) is essential to understanding the financial health and trajectory of your business. KPIs give you concrete data that helps you assess your performance, spot trends, and make informed decisions that drive growth. At Aware CPA, we recognize that every business is unique, which is why we work closely with you during onboarding to select the KPIs that matter most to your business goals and operations.
Some of the most common KPIs we track for our clients include Cash Burn Rate (the rate at which your business spends cash), Sales Growth (comparing this month’s and last year’s sales performance to spot trends), changes in Assets and Liabilities, Key Expenses, Working Capital, and more. These metrics offer a clear window into your business’s financial health, helping you stay focused on the key areas that impact profitability and long-term success.
For clients in the Enhanced tier, Financial KPI Tracking is included as part of the service. This means you’ll have regular, detailed reports that highlight the financial metrics that matter most to your business. By tracking the right KPIs, we help you stay informed, proactive, and confident in the decisions you make to keep your business moving forward.
Client Invoicing and Receivables Management
Efficient invoicing and receivables management are the lifeblood of your business’s cash flow. At Aware CPA, we take the hassle out of managing client invoices, ensuring your business stays on top of payments and maintains a steady cash flow.
Our service goes beyond simply sending invoices. We help you create and manage professional invoices, track outstanding payments, and follow up on unpaid invoices to reduce delays in collections. By maintaining a close eye on your receivables, we provide regular updates that keep you informed about which clients have paid, which are overdue, and where you may need to take action.
With Aware CPA managing your client invoicing and receivables, you can focus on running your business while we ensure that your cash flow remains healthy. Our goal is to help you stay organized, improve your collection process, and maintain a steady inflow of revenue without the stress of chasing payments.
Year-End 1099 Reporting
As a business owner, staying compliant with IRS requirements is essential, and year-end 1099 reporting is a key part of that responsibility. At Aware CPA, we make the 1099 process seamless, ensuring that all contractors and vendors are properly reported to the IRS, reducing your risk of penalties or errors.
What sets Aware CPA apart is our proactive approach to 1099 reporting. We analyze your need for 1099s on a monthly basis, identifying which vendors qualify and ensuring you’re prepared well in advance of tax deadlines. We even reach out to vendors directly to collect the necessary information—all we need is their email address to handle the rest.
Our service includes collecting information, preparing accurate 1099 forms, and submitting them on your behalf. With Aware CPA managing your 1099 reporting, you can focus on running your business, confident that your reporting process is handled with precision and care.
Budget Vs Actual Variance Analysis
In the business world, staying on course is a bit like navigating a ship through changing waters – there are predictable currents, but also unforeseen challenges that might push you off track. This is where our Budget vs Actual Variance Analysis comes in, acting as your trusted compass.
The process starts with an intricate review of your company’s accounting. We’ll roll up our sleeves, diving deep to identify which expenses can be predicted from the data itself. But numbers, as we all know, tell only part of the story. To get the full picture, we schedule a collaborative review with you. Here, we discuss the nuances: Are there plans to expand a particular segment of your business? Are you eyeing a major purchase? Or perhaps there’s a software you’re considering parting ways with. These insights, coupled with our analytical prowess, shape a comprehensive annual budget tailored for your business’s aspirations.
But the journey doesn’t end there. Each month, you’ll receive a detailed analysis comparing the actual figures against the budget. These reports aren’t just about tracking numbers but are tools to spot anomalies, assess performance, and ensure that your business is consistently aligned with your annual goals.
And here’s the golden nugget: tasks like these usually fall under the purview of a controller, often at a considerable cost. With Aware CPA, you get this high-level expertise and more, but without the hefty price tag. Think of it as a high-quality financial GPS, ensuring you’re always heading in the direction of success.
Chart of Account Management
A well-structured chart of accounts is the foundation of accurate financial reporting. At Aware CPA, we specialize in designing, organizing, and maintaining your chart of accounts to ensure that your financial records are clear, organized, and easy to interpret.
Whether you’re setting up a new business or need to refine your existing chart, we work with you to create a structure that aligns with your business model and reporting needs. We organize your accounts in a way that makes tracking income, expenses, assets, and liabilities effortless, providing you with the transparency needed for strategic decision-making.
With Aware CPA handling your chart of account management, you can rest assured that your financial data is well-organized, accurate, and ready to support your business’s growth.