We provide essential services to the operational side of a business:
Functions include active or passive A/R, A/P, bank and credit card reconciliations, debt service, posting payroll entries, period-end journal entries.
Bookkeeping & Accounting
Functions including Line of Credit applications and renewals, cash-flow management, funds transfers, cash reserves, budgets.
Functions including collection processes and implementation, trouble-shooting irregular or over charges, formation of company policies for reimbursement and credit card usage, payroll submission
Functions including financial statements, cash position reports, budget to actual reports, financial projections, cash-flow projections, Job and Project costing reports, A/R Aging reports
Functions including Sales and Use Tax Returns, Business Personal Property Tax Returns, Business License applications or renewals, amended or appealed returns
A system that encompasses a traditional general ledger
accounting system with relevant financial management
functions. X-51 has chosen to work with QuickBooks
by Intuit and the X-51 Team is annually certified on
the software. The versions include QuickBooks Pro,
QuickBooks Premier, and QuickBooks Enterprise
Good financial management starts
with a computerized system.
Our Team facilitates, implements and trains clients on this system:
Create chart accounts customized by industry and reporting needs
Set up classes for job and project costing, if applicable
Create customized templates for invoicing, including logo and payment information
Address client and employee reimbursed expenses
Enter beginning balances from prior year tax returns
Reconcile and set up equity accounts
Training for one or more individuals responsible for bookkeeping and accounting functions
Oversight and Special Projects
Oversight is a valuable role for growth, as well as mature businesses. It is a must for all businesses on an annual basis.
Project Work as handled
by X-51 Team
Quarterly Review Process.All transactions are reviewed by a senior consultant. Account balances are reviewed and tied back to third party documents. Missing checks, voided checks and bank reconciliations are handled.
Anual Review Process. Prior to tax preparation, X-51 clients forward the entity QuickBooks file. Transactions are reviewed and questions posed. Typical adjustments areas are interest expense, depreciation/amortization, loan balances, cash accounts, and capital asset determination.
The Comptroller role is assigned by clients to X-51 Team consultants. This role includes the review processes but also involves special tracking projects such as commissions, and meetings with owners/principals.
Anual compilation of data and reconciliation
Clean-up on accounting files that contain a volume of transactions and several operating and money market accounts
The Business Management Team works in a variety of industries, among those: consultation, real estate, distribution, hospitality, sales, non-profit and design.