Reliability
We meet deadlines, adhere to commitments, and are always ready to support our clients.
Transparency
Clear communication is our hallmark. We ensure you understand every aspect of your finances.
Personal Connection
We build relationships. Our clients aren’t just numbers; they’re part of our community.
What is Included with Our Accounting Services in Mt. Pleasant?
Outsourcing with Lembo Accounting Solutions offers a robust range of services designed to streamline your financial operations and enhance your business’s financial health. Here’s what’s included in our monthly investment package:
Recording Financial Transactions:
- Recording income from sales, fees, and other sources
- Documenting expenses, including costs of goods sold, operating expenses, and payroll
- Capturing financial data from invoices, receipts, and bank statements
- Maintaining a systematic record of all financial transactions
Maintaining Accounts:
- Setting up and maintaining general ledger accounts for assets, liabilities, equity, revenue, and expenses
- Posting transactions to the appropriate accounts based on source documents
- Reconciling bank accounts and credit card statements to ensure accuracy
Preparing Financial Statements:
- Creating profit and loss statements, balance sheets, and cash flow statements
- Ensuring financial statements are accurate and compliant with accounting standards
- Analyzing financial statements to identify trends, strengths, and weaknesses
Payroll Processing:
- Calculating employee salaries and wages
- Withholding taxes and other deductions as per regulations
- Preparing and distributing paychecks or direct deposits
- Filing payroll tax returns
Accounts Receivable and Accounts Payable Management:
- Managing customer invoices and tracking outstanding receivables
- Following up with customers for overdue payments
- Processing and paying supplier invoices within specified terms
- Maintaining accurate records of accounts receivable and accounts payable
Inventory Management:
- Tracking inventory levels and costs
- Calculating the cost of goods sold based on inventory movements
- Performing physical inventory counts to verify accuracy
Tax Preparation and Filing:
- Gathering and organizing financial data for tax purposes
- Preparing and filing income tax returns for businesses and individuals
- Ensuring compliance with tax regulations
Financial Reporting:
- Preparing financial reports for internal stakeholders, such as management and investors
- Communicating financial information in a clear and concise manner
- Presenting financial performance and key metrics
Budgeting and Forecasting:
- Creating budgets for future financial planning
- Forecasting revenue and expenses based on historical data and market trends
- Monitoring actual financial results against the budget
Internal Controls and Compliance:
- Establishing and maintaining internal controls to safeguard financial assets
- Implementing accounting policies and procedures to ensure accuracy and consistency
- Complying with regulatory requirements, such as GAAP or IFRS
Audit Preparation and Support:
- Assisting with external audits by providing necessary financial information
- Answering auditors’ questions and providing clarifications
- Ensuring that audit requirements are met in a timely manner
Bank and Credit Card Reconciliations:
- Regularly reconciling bank accounts and credit card statements
- Identifying and resolving any discrepancies
- Ensuring accurate cash management
Financial Analysis and Reporting:
- Analyzing financial data to identify trends, patterns, and potential areas for improvement
- Preparing financial reports for external stakeholders, such as banks and investors
- Communicating financial performance and key metrics in a manner that is easily understandable
Should You Outsource Your Accounting Services in Mt. Pleasant, SC?
The Benefits of Outsourcing if Your a Small Business Owner in Mt. Pleasant, SC
Managing a business requires juggling numerous tasks, but one area where you shouldn’t spread yourself too thin is accounting. From personal experience, I’ve seen many small business owners try to take on too much, leading to unnecessary stress and potential financial oversight. Outsourcing your accounting to trusted experts like us not only ensures accuracy and compliance but also frees you to concentrate on strategic growth. Our local expertise particularly benefits businesses in Mt. Pleasant, where we navigate specific regional financial landscapes and regulations with ease.
The Benefits of Outsourcing if You Have a Full-Time Accountant In-House
In today’s economic environment, businesses in South Carolina and beyond are continuously looking for ways to optimize operations and reduce costs without sacrificing quality or service. Even if you have a full-time accountant, outsourcing additional accounting services can provide significant advantages. Here, we explore why services like those offered by Lembo Accounting Solutions not only complement your in-house accountant but also present a cost-effective strategy.
The Benefits of Outsourcing if You Have a Full-Time Accountant In-House
Businesses in Mt. Pleasant, SC and throughout the Lowcountry are continuously looking for ways to optimize operations and reduce costs without sacrificing quality or service. Even if you have a full-time accountant, outsourcing additional accounting services can provide significant advantages. Here, we explore why services like those offered by Lembo Accounting Solutions not only complement your in-house accountant but also present a cost-effective strategy.
Cost Efficiency
Hiring a full-time in-house accountant in South Carolina typically costs around $57,000-$80,000 per year plus benefits. In contrast, outsourcing your accounting needs to Lembo Accounting Solutions can be significantly more economical. For businesses generating up to $3,000,000 in annual revenue, our comprehensive package starts at $1,400 per month. If we account for the starting position salary, ($57,000) this totals $16,800 annually—a remarkable savings of $40,200 when compared to the salary and benefits of a full-time accountant. Depending on the revenue and needs of your company, we can customize a monthly plan that will not only save money for your bottom line, but also save you money in the long run when the pesky IRS is at your door.
Why Consider Outsourcing?
Expertise and Specialization: Outsourcing gives you access to specialized skills and knowledge that can either complement or completely replace the work of your full-time accountant, ensuring all financial aspects are covered efficiently.
Scalability: As your business grows, the flexibility to scale your accounting services without additional overhead can be crucial.
Risk Management: External accountants bring a fresh perspective that can help identify and mitigate financial risks and ensure compliance with current laws and regulations. At the end of the day our business only grows if yours does.
Focus on Core Business: With critical accounting functions expertly handled, your in-house team can focus more on strategic goals and core business activities.
Accounting Services Included with a Monthly Retainer
Outsourcing with Lembo Accounting Solutions offers a robust range of services designed to streamline your financial operations and enhance your business’s financial health. Here’s what’s included in our monthly investment package:
- Software Management: QuickBooks (I am a Pro-advisor), Service Titan, CoConstruct, Microsoft Great Plains, Coupa, Bill.com, Microsoft 365
Example: Applying customer payments, making QuickBooks deposits, and providing live, real-time reporting for daily credit card and bank transactions. - Reconciliation Services: Monthly credit card, bank account, and loan reconciliations, including detailed accounting for interest and principal.
- Asset and Liability Management: Tracking of fixed assets, monthly depreciation calculations, and thorough account reconciliations.
- Receivables and Payables: Monthly accounts receivable and payable reconciliations, aging review, and management.
- Reporting and Analysis: Preparation of annual budgets, monthly financial analysis, budget comparisons, profit and loss statements, balance sheets, and sales tax returns.
- Regulatory Compliance: W-2 and 1099 preparations for payroll clients, along with the inclusion of the cost for QuickBooks Online fees.
- Specialized Reconciliations: Reconciling against Service Titan monthly for AR and sales, reviewing and exporting payments and batches as needed.
Additional Add-On Services
For businesses needing more specialized support, Lembo Accounting Solutions offers a range of additional services tailored to enhance your financial operations further:
- Payroll and Vendor Payments: Weekly/biweekly payroll processing, invoicing customers, and issuing vendor payments (online/electronic only).
- Performance and Analysis: Weekly cash flow statements, monthly key performance indicator targets, and reporting, along with quarterly and annual financial analyses.
- Strategic Financial Services: Quarterly pricing analysis, annual insurance renewals, workman’s comp audits, and tax planning sessions.
- Compliance and Strategy: Implementing and integrating software, writing policies and procedures, and preparing and filing business and personal tax returns.
Building Trust with Our Clients
Trust is the foundation of any successful business relationship, especially when it comes to handling sensitive financial information. At Lembo Accounting Solutions, we build trust through transparency and regular updates, ensuring you are always informed and comfortable with the decisions being made. Our commitment to ethical practices means your business’s finances are in safe hands.
Don’t Just Take Our Word for It, Hear from Our Clients.
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Contact Us8 Clear Indicators That It’s Time to Outsource Your Accounting Responsibilities
1.) Feeling Overwhelmed with Time Management?
If you’re constantly feeling the pinch of not having enough hours in the day, you’re not alone. Many business owners face this challenge. You simply can’t do everything yourself without compromising on productivity. Bookkeeping requires meticulous attention to detail and a considerable amount of time spent on accounting software. If you find yourself dedicating more time to managing your financials rather than engaging with your clients or focusing on business growth, it might be time to consider outsourcing your accounting and bookkeeping tasks.
2.) Experiencing High Overhead Costs?
Maintaining an in-house bookkeeping and accounting team can be expensive. From salaries and benefits to the costs associated with hiring, such as advertising, interviewing, and training—these expenses add up quickly. Outsourcing these functions can significantly reduce your overhead, as you only pay for the services you need when you need them.
3.) Dealing with Under-trained or Overworked Staff?
Both scenarios can drastically affect your business’s productivity. Inaccurate financial data, delayed reports, and fiscal uncertainty can all stem from not having the right team in place. Training or hiring additional staff requires time and money. However, by outsourcing, you can relieve your team from the pressure of excessive workloads without the added costs of training or new hires, as your outsourcing partner handles these aspects efficiently.
4.) Too Dependent on Key Employees?
Relying heavily on a few individuals for critical tasks like bookkeeping and accounting puts your business at risk. What happens if they quit, fall ill, or go on vacation? Tasks can accumulate, hampering your business’s efficiency. Outsourcing ensures continuity, as a dedicated team of professionals manages your accounts, mitigating any disruptions caused by personnel issues.
5.) Struggling to Scale Operations?
Businesses with fluctuating transaction volumes, especially seasonal ones, often find it challenging to maintain the right level of staffing. In-house teams may be overwhelmed during peak times and underutilized during slower periods. Outsourcing allows you to scale your accounting needs up or down without the complexities of hiring or firing, providing flexibility to match your business’s demands.
6.) Difficulty Accessing Crucial Financial Data?
Timely and accurate financial information is essential for making informed decisions. If your in-house team struggles to provide this data promptly, it’s a sign that outsourcing might be necessary. An external team ensures you have access to critical figures exactly when needed, enhancing decision-making and strategic planning.
7.) Concerned About Discrepancies and Fraud?
Fraudulent activities like billing fraud, check tampering, and skimming can originate from having the same employees handling multiple financial processes. Outsourcing can introduce a clearer separation of duties, reducing the risk of discrepancies and enhancing financial control.
8.) Lacking Up-to-Date Knowledge?
Accounting and bookkeeping are dynamic fields, constantly affected by changes in standards, laws, and software updates. If your team struggles to keep up, it might result in compliance issues or missed opportunities. Outsourcing to a specialized firm ensures you’re always ahead of the curve, with a team of experts who manage ongoing changes and act as an additional layer of oversight for your financial processes.
