Financial Statements, Accounting Bookkeeping Services

Accounting services includes anything having to do with keeping your books and financial records. From setting up an accounting system to data entry; to producing management reports; to performing a compilation or review of your financial records, we are ready to serve you. (For Construction and Contractor accounting see our Contractors services.) Let us help with your record keeping so you can concentrate on your products and customers.

Bookkeeping

The backbone to an accounting system is the chart-of-accounts and the classification of those accounts. Information that is properly classified can provide useful information to run your business with confidence.  We can assist you with your accounts and classification.

If you do not have an in-house bookkeeper, we also can provide full-charge bookkeeping services. With the proper setup and maintenance of your accounting system you can have confidence and reliance in the information to help you make informed business decisions.  A properly setup accounting system will provide meaningful information to help you run your business.

Financial Statement Write-ups

We will prepare monthly financial statements to track your financial position, profits, and cash flow.

Compilations or reviews of financial statements

Should you require compiled or reviewed financial statements for Public Works projects or CPA prepared financials for financial institutions or bonding purposes, we can prepare those statement for you.

For construction contractors there is often a need to financial statements based on the percentage-of-completion method of accounting for long-term contracts. We can assist you with the preparation of these GAAP financial statements. We can also assist with the preparation of completed contract accounting for income tax reporting as well.

Payroll Processing
  • From your salary information and employee time cards, we will compute gross pay, calculate necessary tax withholding, print payroll checks for your signature, and prepare a complete payroll register.
  • We can also made direct deposits to your employee’s checking or saving account.
  • We can provide direct deposit for your payroll liability accounts to either Washington or Idaho.
  • We can also prepare required reporting documents to the states of Washington and Idaho for prevailing wages projects as well as completing Davis-Bacon wage and hour report requirements.
Job Costing

To stay competitive, contractors need to have an understanding of the actual costs for their jobs or projects. Job Costing is just such a tool to provide you with meaningful information on one or all of your jobs.  Such information will aid you in understanding what each phase or detail of the job is costing. You will be able to rationally allocate indirect costs and burden to your jobs. Such information will help you control costs as well as assist you in future bidding.  R. Scot Haug, CPA PLLC can assist in the design or implementation of a Job Cost system.  Our goal would be to give you an understanding of all costs to perform a project: materials, supplies (direct and indirect), subcontractor costs, and wage and burden  information – all will be posted to these jobs. The benefits are an understanding of the profit or loss on individual projects – not just aggregate projects.  Also you will gain a knowledge of the variance between actual costs and estimated or bid costs.

Sales and Use Tax
  • Analysis of sales and use tax liability to ensure that proper payments are made to the correct jurisdiction.
  • Training for in-house personnel on proper accounting for sales and use tax.
  • Tracking of sales tax for Idaho contractors.
Budgeting and cash flow projections.

Budgeting is an important element of accountability. Budgets provide your company with a road map to profitability and a visual on exceptions and variation to be analysed. We can assist with identifying, implementing, or simplifying a budget process that works for your company.

Consultation with internal accounting personnel.

We can work with your personnel both on the theory and the application on such topics as account reconciliation, percentage of completion accounting, completed contract revenue recognition, accounting for installment notes and installment note amortization, capital accounts management, amortization and depreciation.