Bookkeeping Services
Accurate books are the foundation of every good business decision — and a prerequisite for clean tax returns. If your bookkeeping is behind, disorganized, or nonexistent, your tax returns are guesswork. Myung Keon Kim CPA offers monthly bookkeeping services that keep your records current, your financial statements accurate, and your tax prep straightforward.
What Monthly Bookkeeping Includes
Our standard monthly bookkeeping engagement covers the core tasks that keep your books accurate and tax-ready year-round:
- Transaction categorization — every bank and credit card transaction coded to the correct account and tax category
- Bank reconciliation — monthly matching of your books to bank statements for every account
- Accounts receivable tracking — monitoring outstanding customer invoices and aging balances
- Accounts payable tracking — recording bills owed to vendors and tracking due dates
- Monthly financial statements — Profit & Loss and Balance Sheet delivered by the 15th of the following month
- Year-end close — final adjusting entries, depreciation posting, and complete year-end financials ready for tax prep
QuickBooks Setup and Management
We set up QuickBooks Online accounts configured specifically for your business and industry. A properly configured chart of accounts is critical — generic QuickBooks setups often have dozens of unnecessary accounts and miss the industry-specific categories that make tax preparation cleaner. For a restaurant, we separate food costs from paper goods from beverages. For a medical practice, we separate clinical supplies from office supplies from professional fees. For a trucking company, we separate fuel, maintenance, driver wages, and owner-operator payments.
Setup includes connecting bank feeds for all accounts, configuring payroll integration if applicable, setting up classes or locations if you operate multiple revenue streams or locations, and training you or your office manager on how to use the system. After setup, we maintain the account and review it monthly — you don't need to do the bookkeeping yourself.
1099 Preparation
If your business pays contractors, freelancers, or non-employee service providers $600 or more during the calendar year, you are required to issue Form 1099-NEC by January 31 of the following year. Failure to issue 1099s results in a per-form penalty that rises the longer the filing is late, adjusted annually for inflation, and the IRS can disallow the deduction for payments to unverified vendors. We track your vendor payments throughout the year, collect W-9s for contractors, and prepare and file all required 1099-NEC and 1099-MISC forms.
Accounts Receivable and Invoicing
For service businesses and professional practices, cash flow depends on invoicing promptly and collecting payments quickly. We can help you set up QuickBooks invoicing, track which customers owe money and for how long (AR aging report), and identify slow-paying clients before they become bad debts. A well-managed AR process typically reduces the average collection period by 15–30 days — which has a meaningful impact on cash flow for businesses billing $250,000 or more annually.
Financial Statements for Tax and Business Decisions
Your Profit & Loss statement tells you whether the business made money — and where it went. Your Balance Sheet tells you what the business owns and what it owes. Together, these statements answer the questions your banker, landlord, and tax preparer will ask. We produce GAAP-basis financial statements (cash or accrual, depending on your reporting preferences) formatted for easy reading by non-accountants. We also produce industry-specific KPI reports — for restaurants, we track food cost percentage and labor cost percentage; for trucking clients, revenue per mile and fuel cost per mile.
Year-End Close and Tax Preparation Handoff
Our bookkeeping and tax services are integrated by design. When we prepare your books through December 31, we also post all year-end adjusting entries: depreciation, prepaid expense adjustments, accrued liabilities, inventory adjustments, and loan amortization. We reconcile all balance sheet accounts, not just bank accounts. When tax season begins, your QuickBooks file is the source document — your CPA doesn't need to reconstruct anything. This is what makes tax prep faster and less expensive when bookkeeping and tax work are handled by the same firm.
Frequently Asked Questions
Do you use QuickBooks?
Yes. We use QuickBooks Online for most clients because it allows us to access your books remotely and collaborate in real time without file transfers. We can set up a new QuickBooks account from scratch, clean up an existing account, or work with your current setup. For clients who prefer QuickBooks Desktop, we can work with those files as well, though we generally recommend QuickBooks Online for its superior bank feed integration and multi-user access. We are a QuickBooks ProAdvisor.
How often do you reconcile accounts?
We reconcile all bank and credit card accounts monthly. Reconciliation is the process of matching every transaction in your bookkeeping software to your actual bank statements, ensuring that no transactions are missing, duplicated, or miscategorized. Monthly reconciliation catches errors before they compound — a discrepancy that goes unnoticed for a quarter can take hours to untangle, while catching it month by month takes minutes. We also reconcile loan accounts, merchant processor accounts (Square, Stripe, etc.), and payroll clearing accounts.
Can you help with catch-up bookkeeping?
Yes. Catch-up bookkeeping — also called cleanup bookkeeping — is one of our most common engagements. Business owners often fall months or years behind, especially during busy seasons or periods of rapid growth. We have processed catch-up projects ranging from a few months to several years. We start by gathering bank and credit card statements, categorize all transactions, reconcile each month, and produce a clean set of financial statements. Depending on the volume and complexity, catch-up projects are quoted at a flat fee. The goal is to get you current and on a clean monthly maintenance plan going forward.
What financial reports will I receive?
Every month you receive a Profit & Loss statement (income statement) showing revenue and expenses for the month and year-to-date, and a Balance Sheet showing your assets, liabilities, and equity as of month-end. For businesses with inventory, we also produce a schedule of ending inventory. Quarterly, we provide a cash flow statement. At year-end, we produce a complete set of financials for tax filing and, if needed, for bank loan applications or investor presentations. All reports are available in your QuickBooks Online account at any time.