Our Services

Accounting and Bookkeeping

Streamline your small business finances with our professional fractional accounting services. We offer flexible and cost-effective solutions tailored to meet your specific needs. From bookkeeping to financial reporting, we offer comprehensive support to help you make informed financial decisions. With our fractional accounting services, you can enjoy the expertise of a skilled accountant without the overhead costs of a full-time employee, allowing you to focus on growing your business while we handle the numbers. Contact us today to discuss how our factional accounting services benefit your business.

Tax Documentation

Simplify the tax process for your business with our tax documentation services. We prepare meticulous tax documentation packages, including income statements, expense records, supporting documents, and other relevant financial records. We will seamlessly collaborate with your CPA to deliver organized, timely, and reliable financial records, empowering you and your CPA to make informed financial decisions, ensure compliance, and maximize financial benefits. Connect with us today on how we can partner with you and your CPA.

Business Management

Optimize operational efficiency and drive profitability with our strategic insights and guidance by leveraging our expertise to unlock the full potential of your business. Streamlining your operations is crucial for efficiency. We can optimize processes, identify bottlenecks and implement streamlined solutions, saving you time, resources, and money. Ask us today how our business management solutions can contribute to your success.

Examples of our Work

Migrating QuickBooks Desktop File to Quick Books Online File

Situation:

The social media influencer client needed to transition their financial data from QuickBooks Desktop to QuickBooks Online to enable real-time access for stakeholders and their CPA.

Task:

Paraclete’s responsibility was to manage the migration process and ensure seamless integration while maintaining data accuracy.

Action:

  • Researched and identified best practices for migrating financial data from QuickBooks Desktop to QuickBooks Online.

  • Collaborated with stakeholders to ensure a smooth transition, minimizing downtime and potential data loss.

  • Implemented the migration plan, carefully transferring all financial data, including transactions, balances, and historical records.

  • Conducted thorough testing to verify the accuracy and integrity of the migrated data.

Result:

  • Successfully migrated the QuickBooks Desktop file to QuickBooks Online, providing real-time visibility of financial data to all stakeholders and their CPA.

  • Implemented visual graphs for stakeholders to easily identify top revenue drivers, enhancing decision-making for marketing campaigns.

  • Enabled the CPA to monitor financial statements in real time, leading to more proactive tax planning decisions.

Collaborating on Balance Sheet Corrections

Situation:

The recording studio client required assistance in correcting balance sheet discrepancies and optimizing tax-related entries.

Task:

We collaborated closely with the client’s CPA and team to address balance sheet issues and optimize tax-related entries.

Action:

  • Conduced a thorough analysis of the client’s balance sheet, identifying discrepancies and areas requiring adjustments.

  • Worked with the client’s CPA team to write off uncollectible accounts receivable and optimize depreciation of assets.

  • Implemented improved accounting practices to ensure accurate reporting in the future.

Result:

  • Successfully corrected balance sheet discrepancies, providing client with accurate and reliable financial statements.

  • Optimized tax-related entries, leading to a reduction in the client’s tax liability and improved financial performance.

Streamlining Accounts Receivable Workflow

Situation:

The professional services client needed a more efficient accounts receivable workflow to reduce lag time and improve collections.

Task:

Paraclete was tasked with providing a solution to streamline the accounts receivable process.

Action:

  • Implemented a system to provide the client with up-to-date, billable timesheets, ensuring accurate and timely invoicing.

  • Conducted training sessions with the client to ensure proper utilization of the new workflow.

  • Monitored the progress and addressed any issues or bottlenecks in the process.

  • Implemented regular reporting to track improvements in collection times.

Result:

  • Reduced the average collection period from six month to one month, significantly improving cash flow for the client.

  • Increased the efficiency of the accounts receivable process, leading to improved financial stability for the business.

Optimizing Mileage Tracking

Situation:

The client in the music and entertainment industry, needed an efficient mileage tracking solution to optimize deductions and reduce tax liability.

Task:

Paraclete was tasked with identifying and implementing a suitable mileage app that integrated with the Client’s Xero accounting system.

Action:

  • Conducted market research to identify the most suitable mileage app tailored to the client’s needs.

  • Tested and evaluated various apps for functionality, user-friendliness, IRS compliance, and compatibility with Xero.

  • Selected and integrated the chosen mileage app with the client’s Xero file, ensuring seamless data transfer.

  • Provided training to client on how to use app effectively for recording business trips.

Result:

  • Successfully implemented the chosen mileage app, enabling the client to accurately record business mileage and optimize tax deductions.

  • Streamlined the process of transferring mileage data into the Xero file, reducing the client’s overall tax liability.