We have dealt with all possible types of assets and customized our accounting format to our client's established formats. Below is a breakdown of the components of an accounting and what we will need from you in order to complete the project.
For experienced attorneys and fiduciaries, if you provide a template we will customize our work to fit your specifications. The first time often requires us to work together more closely so that we can prepare it exactly as you would. For newer attorneys and fiduciaries, we can provide our own custom template and discuss possible formats and delivery styles with you. We use our own proprietary ledgers that have been perfected over time to audit the information prior to adding it to the accounting and to ensure the highest level of accuracy.
We have our own software available for you to securely deliver files to us but we can also use any other form you prefer (such as Dropbox, email, physical mail, etc.) If you want to email files but are concerned about email security we can show you how to password protect them. We do not need tax returns or anything that is not directly related to the assets during the accounting period.
For the first accounting, we will need appraisals on non-liquid assets to establish a DOD or beginning value. For investment accounts, it would be helpful to have the bank determine the DOD or beginning value.
For the second accounting and beyond, we will need at least the ending values of the previous accounting and a brief summary of the final transactions included in the previous accounting to avoid duplication.
Usually our fiduciary clients do bookkeeping to ensure there is a running report on what each transaction was and to whom it went to or came from. For our attorney clients, we have a helpful ledger spreadsheet you can provide your client with at the beginning of the administration to reduce the overall cost of the accounting.
If you provide a bookkeeping report or your client's ledger, we will match it with its corresponding transaction in the accounting. Otherwise, we will provide an excel file for you or your client to fill in.
Here are some helpful tips and tricks for minimizing the cost of an accounting:
1. Provide us with excel exports from your involved bank(s). This tip can save up to 30% of the total time it takes to complete the project. Please note that if you choose this route, we will still need copies of the bank statements to go with the excel export.
2. If you cannot provide excel exports, the next best thing is exported PDFs of the statements from the online banking account. We use software to confirm the numbers from the statements but this can only be done with computer generated PDFs.
3. Provide bookkeeping reports or your client's ledger. This tip helps prevent us from creating too many drafts of the accounting. We will compile the entire project in one sitting so that you can make all your changes after the first draft.
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