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INDUSTRY-TAILORED BOOKKEEPING

WE BELIEVE IN WEEKLY CATEGORIZATIONS & REPORTING!

Standard accounting firms and bookkeepers generally manage transaction categorizations on a monthly basis, a key distinction from Bull's EYE Consulting's commitment to timely and accurate reporting.  We believe that data is only as valuable as how and when it's used, which is often times at the root of missed opportunities in business relating to intentional and engineered revenue, cost of goods sold, and overhead expense performance.  A profit and loss statement analyzed at the end of any given month reduces the overall analytical effectiveness of targeting root-cause problems, since the analysis can be far removed from the actions that produced any identified financial variances.

Weekly Bookkeeping Services:

  • Weekly Categorizations:  Accurate financial categorization accounting for all income, expense, asset, liability and equity transactions in accordance with Generally Accepted Accounting Principles (GAAP).
  • Transactional Reconciliations:  Weekly and monthly, as required, reconciliations including bank statement reconciliation, journal entry management, invoice and bill matching, and scanned receipt alignment in accordance with Generally Accepted Accounting Principles (GAAP).
  • Weekly Financial Reporting:  We provide our signature TBC Report, your Month-to-Date (MTD), Year-to-Date (YTD), and YTD Summary Profit & Loss Statement, along with YTD Summary Sheet.  See Below for Additional Details.

To-Be-Classified (TBC) Report

The signature Bull's EYE Consulting weekly To-Be-Classified Report is utilized for seeking additional information to ensure accuracy in the classification of each transaction.  This report will be accompanied with a Chart of Accounts report for convenient reference and utilization.  This reporting provides:

  • Communication Transparency: The report enhances communication transparency by providing visibility into the classification process.
  • GAAP Compliance Assurance: Ensuring accurate classification of transactions is essential for regulatory compliance and financial reporting integrity.  Our TBC report helps mitigate compliance risks by identifying and addressing classification discrepancies in a timely manner, reducing the likelihood of compliance issues arising.
  • Issue Resolution Facilitation: The report serves as a centralized tool for tracking and resolving classification issues by providing a clear list of transactions that require clarification, streamlining prompt resolution.

Month-to-Date (MTD) Profit & Loss

Report organized by week that enables the proactive identification of financial trends within the month that requires attention and action, i.e. inconsistent revenue and gross profit margins.  This reporting provides:

  • Timely Decision Making: Interpret and analyze real-time insights into financial performance, allowing timely decisions to be made to address any issues or capitalize on opportunities as they arise throughout the month.
  • Early Detection of Trends: Proactively detect trends, patterns and/or correlations in financial data, allowing for proactive measures to be taken to address any emerging issues or capitalize on positive trends.
  • Performance Evaluation: Comparing weekly performance against targets or benchmarks enables evaluation of the effectiveness of implemented strategies to make adjustments as needed to remain on track with financial goals.
  • Improved Planning and Forecasting: Weekly financial reports provide valuable data for forecasting future performance and planning ahead, enabling informed decisions to be made regarding resource allocation, investments, and growth strategies.

Year-to-Date (YTD) Profit & Loss

Report organized by month that enables the proactive identification of financial trends within the year that requires attention and action, i.e. inconsistent revenue and gross profit margins.  This reporting provides:

  • Long-Term Performance Evaluation: Gain a comprehensive understanding of long-term financial health and performance trends. This allows for a more holistic evaluation of business strategies and initiatives over time.
  • Seasonal Variations Identification: Proactively identify seasonal patterns or trends in revenue, expenses, and profitability. Understanding these variations enables intentional planning for seasonal fluctuations more effectively, ensuring adequate resources are available during peak periods and managing expenses during slower months.
  • Target Setting and Goal Tracking: Monthly performance breakdowns facilitate the setting of monthly targets or goals for revenue, expenses, and profitability. Tracking progress against these targets on a month-to-month basis enables the identification of areas of strength, and areas needing improvement.

YTD Summary

Report organized by month that enables the proactive identification of financial trends within the year based on percentage variances by budgetary category.  This reporting provides:

  • Performance Benchmarking: Organizing financial performance by percentage allows for easy comparison against industry benchmarks or historical performance. Business owners can quickly identify whether their business is outperforming or underperforming compared to peers or previous periods, facilitating benchmarking analysis and strategic decision-making.
  • Efficiency Monitoring: Percentage-based analysis helps in monitoring operational efficiency and cost management by enabling a proportional assessment of expenses relative to revenue, identifying areas where cost controls or efficiency improvements may be needed to optimize profitability.
  • Strategic Planning: Percentage-based analysis facilitates strategic planning by highlighting areas of strength and weakness within the business. Business owners can focus their strategic efforts on areas with the greatest potential for improvement or growth, allocating resources strategically to maximize return on investment.

Balance Sheet

Year to date Balance Sheet that provides the book value of your business, calculated as the difference between your company’s assets and liabilities.  This reporting provides:

  • Real-Time Financial Position: Weekly balance sheet statements offer real-time insights into the financial health and position of the business to quickly assess current assets, liabilities, and equity, allowing for more informed decision-making and timely adjustments to financial strategies.
  • Debt Management and Monitoring: Regular monitoring of liabilities on the balance sheet allows the tracking of debt levels and repayment obligations. Weekly statements help in managing debt more effectively by identifying changes in debt levels, monitoring interest payments, and ensuring compliance with debt covenants or repayment schedules.
  • Asset Utilization Optimization: Optimize the utilization of assets by tracking changes in asset levels and composition over time.  Identify underutilized assets, assess the efficiency of asset allocation, and make adjustments to maximize asset productivity and return on investment.