Accounting and Other Business Services
Bookkeeping Services
​At the foundational level of any well run accounting system is the need to record transactions correctly. This is the bookkeeping function of accounting. It includes maintenance of all General Ledger accounts, the reconciliation of bank and credit card accounts, and verification of both revenue and expense transactions to make sure they are properly recorded. Bookkeeping is the unexciting part of accounting for an organization. However, it is extremely important because problems will arise if it is not done correctly and in a timely manner.
​​​
CFO Services
The letters "CFO" stand for Chief Financial Officer. Larger organizations employ someone who has strong accounting knowledge, in a best case situation a CPA, to take the basic bookkeeping data and turn it into usable information. This person often undertakes analysis and communicates his or her findings to company decision makers such as those in top level management or in ownership. When we provide CFO services we do the things an in-house CFO would do which keeps the client from having to employ a seasoned accountant or CPA. Our services include periodic preparation of financial statements meetings between Coastal Highlands and client ownership/management up to twice a month for planning and advisory services. And the availability of Coastal Highlands on an ongoing basis for questions and analysis. It also includes the maintenance of subsidiary schedules/records required for business operation and tax filing purposes.
Accounting System Setup
A lot of smaller and newly formed businesses need guidance as they begin the process of operating. One specific area that is particularly daunting is often the creation of a proper general ledger format along with the setup of a computer based accounting application. Coastal Highlands can take care of both of these tasks. A more detailed look at the process shows that setup includes the creation of balance sheet, and income statement accounts that are required for the client business type. Next, we set up the accounting application (one of the most prominently used products is QuickBooks Online). Steps needed to make the application work well include general company setup (entity name, logo, EIN, address, and setup preferences), entry of a chart of accounts, and tax line mapping for all applicable accounts. We also work to set up the first three vendors and customers (working in conjunction with the client so the process serves as a training activity). Finally, we create services/products to be used during the invoicing process which will code revenue to the proper general ledger accounts. Again, this is done working directly with client personnel, so it serves as a training activity.
Quarterly (Or Monthly) Sales Tax and Quarterly Filings and Annually Filed Business Tax Filings
For organizations that sell goods or services subject to state sales tax there is a requirement to collect and remit the appropriate amount to the taxing authority. Depending on the dollar volume of the sales activity there is either a monthly or quarterly filing requirement (for some taxing entities there is also an annual filing period). Coastal Highlands can prepare these filings, either by completing paper forms or by using an online portal set forth by the taxing entity. Additionally, some municipalities have additional tax requirements which are often called business taxes (this is not business income tax). Coastal Highlands can help prepare and submit these as well.
Federal and State Income Tax Return Preparation
Coastal Highlands prepares individual tax return (Form 1040), Partnership Returns (Form 1065), and Corporate Tax Returns (both Forms 1120 and 1120S). The scope of tax preparation services varies widely from client to client depending on the number of schedules included in a filing, the requirement of additional forms and the need for additional effort in preparing financial data that will be used as the basis for the tax filing. We have the expertise to help with income tax return preparation - no matter the level of complexity.​​
Other Accounting and Business Services
While Coastal Highlands does not provide Audit, Review or any other Attestation services we do provide the following services:
Accounting Record Correction:
We can work to rebuild incomplete accounting records for organizations that have had a failure related to bookkeeping or accounting activities. Using external records such as bank statement information, credit card transaction data, and bills submitted by outside parties for payment, Coastal Highlands works to overcome inconsistent accounting data entry.
Policy and Procedure Manual Development:
Karl Egnatoff, one of the primaries with Coastal Highlands has extensive experience creating and maintaining internal control systems. The proper development of polices and procedures that govern the operation of any entity is paramount to the organization’s overall success. Policies and procedures are one of the cornerstone elements of any internal control system. We have undertaken numerous engagements in which we created policies, procedures, or both for an organization and can help to make your organization operate more sucessfully.