Accounting Services

One of DMC’s major services is accounting. New clients are attracted to us for our software-specific expertise. We frequently have clients that are more concerned with fixing their books than they are with their particular software. Either way, maintaining this accounting and software knowledge demands rigorous training and leading-edge skills. Here is a list of some of the major services we perform:

• Internal Financial Statement Preparation

  Our clients’ financial statement needs vary depending on the company and type of software, users, and interested parties. Ranging from large toy manufacturers to small consulting firms, our clients demand expert knowledge and experience. We can prepare and/or review the financial statements on a monthly, quarterly, or yearly basis depending on your needs.

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• General Ledger account reconciliation and analysis

  One of the most important parts of financial statement preparation is a solid review and understanding of the underlying accounts. Our consultants have years of experience and will spot discrepancies or areas of concern based on a thorough reconciliation and analysis. As with financial statement preparation, these services can be performed monthly, quarterly, or yearly.

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• accounting procedures & management reporting

  Not all accounting software packages are alike. There can be great differences with certain procedures and report generation. We have software-specific expertise in a variety of accounting packages. Whether you are new to the software, or have been using it for years, we can guide and train you on how to perform certain procedures and run certain reports.

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• Payroll set up

  In-house payroll can be a challenge. Add to that the variety of accounting software packages and you can have a difficult challenge on your hands. About 20% of companies still process in-house payroll. To set this up correctly requires expert advice and experience. As with other accounting functions, software-specific issues arise with payroll processing. DMC can walk you through this set up process and help you maintain an accurate payroll system. In addition, for those of you who use an outside payroll service, we can set up the entries required to post payroll accurately into your accounting system. For both in-house and payroll service clients, we offer payroll reconciliation services.

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• Chart of Accounts setup & maintenance

  Regardless of the software, we set up, modify, or review a company’s chart of accounts. Not all accounting software packages are alike. Each has its own requirements for configuration.

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• Tax Assistance

  As a CPA, Doris Cahill has over 20 years industry experience with tax advisement and preparation. Doris can either prepare your return or refer you to her tax peers. We will prepare tax returns (payroll and business taxes) for individuals and corporations. In addition, our consultants will compile research and conduct advisory services on your firm's behalf.

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• Report customizations

  Exhausted with creating reports? We will customize many of the most difficult-to-create accounting documents. Our consultants will assist you in the creation of beginning to advanced reports and templates based on your specifications.

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• Software-specific inventory management

  Inventory in QuickBooks is unlike inventory in MYOB, MS Dynamics, or Deltek Vision. Not all accounting packages will handle all the inventory methods either. Inventory assemblies (and disassembly) can be complex from one package to another. The decision to use one accounting package over another should be planned in detail. DMC will guide you during your decision making process, or afterwards should you need additional training.

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• Budget / Forecast preparation & industry-specific guidance

  Budgets and forecasts, by nature, are not perfect, nor should they be cut-in-stone. The purpose of a budget or forecast, whether for project or financial planning, is to create a process (framework) to track financial progress. Most problems occur when clients don’t “monitor” their financial or project goals. In addition, but perhaps more important, is the use of a Cash Flow analysis process. Even though some software packages such as QuickBooks have this function built-in, most often MS Excel is used in addition to a bank reconciliation or budget.

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• Fixed Asset tracking

  Unlike tax software, most of the accounting software does not deal directly with Fixed Asset monitoring. Instead, we frequently use Sage FAS, a program that will handle fixed asset recording and maintenance. Here we can perform up to six types of depreciation calculation methods, produce reports such as Cost, NBV, and total accumulated depreciation and depreciation expense. We will also install the software and train you on the proper use.

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• Microsoft Excel

  Clients frequently ask us to perform detailed analysis. Excel is our primary non-accounting software tool. Many accounting packages allow export of reports directly into Excel for further analysis. From Excel, we create more in-depth pivot tables, filters, and formatting otherwise impossible in most accounting packages. Also, in Excel, we set up Cash Flow worksheets which are used in addition to budgets and forecasts.

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• Revenue recognition

  Each company will recognize monthly revenue (and work-in-process) in different ways depending on their industry requirements. Some accounting packages (such as Deltek) will handle revenue recognition by allowing multiple methods on different projects.

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• Accounting Controls set up

  Often called Internal Controls, accounting controls are generally thought in terms of both system controls and process controls. System controls, in essence, would allow one user to cut checks, while blocking another. We are skilled with accounting controls and how they can be set up and monitored.

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