Category: Bookkeeping

The magic happens when our intuitive software and real, human support come together. Book a demo today to see what running your business is like with Bench. These tasks form the solid foundation of your small business accounting/bookkeeping system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services. Maintain accurate and consistent books for assigned customers, including recording payments, expenses, and adjustments weekly and performing monthly bank, credit card, and Balance https://www.bookstime.com/ Sheet reconciliations. Provide higher-level accounting guidance to the Xendoo Accounting team.

Making Accounting Easy for People and Businesses

We also support clients that use other merchant processors. We’ll work with you to connect accounts bookkeeping services fort lauderdale and pull the financial data we need to reconcile your books. Shortly after you sign up, we’ll give you a call to learn more about your business and bookkeeping needs. On this call, we’ll connect your accounts to Bench, and gather any extra documentation we need to complete your books.

Xendoo it.

• More than just a bookkeeping service, Bench is a financial guide for small businesses in Fort Lauderdale.
• You deserve to have peace of mind knowing that your finances are in good hands.
• We offer upfront pricing and clear deadlines, which we strictly adhere to and protect your business from paying any penalities.
• So, as a business owner in Florida, if you need any kind of help with accounts, finance, and taxes, simply get in touch with us by giving us a call since we are just a single phone call away.
• Our flat monthly rate is what a traditional bookkeeper might charge per hour.
• As a business owner, you pour your heart and soul into your work.

Maintain certification in both Quickbooks Online and Xero. At Coss Bookkeeping & Accounting in Fort Lauderdale, Florida, our founder has been in accounting since high school. Trained in college in Texas as a CPA, he worked all over the country before coming to Florida to manage the coding and billing of a doctor’s office. In July 2005, he was recognized by the City of Manassas, Virginia, for services provided as a notary public. Afterwards, he founded our company to better help business and people in the Broward County area. We are fluent in English and Spanish and have clients ranging from individual entrepreneurs to small neighborhood bakeries and marine hardware installation companies.

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So, as a business owner in Florida, if you need any kind of help with accounts, finance, and taxes, simply get in touch with us by giving us a gross vs net call since we are just a single phone call away. It’s incredibly rewarding to see the impact that good bookkeeping can have on a business. And I am especially excited to offer my services to businesses in Fort Lauderdale and surrounding areas.

We help your business grow.

Maintain certification in both Quickbooks Online and Xero software. No more mad dash to get organized for income tax day, or filing extensions when you fall behind. Plus, we’ll keep you in compliance with sales tax regulations in Fort Lauderdale and Florida. Ultimately, hiring a bookkeeper is a good investment for any business because it ensures that the business stays financially healthy and helps the owner make informed decisions that drive long-term success. Your bookkeeping team consists of 3 professionally trained bookkeepers, including one senior bookkeeper who reviews all of your monthly statements and your Year End Financial package.

• On this call, we’ll connect your accounts to Bench, and gather any extra documentation we need to complete your books.
• Our small business accounting/bookkeeping services each month or quarter will consist of the following things for you…
• Specializing in small business accounting, we integrate technology, accounting knowledge, and personal service to make sure your books are balanced and that you have up-to-date financial information.
• Book a demo today to see what running your business is like with Bench.
• Wave farewell to heaps of paperwork and labor-intensive manual tracking in Fort Lauderdale, Florida—we automate entries directly from linked accounts.
• A problem-solver at heart, the candidate quickly seeks assistance when needed and leverages technology to enhance efficiency and adaptability.

Every small business in Fort Lauderdale deserves to have a dedicated bookkeeping and accounting team. Our U.S.-based experts do your day-to-day bookkeeping, compliant tax filing, painless payroll processing, and more. All with a human touch and tech that integrates with your platforms seamlessly. Bench is proud to offer bookkeeping services to businesses across the United States.

Because donors hold more wealth in stock than in cash, stock donations tend to be larger than cash donations. After receiving a stock donation, the final step is to send the donor a tax receipt that complies with IRS requirements. There are no login or passwords required and we take zero transaction fees so the full gift goes to you. Once a donor fills this out, they’ll click submit, and in a matter of days the donated stock will be liquidated and deposited as cash into your bank account. With our platform, we reduce the friction for the donor and the organization to accept donations. Additional disclosures are required about the intended use of the donated items and services (generally nonprofit accounting for stock donations they are used in the organizations operations and programs).

Nonprofit Income Accounts Part 3: In-Kind Donations

Many kinds of services are performed for nonprofits that don’t rise to the GAAP standards of a specialized skill or enhancing a nonfinancial asset. For example drivers of transport vehicles and tutors for children may be important, but would not be valued for purposes of audited financial statements. In these cases, you may wish to value them based on the Independent Sector’s rates for volunteer labor and record the value separately to this account.

Recording In-Kind Donations of Services:

The fair market value real estate cash flow of the stock is recognized as contribution revenue, which increases the organization’s income and enhances its financial position. This entry is balanced by an increase in the investment account, reflecting the addition of the donated stock to the charity’s assets. Properly recording these entries is essential for maintaining transparency and accountability, which are critical for donor trust and regulatory compliance. Historically, to receive a single stock gift, nonprofits had to do a lot of work. Even the first step (opening an account with a brokerage firm) could take weeks to complete. Once the organization receives the stock, a contribution should be recorded at the fair value of the stock on the date received.

Reasons Why Nonprofits Should Accept Stock Donations

• However, they are reported as revenue and expenses in Generally Accepted Accounting Principles (GAAP) Financial Statements.
• If the donation exceeds $5,000, a qualified appraisal may be necessary to substantiate the value of the stock.
• Value donated services based on the fees the service providers would normally charge for similar work.
• So now, instead of having $3000 available to donate, if I’m in a 20% tax bracket, I only have $2250 available.
• Prior to that, he ran email marketing for President Obama and served as Campaign Director for MoveOn.org.
• In summary, nonprofits must stay vigilant and review their procedures as often as necessary to ensure a robust and reliable framework that can withstand internal and external threats.

Determining the value of donated stock is a nuanced process that requires careful consideration of various factors to ensure accuracy and compliance with financial and tax regulations. The fair market value (FMV) of the stock on the date of donation is the cornerstone of this valuation. FMV is generally defined as the price that the stock would sell for on the open market. For publicly traded stocks, this value can be readily determined by looking at the stock’s closing price on the date of the donation.

How to Accept Stock Donations

As mentioned above, you should actively promote your program and collect stock donor information at the start of the donation process. This is in contrast to the historical or more typical process that many nonprofits follow, in which they publish their DTC information online and simply wait to receive stock gifts via their brokers. If there were brokerage expenses, we will record those later as the donor records need to reflect the value before any transaction expenses. The value of the stock on the brokerage report may be slightly less than the pledge due to a change in value from the time the donor authorized it to the time it was recorded in your account. If so, QuickBooks will ask if you want to leave as an underpayment or write off the extra amount.

How do we deal with basis of gift of appreciated stock?

From what I can find online, gifts of stock should be acknowledged with only the number of shares and name of the stock, not the value. I have a donor who is also a fundraiser, and is telling me that their tax letter should also include high/low values of the shares for the day it was traded, like they do at their organization. Yes, 501(c)3 nonprofits can gift money to individuals, provided the individual falls under the primary demographic the nonprofit assists and the donation falls within your organization’s mission as declared to the IRS. In general, the IRS allows individuals to use charitable contributions to deduct up to 50% of their adjusted gross income. Gifts to private foundations, veterans organizations, fraternities, and cemeteries are limited to 30% of adjusted gross income.

Step 1: Set Up a Nonprofit Brokerage Account

As a nonprofit bookkeeper or accountant for a nonprofit organization, you understand the importance of donations in keeping your organization functioning. Whether it’s an individual contribution or philanthropic grants from nonprofits, managing donations effectively is essential to make certain your organization continues to receive financial support from its benefactors. Many contribution agreements specify obligations of both the provider and recipient. The obligations can take various forms, such as activities consistent with the recipients’ normal operations, donor-imposed restrictions, and donor-imposed conditions. These obligations are subject to different accounting rules and therefore must be properly identified. Contributions funding activities consistent with the recipients’ normal operations are generally classified as contributions without donor restrictions.

Recording the Receipt of a Stock Donation

Nonprofits love to partner with other nonprofits to multiply resources and help accomplish a common goal. Search for nonprofits that cater to the same audience as you and propose hosting joint events or fundraising ventures. “This accomplishes two things—you’re increasing your itemized deduction and you avoid the tax because you’re donating the stock to charity,” says Elsensohn. Donating stocks directly to registered charities can be one of the most tax-smart ways for donors to give. With this information, we’ll quickly verify your 501(c)(3) status and activate your account.

Accounting for Insurance Claim Payments in Financial Statements

This value is crucial as it forms the basis for the journal entries that will follow. If you incur any brokerage fees connected to the sale, this amount is recorded as an investment fees expense. Non-cash contributions also called in-kind contributions are contributions other than cash, checks, money orders and credit card donations. For 990 purposes, non-cash contributions include donation of goods/property and stocks; but NOT volunteer services performed for the reporting organization or donated use of materials, facilities, and equipment. Accounting for contributions in nonprofit organizations requires careful Online Accounting attention to detail and adherence to established standards.