Accounting Services
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Outsourced Accounting

Expertly trained accountants with a deep understanding of the software and your industry,

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Family Office Accounting

High-touch technology family office accounting services that ensure security and privacy.

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Bill Pay

Outsourced bill pay solution with cash flow reporting and tracked expenses.

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What Are Outsourced Accounting Services and Do I Need Them?

If you are asking yourself these two questions, you've come to the right place.

What’s the Difference Between CFO and a Controller - and What Do I Need?

Although these two important roles are sometimes viewed as interchangeable there are important differences between them.

Industry Expertise
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Our Key Industries

Expert knowledge and high-quality software solutions for our 5 key industries.

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Construction & Real Estate

Real-time financial data and integrated job costing to generate reports and improve accountability.

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Manufacturing & Distribution

Track billing of materials, implement inventory control systems, manage supplier base, and reduce unnecessary costs.

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E-Commerce

Our team has the expertise needed to navigate deposits, refunds, chargebacks, and processing fees to maximize efficiency.

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Professional Services

Streamline financial operation and increase overall profitability to enable faster and smarter decisions.

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Family Office Accounting

High-touch technology family office accounting services that ensure security and privacy.

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Why does industry expertise matter?

Industry focus allows us to be experts in the accounting needs of the companies that operate within these industries.

Why Plumb Works With These Industries

This is another one of our favorite questions. The answer is easy: we know these industries.

Software Expertise
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Sage Software

Innovative software to manage your accounting, people, payroll, payments, and more.

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NetSuite Software

Integrated cloud business software suite, including business accounting, ERP, CRM and ecommerce software.

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QuickBooks Software

Scalable solutions for reporting, transactions, month-end close, analysis, and more.

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QuickBooks to NetSuite Migration: A Comprehensive Guide

Migrating from one accounting software platform to another is a critical undertaking for businesses. This is especially true when considering a transition from QuickBooks to NetSuite.

How do I know which Software is right for my company?

Selecting the "right" software for your company might seem like an overwhelming task, but we'd like to help make this process easier for you.

Sage
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Sage Software

Innovative software to manage your accounting, people, payroll, payments, and more.

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Sage Intacct

Automate the critical processes, reduce the spreadsheet headaches, and get greater visibility into real-time business performance.

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Sage 300 CRE

Sage 300 Construction & Real Estate connects finances and operations to help ensure maximum profit.

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Sage 100 Contractor

The all-in-one construction software that goes beyond basic accounting to put you in total command of your projects.

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Sage Estimating

Build bids quickly and precisely, plus integrate with other Sage software solutions to streamline operations.

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Sage Paperless

Easily store, retrieve, and route documents for accounting and operations.

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Sage Service

Streamline service calls and construction projects from start to finish with web-based real-time information.

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Additional Solutions

Add-on these services to improve workflow and enhance data and analytics.

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How and When to Choose Construction Accounting Software?

The right tools can help you manage your construction projects efficiently, provide clarity of your finances, and ultimately help improve profitability and job success.

5 Types of Visibility Every Construction Firm Should Have.

Here we list 5 key elements to help capture insights that are pivotal to running an efficient and lucrative constriction firm.

ABOUT
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About Plumb

Plumb seeks to empower business owners and leaders to gain clarity about their financials to grow their business.

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Case Studies

Learn more about our work with clients in a variety of different industries.

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Meet the Team

Learn more about the Plumb leadership team.

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The Plumb Promise

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Careers

Want to join us? Check out our current open positions and apply today.

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What can Plumb Do for Your Business?

At Plumb we pride ourselves on providing "clarity in accounting and stewardship in service." But what does that actually mean?

What's the Plumb Promise and What's in it for You?

We're on a continuous journey to go above and beyond for our clients. Here's how we do that.

Why Double Entry Bookkeeping is so Important for Accurate Financials

Posted on May 2, 2022 at 11:34 PM
Written by Plumb

Double entry bookkeeping is an accounting system that means every transaction requires two accounts.  For example, when a business uses funds from a loan, their Cash account will increase and their Liability account - or Loans Payable will increase.

Double entry bookkeeping allows for the accounting equation (assets = liabilities + owner's equity) to be in balance.

Double entry bookkeeping also means that the amounts entered into the General Ledger accounts as debits must be equal to the amounts entered as credits.

Outsource your accounting needs with a firm that understands double entry bookkeeping.

At Plumb, a premier outsourced accounting firm, we work with companies across the country to handle their bookkeeping and accounting needs. Our accountants understand the importance of  the double entry system in order to get an accurate view of business finances. By tracking every transaction and recording a debit to one account with a credit to another account, we make sure all accounts are in balance.

The double entry accounting system is a more complete way to track your spending, cash and reconcile accounts.  The benefit of using this system of tracking is to make financial reporting easier.  This process will generate more detailed income statements, including statement of cash flow and balance sheets, so your business can have more up-to-the-date financial picture.

How-To-Video: Reconcile a Bank Statement in QuickBooks

 


Considering using a firm for outsourced accounting services to handle your double entry bookkeeping?  Here are some of the ways that Plumb can help.

 

Top Bookkeeping Duties:

  • Assist with the production of accurate and timely financial reports
  • Balance the books on a monthly, quarterly and annual basis
  • Enter and track AP & AR in accounting software
  • Bank & credit card reconciliations
  • Payroll
  • Collections
  • Bill payment
  • Properly tracking income and expenses
  • Preparing and filing 1099s & 1096s
  • Bookkeeping with QuickBooks

Plumb works with companies on a part-time and interim basis or can fully outsource your accounting department.  Pricing is on a fixed fee basis or hourly rates depending upon the level of services.  Please contact for more information.

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Double Entry Bookkeeping - Related Posts:

Sources:

AccountingCoach, LLC.  Wikipedia, Merchant Maverick

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