Accounting & Finance

Open the Company Bank Account

DeltaFill can contact the bank behalf your company prior to opening the account to see what their specific requirements are to open a business checking account; some banks’ requirements are fairly simple whereas some banks’ requirements are extremely complex. 
  • Checking Account
  • Saving Account
  • Initial Deposit

Get A Merchant Account

A merchant account is simply a relationship between a business owner and a merchant bank that enables business owners to accept credit card payments from their customers. This is the account into which a Merchant Account Provider deposits payments into your business checking account from the transactions made from the sales to your customers. To get a merchant account, the business owner must meet the qualifications set forth by the bank.

DeltaFill is an expert in merchant accounts and e-commerce solutions. We offer a variety of secure, all-inclusive, cost-efficient, real-time transaction processing solutions.

Set up an Accounting and Record-Keeping System

DeltaFill accounting service keep you away from daily headache. We not only help you to set up your Accounting and Record-keeping system, but also help you to understand the taxes your company is responsible for.

Company documents generally are required to be kept for 3 years, including: a list of all owners and addresses, copies of all formation documents, financial statements, annual reports, amendments or changes to the company.

Pick An Accounting Method

The first decision to be made is which type of accounting method to choose, there are 2 choices:

The Cash Method (or Cash Basis) — this means that you count income when you actually receive it (either as cash, credit card charges or check) and your expenses are counted when you actually pay them. This is the most common method for small businesses, especially those that take immediate payment for a product or service (credit card, check, cash, etc.)

The Accrual Method (or Accrual Basis) — this means that you count income when a sale is made (regardless if you actually receive the money for it) and expenses are counted when you actually receive the good or service (instead of paying for it immediately). This method is common for larger businesses or small businesses that utilize “invoicing” and frequently deliver a product or service before being paid for it.

Choosing a method you are free to pick either method provided you have less than $5 million in annual sales OR you maintain inventory (in that case, then you must use the accrual method).

The accrual method is generally considered to give you a more accurate picture of your company’s financial situation but requires you to take extra steps like maintaining accounts receivable and accounts payable records. The cash method is generally easier to maintain and is the preferred method for small businesses.

Choose a Method for Recording Transactions

Once you decide on an accounting method, the next step is to decide how you are going to record transactions. You also have 2 choices:

Hand-Recording Transactions — you actually hand-write each transaction in a ledger.

Software — you enter transactions in a software program which then automates many routine tasks.

DeltaFill will help you maintain your books as well as automate things like payroll and reports.

Set Up Your “Chart of Accounts”

After choosing a method for recording transactions, it’s time to setup your “chart of accounts”. A “chart of accounts” is simply a listing of all the various accounts in your accounting system. There are income accounts, expense accounts, asset accounts, etc.

With DeltaFill Accounting service, it can be of great assistance in setting up your initial chart of accounts.

Learning and Maintaining Your Accounting System

Once you’ve chosen your accounting system, the next step is learning and maintaining your accounting system. Learning the system will obviously depend on what solution you’ve adopted, but maintaining the system is accomplished primarily by 2 things:

  1. You Have to Use the System — once you’ve taken the time and energy to setup an accounting system, you have to actually utilize it properly. This means entering every transaction, check, bill, charge or refund.
  2. Reconcile Your Bank Statement — the best way to maintain your accounting system is by reconciling your bank statement with your accounting system every month. This means that you compare each transaction from your bank account or accounts with your accounting system and make sure that they balance. This process alone will force you to properly account for the company’s money.

It sounds too tedious or complex? We can help, with our great accounting service, you just need sit back and relax.

Obtain Business Insurance

There are many types of insurance for businesses but they are usually packaged as “General Business Insurance” or a “Business Owner’s Policy”. We will help you to choose the right one, and cover everything from product liability to company assets.