Accounting & Financial Reporting

At Blue Eddy, we go beyond traditional bookkeeping and deliver comprehensive professional accounting services. While we utilize advanced technology to streamline specific tasks, we firmly believe nothing can replace the importance of thorough review and verification. Our commitment is to establishing accounting processes that stand the test of time, eliminating the need for temporary fixes and empowering clients with reliable financials and trustworthy insights they can depend on.

Our team possesses the skills, expertise, and resources to meet the accounting and financial reporting needs of organizations of any size, including expertise in preparing accrual-based financials according to GAAP and IFRS accounting standards. Whether you are a newly formed company establishing corporate bank accounts or a large, multinational, publicly traded firm requiring fully audited financial statements and SEC filings, we are here to assist you.

Our accounting and financial reporting process is comprised of six components:

Set Up of Chart of Accounts and Financial Statement Formats:

Either by modifying one of our existing industry-specific account structures or by creating a new one from scratch, Blue Eddy works with the client to establish a formal chart of accounts and financial statement formats (balance sheet, P&L, and cash flow statement).
Our accounting solutions are designed to be scalable and to accommodate the anticipated cross-functional needs of the organization.

Set Up of Accounting Software & Load Historical Financial Data:

Blue Eddy configures the client’s accounting software with the new chart of accounts and loads all historical financial data into the system (if applicable).
To achieve this, we typically develop a “map” to translate the client's previous chart of accounts to the revised version.

Set Up of Accounting Policies and Procedures:

Standard operating procedures (SOPs) for financial transactions and reporting are implemented (AP processing with executive review and sign-off, petty cash management, etc.).
We continually reassess SOPs to ensure compliance with industry regulations and incorporation of the latest best practices.

Daily transactions are entered into the client’s accounting system (sales, purchases, etc.).
Petty cash transactions are tracked to ensure proper control procedures are followed.

Set-up & ongoing management of operating, reserve, and money market bank accounts.
Blue Eddy assists with planning and execution of any required transfers of funds (e.g., intercompany wires, LOC draws, etc.).

Accounts Payable:

Supplier invoices are verified and recorded, ensuring matching of purchase orders & receipts.
Supplier payments are planned and executed, ensuring timely and accurate disbursements.
Supplier statements are compared with recorded transactions to identify discrepancies.

Accounts Receivable:

Blue Eddy generates and sends customer invoices (if applicable to the client's business).
Customer payments are applied & recorded against invoices.
Credit card charges are tracked and reconciled to cash receipts.
Outstanding receivables & overdue accounts are tracked (i.e., via an AR aging schedule).

Monthly Process:

GAAP / IFRS revenue recognition is completed (preparation and maintenance of the client’s revenue recognition file).
Journal entries are made to correct errors and account for expense/revenue accruals.
Impairment tests are conducted routinely (journal entries are recorded, if necessary).
Bank account reconciliations & balance sheet reconciliation are prepared.
Financial statements are prepared for each operating entity and at the consolidated level (P&L, balance sheet, and cash flow statement).
Sales and employment taxes are filed in accordance with regulations.

Year-End Process:

Year-end adjusting entries are recorded (D&A, inventory adjustments, etc.). Annual financial statements are prepared for review, analysis, and planning for the year ahead.
Blue Eddy assists with year-end tax compliance and internal/external audits by providing necessary documentation, reports, and explanations.

Regular review and update of policies to reflect changes in regulations or business operations.
Internal controls are continually strengthened to prevent fraud and ensure reporting accuracy.
Blue Eddy continually assesses and adopts industry best practices to improve efficiency.