Core Services

Customer Service and Order Processing

Socket's team works closely with clients to ensure all the details of customer service and order processing are carefully managed. Tasks included, but are not limited to:

  • Designate a customer service contact to interact between your sales force, customers and fulfillment center
  • Enter customer and collateral orders into fulfillment center order processing system
  • Receive all customer orders via EDI and transmit back to the customers the ASN’s and invoices
  • Review all customer orders received to ensure that pricing is correct per established policies
  • Expedite all customer orders
  • Direct the flow of all customer inquiries
  • Preparation of weekly and monthly sales reports by both customer and by SKU for net shipments
  • For “cash in advance” customers, act as liaison between the warehouse and accounts receivable to ensure that orders do not ship prior to receipt of payment
  • Preparation and maintenance of order forms
  • Obtain and complete any forms (New item forms, etc) or questionnaire required prior to account opening
  • Issue RA's based on approved procedures
  • Answer retail customer inquiries and advise on where they can purchase your products
  • Work with the fulfillment center to ensure all orders are shipped per the customer routing guides
  • For orders shipped prepaid, identify the most cost effective and reliable carrier
  • Prepare weekly retail sales reports for customers that report sales via EDI (852) or manually submit the retail sales
  • For web site orders, act as an intermediary between the web site host and fulfillment center to ensure customer orders are being transmitted timely and accurately from the website to the fulfillment center

Accounts Receivable, Billing and Collections

Socket's finance team works closely with clients to ensure all financial details are carefully managed. Tasks included, but are not limited to:

  • On a daily basis, import prior day’s shipments from the fulfillment center into QuickBooks Enterprise Solutions. This requires that the fulfillment center provides a file in a certain format. Socket will work with the fulfillment center to create this daily file
  • Complete new account forms required by customers
  • Check customer credit worthiness based upon the policies you established
  • Notify customers of all established credit and payment terms
  • Maintain customer master file
  • Grant credit to customers based upon established policies and procedures
  • Ensure that all sales invoices are compliant with customer requirements
  • Input receivable transactions into the accounting system
  • Ensure client is compliant with all EDI requirements
  • Collect open invoices in accordance with established sales terms
  • Receive all customer payments and apply payment to the customer‘s account
  • Prepare deposit tickets for all checks received from customers
  • Make deposit into client's local bank account or mail deposit per client's instructions
  • Apply wire transfer payments received from customers
  • Process credit card payments through the merchant account and apply the payments to the customer’s balance
  • Manage administration and resolution of charge backs claimed by customers
  • Work with the fulfillment center and shipping departments to resolve any shipping and handling violations claimed by customers
  • Maintain a file customer purchase orders, invoices and shipping documents
  • Issue credit memos and refund approved checks
  • Remind customers of any amounts due (current or past) during routine customer service interactions and specific collection calls when needed
  • Provide account receivable aging reports on a monthly basis and upon request
  • Prepare a monthly collection forecast
  • Mail out customer invoices daily and customer statements monthly

Accounts Payable & Payment Processing

  • Complete new account forms and credit reference forms vendors
  • Request and maintain vendor W-9 information
  • Maintain vendor master file
  • Negotiate best possible pricing and payment terms with vendors
  • Issue approved PO’s to vendor based on established policies, procedures and pricing
  • Classify vendor invoices to the proper G/L account
  • Enter approved vendor invoices into the general ledger package
  • Prepare detailed and summary accounts payable aging reports as requested
  • Reconcile vendor statements to the accounts payable ledger
  • Pay all of approved vendor invoices by check, EFT or wire transfer based upon established the policies and
  • procedures. A typical procedure would be for Socket to send a weekly report with recommendation for payments
  • Maintain an alphabetized file for both paid and un-paid bills
  • Work with vendors directly to resolve any missing payment issues or reconcile account balance
  • Pay freelancers and prepare weekly productivity reports
  • Prepare and file required 1099’s forms and the 1096 with the IRS

Accounting and Bookkeeping (All through QuickBooks Enterprise Solutions)

  • General Ledger Maintenance
  • Daily cash management and reporting
  • Monthly bank reconciliations
  • Maintain all general journals and prepare all journal entries
  • Set up chart of accounts to maximize the benefits of financial reports
  • Monthly financial reports, including un-audited financial statements
  • Work with client to create an annual budget with quarterly meetings to update the budget and review actual results against the budget
  • Fixed Assets and Depreciation
  • Sales tax reporting
  • Assist accounting firm with resolving any local, state or federal tax issues that may arise
  • Work with outside accounting firm to help with the preparation of (i) audited, reviewed or compiled financial statements, (ii) tax returns (iii) management reports
  • Provide web based access to the QuickBooks database file
  • Special financial reports and analysis as you request

Purchasing

  • Work with client to create and maintain inventory purchase forecasts
  • Issue PO’s to vendors based on established policies, procedures and pricing
  • Maintenance of your item master file including:
    • Assigning item numbers and UPC codes
    • Maintaining current costs and vendor information
    • Set up all new items in the item master file
  • Maintenance of bill of material file
  • Coordinating all logistics for picking up and delivering shipments
  • Matching up vendor bills with the receiving paperwork
  • Processing and approving supplier invoices for payment based upon established policies
  • Tracking the status of all open purchase orders
  • Creating and monitoring time lines for new projects
  • Regularly scheduling meeting with suppliers / manufactures to ensure all deliveries and manufacturing schedules are on time
  • Work as a liaison between creative and marke
  • ting departments and suppliers to ensure supplier is working with most up to date information

Warehouse Management and Inventory Control

  • Manage and oversee all storage and handling services provided by fulfillment center
  • Inventory reconciliations
  • Finished goods unit sales forecasting
  • Inventory planning
  • Implementation and supervision of inventory controls
  • Supervision of fulfillment center
  • Work with the warehouse / fulfillment center to ensure adequate controls and procedures in place
  • Enter all inventory related transactions into the general ledger including:
    • Inventory receipts
    • Inventory usage (COGS)
    • Inventory adjustments

Incremental Services

Payroll and Human Resource Management

  • Work with client to establish personnel policies and procedures
  • Creation and implementation of an employee guidelines manual
  • Obtain and check the necessary paperwork (I9, W-4, etc.) for new employees
  • Draft "New Hire" offer letters and send out new hire packages
  • Process payroll through a 3rd party processing company (ADP, Ceridian, etc):
    • Entering and transmitting the payroll to the processing company based upon pay schedule (weekly, semimonthly, etc.)
    • Review quarterly payroll tax returns filed by the 3rd party processor
    • Review all year end payroll tax returns and distribution of W-2’s
    • Prepare all paperwork needed to get payroll set up in all states
    • Mail out pay checks
  • Process and submit garnishment payments
  • Respond to all employee payroll and benefits inquiries
  • Act as a liaison between employees and benefits administrators
  • Prepare employee censuses needed by benefits administrators
  • Prepare necessary benefit paperwork for the termination of an employee
  • Maintain the personnel files for all employees
  • Respond to requests for employment verification
  • Prepare reports required for administering your 401K plan
  • Assist in any questions or preparation of reports needed by benefit administrators
  • Assist in resolving any state and federal employment tax issues
  • Assist in the calculation of commissions and or bonuses due any employees
  • Track employee vacation, sick and personal time

Specialized Accounting and Finance

  • Special financial reports and analysis as requested
  • Detailed financial models required for a capital raise or financing
  • Detailed multiyear financial forecasts
  • Provide organized financial information required for business plans; loan proposals & applications, cash flow statements, etc.

Freelancer (Models) Payment Processing (Through Socket Payment Services, LLC)

  • Process Freelancer invoices through Socket Payment Services, LLC on a bi-weekly basis. Based on the expected weekly hours and other factors, Socket Payment Services will determine, at its discretion, whether Freelancer will be paid as an Independent Contractor or as an Employee of Socket Payment Services
  • Maintain a file of all contact information for Freelancers. This will include all information (social security #, etc) needed for the issuance of 1099’s or W-2’s
  • Enter all Freelancer invoices into general ledger accounting system
  • Maintain an alphabetized file of both paid and un-paid Freelancer invoices
  • Work with Freelancers directly to resolve any missing invoice or payment issues
  • Prepare Freelancer productivity reports based upon the sales data provided by the freelancers and your customers
  • Generate, check, print and mail the 1099 tax forms for the independent contractors