Accounting / Bookkeeping Services

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• Bank/CC Transactions categorization and posting

Accurately classifying and recording financial transactions from bank accounts and credit card statements to maintain accurate financial records and facilitate informed decision-making.

• Reconciliation of Bank and Credit Card Statements

Process of comparing and matching the transactions recorded in the accounting system with the corresponding entries on the bank and credit card statements to ensure accuracy and identify any discrepancies.

• Sales and Purchase Order Posting / Bill Processing

The systematic recording and processing of sales and purchase orders as well as bills in an organized manner. This involves accurately entering relevant information, such as item details, quantities, prices, and vendor/customer information, into the accounting system to ensure proper tracking and management of sales and purchases.

• Expense Sheet Categorization and Posting 

Process of classifying and recording expenses from an expense sheet into appropriate categories in the accounting system. This involves accurately assigning expense transactions to specific accounts, such as utilities, office supplies, travel expenses, or employee salaries, based on their nature and purpose. The categorized expenses are then posted or recorded in the accounting system, ensuring accurate financial records and facilitating analysis, budgeting, and reporting.

• Sales Tax Return / Sales Tax payment services

Process of preparing and submitting sales tax returns to the appropriate tax authorities on behalf of businesses. This service includes calculating the sales tax owed based on the sales made during a specific period, completing the necessary forms, and submitting them in compliance with tax regulations. Additionally, sales tax payment services facilitate the timely and accurate payment of sales tax liabilities to the tax authorities, ensuring businesses meet their tax obligations and avoid penalties or legal issues.

• Accounts Payable / Receivable Reconciliations

Process of comparing and reconciling the financial records of a business with its accounts payable and accounts receivable. This entails reviewing and matching invoices, payments, and outstanding balances to ensure accuracy, identify discrepancies, and maintain balanced financial accounts.

• Amortization / Depreciation and other year-end Journal Entries

Process of recording and adjusting financial transactions at the end of the fiscal year to reflect the appropriate allocation of expenses, assets, and liabilities. This includes accounting for the systematic reduction in value of intangible assets (amortization) and tangible assets (depreciation) over their useful life, as well as making necessary adjustments for accrued expenses, prepaid expenses, deferred revenues, and other year-end accounting entries to ensure accurate financial reporting and compliance with accounting standards.

• Inventory Management and Accounting

Processes of efficiently controlling, tracking, and valuing a company's inventory assets. It includes activities such as inventory tracking, stock replenishment, order fulfillment, and recording the cost of inventory purchases and sales. The goal is to maintain optimal inventory levels, minimize stockouts or overstocking, accurately assess inventory value, and ensure proper cost allocation through inventory valuation methods such as FIFO (First-In, First-Out) or LIFO (Last-In, First-Out). Effective inventory management and accounting help businesses optimize cash flow, make informed purchasing decisions, and accurately report financial information.

• Preparation / Finalization / Review of Year End 

Process of compiling, completing, and assessing the financial records and reports of a company at the end of its fiscal year. This includes gathering and organizing financial data, adjusting entries for accruals and deferrals, reconciling accounts, and ensuring compliance with accounting standards. The finalization stage involves reviewing and verifying the accuracy and completeness of the financial statements, while the review stage involves evaluating the financial information for consistency, reasonableness, and adherence to regulatory requirements. These processes are essential in providing a comprehensive and reliable overview of a company's financial performance and position for the entire fiscal year.

• Profit and Loss Accounts & Balance Sheet

Profit and Loss Accounts, also known as income statements, provide a summary of a company's revenues, expenses, and net profit or loss over a specific period, such as a fiscal quarter or year. It showcases the financial performance by detailing the income generated from sales, operating expenses, non-operating income or expenses, and taxes. The resulting net profit or loss indicates the company's profitability during the period.

On the other hand, a Balance Sheet presents the financial position of a company at a specific point in time, typically the end of a fiscal period. It displays the company's assets, liabilities, and shareholders' equity. Assets represent what the company owns, such as cash, inventory, property, and equipment. Liabilities include debts, loans, and obligations owed by the company. Shareholders' equity represents the residual interest in the company's assets after deducting liabilities.

Together, the Profit and Loss Accounts and Balance Sheet provide crucial insights into a company's financial performance, profitability, and overall financial position. They are essential tools for analyzing the company's operations, assessing its financial health, and making informed business decisions.

• Customized Reports as required by the Client.

We offer customized reports that are specifically crafted to meet the individual requirements of our clients. These reports are designed to provide the desired information, data analysis, and insights based on the unique needs and preferences of each client. By understanding their specific reporting needs, we ensure that the reports deliver the most relevant and valuable information for effective decision-making and financial management. Our goal is to provide our clients with accurate, insightful, and personalized reports that address their specific business objectives.

• Preparation and Review of Cash Flow Statement

Process of compiling, analyzing, and evaluating the cash inflows and outflows of a company during a specific period. This statement provides a comprehensive overview of the company's cash flow activities, including operating activities, investing activities, and financing activities. It highlights the sources and uses of cash, depicting how cash is generated and utilized within the business. By preparing and reviewing the cash flow statement, businesses can gain valuable insights into their liquidity, cash position, and ability to meet financial obligations.

• Year-to-year comparison reports and review

Analyzing and comparing financial data and performance indicators from different fiscal years to assess the progress and changes over time. These reports provide a comprehensive view of how key financial metrics, such as revenue, expenses, profitability, and growth, have evolved year by year. By conducting a thorough review of these reports, businesses can identify trends, patterns, and areas of improvement or concern. This analysis aids in making informed decisions, setting goals, and implementing strategies to drive future success and achieve desired outcomes.

• Preparation of Budget, Budget Forecasts, and Analysis

Creating financial plans and projections for future periods based on anticipated revenues, expenses, and other financial factors. This process includes setting financial goals, estimating income and expenses, and allocating resources accordingly. Budget forecasts allow businesses to anticipate potential financial outcomes and make informed decisions.

Furthermore, budget analysis involves evaluating actual financial performance against the budgeted amounts. This analysis helps identify variations, assess the reasons behind them, and make adjustments if necessary. By preparing budgets, conducting forecast analysis, and performing budget analysis, businesses can effectively manage their financial resources, monitor performance, and make proactive decisions to achieve their financial objectives.