Book keeping Services

General ledger maintenance and transaction recording: This is the process of recording all financial transactions, including income, expense, asset, liability, and equity transactions, in order to keep the general ledger current.

Posting Income/Revenue Transactions: Adding any income or revenue that a company receives to the appropriate general ledger accounts.

Recording Expenses/Accounts Payable: Recording payments made and bills incurred for the company’s operations, including but not limited to hires, utilities, salaries, mileage, advertising, and office expenses, as well as any money paid or debts owed to suppliers or providers for the provision of sales or services.

Categorizing Transactions: Categorizing bank transactions manually or automatically imported to the bank feeds into proper general ledger accounts.

Bank Reconciliation: Comparing the company’s records with the bank statements to ensure all transactions are accounted for, there are no discrepancies and the book balances match the bank balances. 

  • Accounts Receivable Management: This is the process of managing the money the customers owe to the company to ensure timely payment. 

Invoicing Customers: Creating and delivering invoices to customers for the delivery of goods or services.

Recording Customer Payments: Documentation of payments received from customers against their outstanding invoices.

Collections on past due invoices: Contacting and collecting payments from customers with overdue invoices.

  • Accounts Payable Management: This is the process of managing the money the company owes to vendors and providers for the delivery of goods or services to avoid overdue payments.

Processing vendor bills: Collecting, confirming, and remitting payments to vendors or providers for goods or services received.

Recording bill payments: Documentation of payments made to vendors or suppliers against outstanding bills.

Vendor Statement Reconciliation: Comparing vendor statements and company records to ensure the company records are accurate and any discrepancies are resolved.

  • Payroll Services: These services ensure that payroll computations are accurate and payroll obligations are met.

Wage Calculation: Determining the wages to be paid to each employee based on the number of hours worked, the pay scale, and other considerations.

Processing Payroll Taxes and Deductions: Calculating payroll taxes and deductions, filing them, and making the respective payments.

  • Financial Reporting: This is the process of presenting and communicating financial information to the owners and other stakeholders to help track the company’s health and performance and make informed decisions.

Generating Financial Statements (Income Statement, Balance Sheet, Cash Flow): Presenting relevant financial information in an organized manner related to the health and performance of the business for a specific period of time. The income statement shows the financial performance of the company (revenue, expenses, and profitability), the balance sheet shows the company’s financial position (its assets, financial obligations, and sources of capital), and lastly, the cash flow shows ins and outs of a company’s money.

Accounts Receivable/Payable Aging Reports: Provide a comprehensive summary of customers’ and vendors’ outstanding invoices by customers or vendors, as well as due dates.

Cash Flow Projections: Forecasting cash coming in and out of the company to assess its ability to pay debts and develop long-term plans.

Tax Preparation and Filing: The process of fulfilling tax obligations to the government.

Tax liability calculation: Computing the amount the company owes the government based on earnings, out-of-pocket charges, and other relevant statistics.

Filing required tax returns (income, sales, payroll, etc.): Completion and submission of required tax returns to respective offices to comply with tax laws.

Inventory Management

Inventory Level Tracking: Keeping an eye on the amount of products that a business has in stock, in route, or in production. 

Inventory valuation: Assigning the current inventory a monetary value that may have an effect on taxes and financial statements. 

Cost of Goods Sold (COGS) Calculations: An essential step in figuring out profitability is determining the direct costs of producing goods sold or services performed over a given period. 

  • Forecasting and Budgeting: 

Creating Budgets: Planning income and expenses for a given time frame helps direct financial decisions. 

Financial models/projections: Creating tools to forecast a company’s future performance and growth based on available statistics.

Cash Management: Coordinating and monitoring the movement of cash into and out of the company to ensure there is enough to cover the company’s expenses.

  • Configuring and Training for Bookkeeping Software: Helping business owners use the software correctly

Accounting software Set-up (QuickBooks, Xero, etc.): Setting up the company’s preferred accounting software to be ready for use. 

Training staff on using the software: Providing training to the company’s employees on how to use the software correctly to ensure accuracy and efficiency.

Bookkeeping for Catch-Up and Clean-Up:

Reconciling accounts from past periods: Comparing transactions and balances in the books with those in the bank statements for the past periods to ensure they are accurate and up to date.

Reconstructing Records: Ensuring that financial data is dependable and compliant by reconstructing or rectifying accounting entries for previous periods where records may be erroneous or incomplete.

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