Bookkeeping
Efficient Bookkeeping Solutions for Businesses
A comprehensive bookkeeping service is a crucial component of efficient financial management for businesses. Our process involves the systematic recording, organizing, and categorizing of financial transactions to ensure accuracy, compliance, and transparency. We prioritize the creation and maintenance of a well-organized chart of accounts, facilitating an accurate representation of your business’s financial health.
Our experienced professionals use tools and technology to streamline the process, providing you with real-time insights into your financial performance. By outsourcing your bookkeeping needs to us, you not only save time but also gain peace of mind, knowing that your financial records are in capable hands. This allows you to focus on your core business activities, confident that your financial foundation is sound and prepared for strategic decision-making and future growth.
Data Entry
Our team systematically and accurately input financial information into the system, ensuring that every transaction, expense, and revenue entry is recorded with precision. Data entry plays a pivotal role in maintaining organized and up-to-date financial records. During this process we captures essential details such as invoices, receipts, and bank statements, translating them into a coherent and comprehensive digital format. Attention to detail and efficiency in the process allows us to keep accurate records to generate reliable financial reports that provide a clear and transparent picture of the business fiscal status.
Categorize Transactions
Receipt and Collection of Source Documents
We collect source documents such as invoices, receipts, bank statements, and purchase orders. These documents provide the details of each financial transaction.
Selection of Appropriate Accounts
Based on the identified transaction type, we select the appropriate accounts from the chart of accounts build for each or our clients depending on the industry and specific needs.
Review Data Entry / Double Entry
We ensure each transition is balanced by selection the proper credits and debits.
Account Reconciliation
With our account reconciliation process we ensure all accounts are balance at the end of each period. During this process we compare and align the financial records of our client’s businesses to ensure accuracy, consistency, and to identify and rectify any discrepancies. Here is an overview of the typical steps involved in our account reconciliation process:
Collect Statements and Records:
We gather bank statements, credit card statements, and other financial documents related to the accounts being reconciled.
Match Transactions:
We compare each transaction listed on the bank statement with the corresponding entry in the business's accounting records. This includes checks issued, deposits made, and other transactions.
Identify Discrepancies:
We flag any discrepancies or differences between the bank statement and the accounting records. Common discrepancies include missing transactions, errors in amounts, or timing differences.
Reconcile Cash Balances:
We Reconcile the ending cash balance on the bank statement with the cash balance in the accounting records. Adjustments may be needed to account for outstanding checks, deposits in transit, bank fees, and interest.
Credit Card Reconciliation (If applicable):
For credit card accounts, we match each transaction on the credit card statement with entries in the accounting records. Consider outstanding charges, credits, and fees.
P&L and Balance Sheet review and delivery
Verify Accuracy of Data
We perform an additional audit by comparing the financial statements with the underlying accounting records to ensure that all transactions are correctly recorded and classified.
Check for Completeness
We confirm that all relevant accounts and financial information are included in the statements.
Review Accounting Policies and Company Practices
Understanding the company specific needs we review the accounting policies applied in the preparation of the financial statements to ensure consistency.
Verify Balance Sheet Accuracy
We check the accuracy of the balance sheet by confirming that each account on the balance sheet is appropriately classified. We make sure that loans, escrow accounts, payroll liability, account receivals, account payables are all accurate and balanced.
Evaluate Income Statement
We analyze the income statement to ensure all the company's revenue and expenses are accounted for and accurately located. We identify any unusual items or discrepancies that may require further investigation.
No time for bookkeeping?
Our Affordable expert bookkeepers will give you the feedorm to focus on business growth
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