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Bookkeeping and accounting

Bookkeeping is an integral part of any business, be it small or large business. We offer:

  • Convenient bookkeeping solutions
  • Easy access to qualified, seasoned bookkeepers and accounting professionals
  • Cost-effective and reliable services

Bookkeeping and accounting services include:

Initial setup - We support with initial set up that involves setting up of Chart of Accounts, setting up of suppliers / vendors and customers / clients, various business segments / locations / cost centers, recurring templates for purchase bills and customer invoices, importing of opening / conversion balances, linking bank, credit card and PayPal accounts, integrating add-on software with accounting software.

Recording of financial transactions - It includes creation of customer invoices to record sales, creation of supplier bills to record purchases, recording of bank, credit card and PayPal transactions on daily, weekly, monthly basis as the case may be, performing month-end bank, credit card and PayPal reconciliation.

AP (Account Payable) and AR (Account Receivable) management - AP & AR are the most important and critical processes in every business. We offer complete management of both. It involves Purchase to Pay Services (P2P), Order to Cash services (O2C) and Record to Report (R2R) Services as per the requirements.

Preparation of financials - We prepare various financial and managerial reports such as:

  • Income Statement / Profit & Loss
  • Statement of Financial Position / Balance Sheet
  • Cash Flow Statement
  • Accounts Receivable Ageing Report
  • Accounts Payable Ageing Report
  • Journal Report
  • General Ledger Report
  • Segment / Class wise Reports
  • Expenses by Vendor Report

Inventory management- Inventory management is about knowing what you have in your warehouse and where your stock is located. However, unless it is integrated with your back-office systems, an inventory management system alone can't neither effectively optimize your inventory nor ensure the inventory asset value of your financial reports matches what is physically in stock - at least not without manual intervention and reconciliation. We provide following services to businesses which help them manage their inventory:

  • Setting up of inventory in accounting software which essentially includes determination of SKU (stock keeping unit), creation of products and SKU in the system, keying opening inventory quantity and values.
  • Determination of method of calculating inventory
  • Valuation of inventory
  • Month / period end inventory adjustments
  • Reconciliation between physical inventory and inventory as per books
  • Integration of inventory management software with accounting software and monitoring the same

Job costing- Job costing is the process of tracking the expenses incurred on a job against the revenue produced by that job. Job costing is an important tool for those who are pairing a relatively high dollar volume per customer with a relatively low number of customers such as builders, subcontractors, architects and consultants. They often use job costing, whereas a hardware store or convenience store would not use job costing. We assist in following activities:

  • Setting up of jobs
  • Creating estimates for new jobs
  • Allocating various costs such as material, labor and overhead against the jobs
  • Ensuring that all costs are invoiced to customer
  • Producing reports showing details of costs and revenues by job, estimated versus actual cost report etc.
  • Analysis of various reports to look for the variances which can be used to bid more accurately for future jobs
  • Identifying most and least profitable areas of your business by using job cost reports

Transition services- We have assisted various clients in transitioning from one software to another. We perform end to end activities which include exporting all the relevant reports such as transaction list, balance sheet, profit and loss account, reconciliation reports, suppliers and customer details etc. using data templates. We have successfully completed projects which require to and fro transitioning:

  • QuickBooks Enterprise / QuickBooks online
  • QuickBooks / ZohoBooks
  • QuickBooks / Xero
  • Manual to automated software
  • Clear Books / QuickBooks
  • Wave / QuickBooks
  • Sage / Xero
  • ZohoBooks / Xero
  • Myob Account Sight / Xero
  • NetSuite /QuickBooks

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