Transaction Recording

  • Sales and Purchases: Keeping track of all sales, purchases, invoices, and receipts.
  • Cash Receipts and Payments: Managing incoming payments and outgoing expenses.
  • Bank Reconciliation: Ensuring that financial records align with bank statements to avoid discrepancies.

Financial Statements Preparation

  • Balance Sheet: A snapshot of the business’s financial position at a specific point in time (assets, liabilities, and equity).
  • Income Statement (Profit & Loss Statement): Shows the company’s revenues, costs, and expenses over a certain period, highlighting profit or loss.
  • Cash Flow Statement: Tracks the inflows and outflows of cash, indicating how well the company can cover its short-term obligations.

Accounts Payable and Receivable Management

  • Accounts Payable: Managing bills and payments to suppliers or creditors.
  • Accounts Receivable: Tracking outstanding invoices and ensuring timely collection of payments from customers.

Payroll Services

  • Calculating employee salaries, wages, and benefits.
  • Managing tax withholdings and deductions.
  • Filing payroll taxes and ensuring compliance with tax laws.

Tax Preparation and Filing

  • Ensuring that financial records are accurate and ready for tax filings.
  • Preparing and filing various tax returns (e.g., sales tax, income tax, etc.).
  • Providing advice on tax planning and strategies to minimize tax liabilities.

Budgeting and Financial Planning

  • Helping businesses create budgets and forecasts.
  • Tracking performance against budgeted goals.
  • Analyzing financial trends to aid in business planning and strategy.

Compliance and Regulatory Reporting

  • Ensuring the business adheres to local, state, and federal regulations.
  • Preparing and submitting regulatory filings (e.g., VAT, GST, corporate tax reports).

Inventory Management

  • Keeping track of inventory purchases and sales.
  • Reconciling physical inventory with financial records.

Financial Analysis and Reporting

  • Providing insight into financial performance through key metrics and ratios (e.g., liquidity, profitability, and efficiency).
  • Preparing detailed reports that help management make informed business decisions.