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Accounting and Book Keeping
Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business. Transactions include purchases, sales, receipts, and payments by an individual person or an organization/corporation. There are several standard methods of bookkeeping, including the single-entry and double-entry bookkeeping systems. While these may be viewed as “real” bookkeeping, any process for recording financial transactions is a bookkeeping process.
Accounting is the language of finance. It conveys the financial position of the business to anyone who wants to know. It helps to translate the workings of a business into tangible reports. Regardless of the size of a business, Accounting is a necessary function for decision making, cost planning, and measurement of economic performance measurement.
Being professionally qualified accountants, we can help you take control of your accounting and finances by providing efficient accounting services. For smaller businesses we offer a comprehensive package that includes bookkeeping services, year-end accounts and management accounts and various other tax related services. For medium sized businesses we could offer services that may suit more technically complex situations.
Finalization of Accounts
The name defines it as it could be a type of accounting where a team of accountants prepare the final accounts after making all the adjustments. Such process of closing accounts may be called finalization accounting and normally it is proceed at financial year end of a company.
It contains all the reports as per requirements of the concerned departments. Normally it includes:
- Balance sheet
- Profit and loss account
- Statement of changes in equity
- Cash flow statement
- Notes to the accounts.
- Directors reports
- Any other reports (depending on the requirements)
All these reports help to create a picture about the current financial position of a business and its future.
Financial Advisory Services
A financial advisor analyzes a client’s current financial status and helps the client set reasonable, achievable financial goals. He or she can address a broad array of questions competently. Financial advisors also make investment recommendations, provide objective advice, and help clients weigh the financial consequences of life decisions. They also help clients stay organized. We help our clients plan for their short and long-term financial goals.
Management accounts are critical to the success of a business. These can be prepared monthly, quarterly or half yearly depending on your specific business needs. We could offer monthly or quarterly management accounts which will include the following:
- Annual budgets and forecasts
- Monthly profit & loss accounts, with reports on variances from budgets
- Cash flow forecasts
- Analytical reports with regard to purchases, sales, stocks, employee costs, overhead expenses
- Business trends and key performance indicators
- Advice on key value drivers
We can tailor these reports to fit in to your specific needs. If your business operates from more than one sales outlet or if it sells more than one product or provides more than one type of service separate reports could be provided.