Set up and Backlog
Accounting is not the primary focus for any business, nor was it mandated prior to 1st Janaury 2018. However, after the initial business build-up an acute need is felt to track the financials of the business. This is usually addressed by SME’s by way of excel sheets or free accounting tools available online. Some businesses even manage to ensure that all records (invoices, bills, etc.,) are properly filed and retained, while some don’t.
The shortfalls in the above approach and the impending implementation of VAT is what drives a business to seek out professional accounting services. We understand this and provide back-log update services where required. This service helps a business to have accounting records for the prior period or from start-up date and see where they stand currently. This is done on a project basis and the current Balance Sheet agreed and signed-off with the business owners.
The key deliveries that the service delivers:
- Establish and maintain a proper chart of accounts of your business
- Bulk processing of prior period transactions
- Crystallize supplier credit period
- Crystallize receivable duration
- Clearly record and maintain your refundable deposits and guarantees
- Identify Prepaid expenses and set up amortization schedules
- Provide month wise financial statements for the prior period
- Help businesses create their balance sheet in the absence of historical records
- Reconcile cash and bank balances
- Provide guidance for ongoing record maintenance.