Accounting is the nerve center of every business and having well maintained accounts is a necessity. Every business is judged by its financial statements. They provide relevant information to key stake holders of the business and when it is done right, helps you manage your business’s finance efficiently and effectively. Thus, we understand how critical it is to have correct and accurate accounts.
Employing a full-time dedicated in-house employee might not work well for everyone due to the cost implications of skilled employees and the extra costs incurred to provide benefits to a full-time employee. Thus, outsourcing accounting services can be the most suitable cost-effective decision for your business.
Accounting cycle starts with a financial transaction such as sale, purchase, paying debt etc.
Financial transactions are then recorded in the company’s journal, post verification.
Total is calculated for an overall cycle.
If debit & credit do not reconcile in trial balance, it is then closely analyzed to rectify the gaps & errors, if any.
At end of the cycle, adjustment entries are posted for accruals and deferrals.
Post finalizing the accounts, Balance sheet, Profit & Loss and cash flow statements are prepared.
Analyze last year’s of financial statements and preparing budget & forecast for coming cycle.
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