Bookkeeping Services for SME's

The project will provide bookkeeping services to SMEs that have limited resources and expertise in maintaining their financial records. The scope of the project will include:

Setup and onboarding: The bookkeeping service provider will work with each SME to understand their business needs, financial requirements, and current bookkeeping practices. The provider will also set up the necessary accounting software and systems to ensure that the SME's financial records are accurate and up-to-date.

Record keeping: The bookkeeping service provider will ensure that all financial transactions are accurately recorded in the accounting software. This will include tracking expenses, revenue, and other financial transactions.

Reconciliation: The bookkeeping service provider will reconcile bank statements and other financial records to ensure that the SME's financial records are accurate and up-to-date.

Financial reporting: The bookkeeping service provider will generate regular financial reports for the SME, including income statements, balance sheets, and cash flow statements. This will help the SME to track their financial performance and make informed decisions.

Accounts payable and receivable: The bookkeeping service provider will manage the SME's accounts payable and receivable, ensuring that payments are made and received on time.

The following deliverables will be provided to the SMEs:

Monthly financial statements: The bookkeeping service provider will provide monthly financial statements that include income statements, balance sheets, and cash flow statements.

Bank reconciliation reports: The bookkeeping service provider will provide monthly bank reconciliation reports to ensure that the SME's financial records are accurate.

Accounts payable and receivable reports: The bookkeeping service provider will provide regular reports on accounts payable and receivable to help the SME track payments and collections.

The project timeline will depend on the nature of SME being serviced and the scope of work. However, a typical timeline could be:

Setup and onboarding: 1 weeks

Record keeping and reconciliation: Ongoing

Financial reporting: Monthly

Accounts payable and receivable: Ongoing

Tax compliance: Annually

The cost of the project will depend on the number of SMEs being serviced and the scope of work. The cost will typically be based on an hourly rate or a monthly retainer fee. The bookkeeping service provider will provide a detailed cost estimate based on the scope of work and the services required.