Full Cycle Accounting

Full-cycle accounting involves managing all stages of the accounting process, from the initial recording of transactions to the final reporting and closing of accounts at the end of a financial period. Here are the key deliverables produced during full-cycle accounting:

Journal Entries: Record day-to-day financial transactions such as sales, purchases, and payments.

General Ledger Updates: Post journal entries to the general ledger, organizing them by account.

Invoices: Generate and send invoices to customers (accounts receivable) and process vendor bills (accounts payable).

Payment Processing: Manage outgoing payments to suppliers and collect payments from customers.

Aging Reports: Produce accounts payable and receivable aging reports to track outstanding payments and overdue bills.

Payroll Calculations: Calculate employee salaries, taxes, and benefits.

Payroll Reports: Prepare payroll summaries and ensure compliance with labor laws and tax regulations.

Payslips: Issue payslips to employees.

Bank Reconciliation Statements: Match company records with bank statements to ensure accuracy in cash balances.

Cash Flow Statements: Provide reports on cash inflows and outflows for better liquidity management.

Accrual Adjustments: Record accrued expenses and revenues that haven’t yet been recorded.

Prepaid Adjustments: Adjust entries for prepaid expenses or deferred revenues.

Depreciation & Amortization Entries: Calculate and post depreciation and amortization for assets.

Income Statement (Profit & Loss): Summarize revenues and expenses to show the company’s profitability over a period.

Balance Sheet: Report the company’s assets, liabilities, and equity at a specific point in time.

Statement of Cash Flows: Provide detailed information on cash movements (operating, investing, and financing activities).

Equity Statement: Detail changes in the company’s equity, including retained earnings and shareholders' contributions.

Trial Balance: Summarize all ledger accounts to verify that total debits equal total credits before preparing financial statements.

Month-End, Quarter-End, and Year-End Close Reports: Perform a comprehensive review of accounts, post final adjustments, and close the books for each reporting period.

These deliverables ensure accurate, compliant, and transparent financial reporting, providing a clear picture of a company’s financial health.

Why Choose Me? With years of experience in accounting and finance, I offer reliable, timely, and high-quality services. Whether you need ongoing support or assistance with one-off projects, I am committed to helping your business achieve financial clarity and operational efficiency.

Let’s work together to streamline your accounting processes and drive your business forward!