What's included

• Financial Transactions Recording

  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.

• Accounts Payable and Receivable Management

  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 Processing

  Payroll Calculations: Calculate employee salaries, taxes, and benefits. Payroll Reports: Prepare payroll summaries and ensure compliance with labor laws and tax regulations.

• Bank Reconciliation

  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.

• Adjusting Entries

  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.

• Financial Reporting

  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.

• Period-End Closing

  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.