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Setting up an Accounting System (Xero and QuickBooks)
Accounting system is really important and most basic part in any business, this is the first thing which you need to decide about when you are thinking of starting your own business.
This is used to record financial information and day to day transactions of the business, accounting system determines how you will be able to use your financial information later on for making informed decisions.
All of the critical business decisions depends on the availability of accurate accounting information like pricing, customer services, adding a new product/service or discontinuing an old product/service.
There are two types of accounting systems available in the market today:
In making the decision for right accounting system for your business many factor’s needs to be considered like size & nature of your business, type of the product or services offered, business model, reporting requirements, etc.
Cloud-based accounting systems are really good for small businesses as they allow flexibility in reporting and generating real-time business financial information. Two most commonly used cloud-based accounting systems are:
We have worked on both of these systems and have hands-on experience with these.
Bookkeeping is the simplest form of accounting, it includes recording day to day transactions in the accounting system as per the accounting principles.
With the help of cloud-based accounting systems now it is possible for accountants to do the bookkeeping while sitting anywhere in the world, you just need a computer and an internet connection.
This is the basis for all the reports generated by the accounting system, if your bookkeeping is not correct then you can’t run your business successfully, this is really imperative for you to have someone on your side who have strong knowledge and experience in doing bookkeeping.
Complete Accounting Services
Accounting is the broader term and it includes many different things. Bookkeeping is also part of accounting.
It includes the preparation of financial statements and various other reports for senior management. Every country requires there businesses to follow certain rules while doing their accounting.
We offer our clients complete accounting services which include:
Payroll is the critical part of any business, you need to pay your employees after a regular interval based on the labor regulation of your country.
Different countries have different types of taxes related to payroll, it includes both employer and employee taxes.
We provide support to payroll agencies and small accounting firms who are doing the payroll for their clients. Our services include:
Cash Flow & Financial Modeling
This is the most critical part for all kind of businesses, you can’t run your business if you don’t have enough cash with you.
We build customized financial models for our clients to give them an idea of how things will look in the future e.g. 1, 2 or 3 Years from now so they can take appropriate actions before the problem appears.
When businesses need funding, banks and venture capital firms require them to show their financial model as it provides an idea of their future business performance.
We use international best practices for financial modeling. We are using an advanced excel add in with the name of Modano to create high-level financial models. It’s really useful and helps us create more detailed models for our clients.
We are currently working with some of the top Financial Modeling Firms as their subcontractor and help them build complex financial models for their clients.
Forecasting & Budgeting
Forecasting is used to project future results for a business based on past trends and prevailing conditions. We also account for any major future occurrence while projecting future results.
Mainly forecasting is used to project revenue and cash flows. We use excel to prepare dynamic forecasts for businesses.
Budgeting is an important activity for any business, in simple words, this is a quantitative plan for any business. It acts as a strong control for companies to make sure they achieve their goals.
We help our clients prepare budgets using the most relevant assumptions so they can take appropriate actions to meet future growth requirements.
Excel is really useful software and people are using it for decades. If you know how to use excel smartly then it can add great value to your business. You can build literally anything for your business in excel to remove the inefficiencies and save time.
We can help you build dynamic templates and reports for your business to save time and money.
Tax Accounting & Returns
Tax is a really important aspect for any business, every country has its own taxation rules.
One of the important reason for businesses to keep a proper record of accounts is to be able to file their tax return.
We help accounting firms in preparation of data for tax returns and other tax reporting purposes.