Book- keeping is the process of recording of all Financial transactions and is a part of Business Accounting. Transactions include purchases, sales, receipts, and payments by an individual person or an organization/corporation. Book-Keeping plays an extensive and crucial role for all businesses. This elemental function assists business owners in crucial financial decisions.
It consists of the following steps:
Prepare source documents for all transactions, operations, and other business events; source documents are the starting point in the bookkeeping process.
Determine and enter in source documents the financial effects of the transactions and other business events.
Make original entries of financial effects into journals and accounts, with appropriate references to source documents.
Perform end-of-period procedures — the critical steps for getting the accounting records up-to-date and ready for the preparation of management accounting reports, tax returns, and financial statements.
Compile the adjusted trial balance for the accountant, which is the basis for preparing reports, tax returns, and financial statements
Close the books — bring the bookkeeping for the fiscal year just ended to a close and get things ready to begin the bookkeeping process for the coming fiscal year.
While in house Book-Keeping makes it an expensive affair with salaries and overheads being involved, outsourcing Book-Keeping service aids in effective cost control and efficiency at all levels.
The primary reason for outsourcing Book-Keeping services is to reduce expensive accounting software and manpower costs, leaving the company with free liquidity.
Book-Keeping services that facilitates the users to choose the ones that are most suited for their business profiles. Virtual Finance Manager Services, Account Receivables Services, Account Payables Services, Account Reconciliations Services, Invoice Processing Services, Project Accounting Services, and Liquidation Accounting Services.
Our Bookkeeping services are complemented by our end-to-end Accounting Services which includes:
Recording of Financial Transactions
Adjusting Journal Entries
Preparation of Financial Statements
Closing the Books
Popular Book-Keeping software’s include – XERO, SAGELINE, QuickBooks, Quicken, Peachtree, Creative Solution, VT Transactions, IRIS among several others.
Advantages of Outsourcing Bookkeeping Services:
Substantial Time Saving
Significant Cost Savings
Reducing Staff Overheads
We undertake a broad range of Book-Keeping services, irrespective of time –commitment, complexity or volume, solely depending upon the requirement of the client. We follow stringent policies and procedures at each step to ensure safety, security, efficiency, productivity and accuracy. One need not worry about data security as all the Bookkeeping activities are performed by accessing data remotely.
With in-depth understanding of Government Accounting and more than a decade of experience KALOUPI can assist Federal Contractors in maintaining their books of accounts so that they can focus on the core competence of their business.