The objective of Book-Keeping and Accountancy services is to help the directors or owners of the business make informed, accurate and timely decisions for the day to day running operations of the business in general and to particularly monitor critical aspects of the business such as sales, purchases, expenses, and profitability patterns.
Moreover, the bookkeeping and accountancy of a business has to be done in such a way to ensure compliance with the International Financial Reporting Standards and local legal requirements like the Companies Act, Income Tax Act, VAT Act, etc.
The objective of financial statements is to provide information about the financial position, performance, and changes in financial position of an equity that is useful to a wide range of users in making economic decisions.
The accounting services would in details for example involve:
On a Weekly basis:
▪ Posting Sales
▪ Posting Purchases
▪ Posting Cashbook
▪ Reconciliation of daily banking against daily sales collections.
Monthly / Quarterly basis:
▪ Monthly Management Accounts.
▪ Preparing Schedules of all cost centers.
▪ Preparing schedules for all revenue centers.
▪ Reconciliation of Cashbook and the bank Statements.
▪ Extracting trial balance.
▪ Income Statements & Balance Sheet