Accounting and Book Keeping
In a world as competitive as ours, high quality accounts and consumers support is the need of the hour and can very well determine the level of success. You can reduce your administrative burden and finance staff costs by outsourcing your finance department to us. This will enable you to enhance your company focus, assurance on continuity of service and increase flexibility to respond with growing business requirements. Our qualified accounting professionals provide valuable support to your existing accounting department or act as a virtual accounting team depending on the level of support you need. Once we understand and get familiar with your books of accounts and accounting procedures, we can start handle all your routine day-to-day tasks such as preparing Invoices, updating bills, applying customer payments to invoices, issuing checks to outstanding bills, updating and reconciling bank and credit card transactions, maintaining accounts receivable and accounts payable, handling complex accounting systems for multiple location-based organizations and also supporting the preparation tax returns.
Accounting and Bookkeeping share two basic goals: to keep track of your income and expenses, thereby improving your chances of making a profit and to collect the necessary financial information about your business to file your various tax returns and local tax registration papers
Accounting/Book keeping services done generally consists of:
- Keep receipts or other acceptable records of every payment to and every expenditure from your business.
- Summarize your income and expenditure records on some periodic basis (generally daily, weekly, or monthly).
- Use your summaries to create financial reports that will tell you specific information about your business, such as how much monthly profit you’re making or how much your business is worth at a specific point in time.
At HLB Hamt, we offer a variety of services and each service can be customized to meet your needs and comfort level and your Organization could focus on core business, reduce operating costs and increase profitability. These services include:
- Accounting/Book keeping: This can be both online accounting and onsite accounting.
- Closing of books of accounts: Closing the Booksgives you a complete understanding of how information is summarized into the financial statements, as well as the closing steps needed to create financial statements. It shows how to fine-tune the closing process to achieve a shorter close, and describes the variety of financial statement formats that are available. It even addresses the soft close, financial statement disclosures, public company reporting, and the controls and record keeping needed for the closing process.
- Accounting system setup & training (chart of accounts, documentation procedure, etc.):
- Budgeting and forecasting: A budget is a detailed statement of expected revenues and expenses. Your income will include revenues from sales, interest, accounts receivable, and any other revenue sources. Your expenses will include costs such as your payroll, inventory, and insurance. Budgets are often based on an organization’s fiscal year and then broken down by month. Reviewing your budget on a regular basis and adjusting it as needed, will help you keep an accurate picture of your finances. Accurately forecasting future sales is a key part of creating a strong budget. Forecasting is not an exact science, but basing your figures on past sales and well-researched assumptions can help you realistically predict future performance.
- Preparation of MIS reports: We will provide you reports including inventory status reports, financial statements, performance reports etc. These reports are essential for analyzing different aspects of business. These reports also help to answer ‘what-if’ questions like what would be the effect on cash flows of a company if the credit term is changed for its customers etc.
HLB Hamt has worked for clients across industries and we have gain expertise in various fields which include trading, construction & real-estate, hospitality and healthcare, manufacturing and distribution, logistics, services.