Transaction Recording:
- Daily Transaction Entry: Recording all financial transactions including sales, purchases, receipts, and payments.
- Double-Entry System: Ensuring accuracy by using the double-entry bookkeeping system where each transaction affects two accounts.
Ledger Maintenance:
- General Ledger: Maintaining a comprehensive general ledger with all account balances.
- Subsidiary Ledgers: Managing subsidiary ledgers for accounts payable, accounts receivable, inventory, and other specific accounts.
Bank Reconciliation:
- Monthly Reconciliation: Comparing bank statements with company records to identify and rectify discrepancies.
- Reconciliation Reports: Preparing detailed reconciliation reports to ensure accuracy.
Accounts Payable Management:
- Invoice Processing: Recording vendor invoices and scheduling payments.
- Payment Tracking: Monitoring due dates and ensuring timely payments to avoid penalties.
- Vendor Reconciliation: Reconciling vendor statements with company records.
Accounts Receivable Management:
- Customer Invoicing: Issuing invoices to customers and recording payments received.
- Collection Tracking: Monitoring outstanding receivables and following up on overdue accounts.
- Customer Reconciliation: Ensuring customer accounts are accurate and up-to-date.
Expense Tracking:
- Recording Expenses: Documenting all business expenses including utilities, rent, salaries, and other operational costs.
- Expense Categorization: Classifying expenses into appropriate categories for accurate financial reporting.
Financial Reporting:
- Monthly Reports: Preparing monthly financial statements such as balance sheets, income statements, and cash flow statements.
- Custom Reports: Generating custom financial reports based on specific business needs.
GST and Tax Compliance:
- GST Accounting: Recording GST-related transactions and ensuring compliance with GST regulations.
- Tax Preparation: Assisting in the preparation of tax returns and maintaining accurate tax records.
Inventory Management:
- Stock Records: Keeping detailed records of inventory purchases and sales.
- Inventory Valuation: Valuing inventory using methods like FIFO (First In, First Out) or LIFO (Last In, First Out).
- Stock Reconciliation: Periodically reconciling physical stock with recorded inventory.
Payroll Processing Support:
- Salary Entry: Recording payroll transactions including salaries, bonuses, and deductions.
- Statutory Deductions: Ensuring accurate recording of PF, ESI, and other statutory deductions.
Audit Support:
- Document Preparation: Preparing necessary documents and reports for internal and external audits.
- Audit Trail Maintenance: Keeping an organized record of all financial transactions to facilitate audits.
Cash Flow Management:
- Cash Flow Tracking: Monitoring cash inflows and outflows to manage liquidity.
- Cash Flow Statements: Preparing regular cash flow statements to provide insights into the company's financial health.
Budgeting and Forecasting Support:
- Budget Preparation: Assisting in the creation of budgets based on historical data and future projections.
- Variance Analysis: Comparing actual financial performance with budgeted figures and analyzing variances.
Technology Integration:
- Accounting Software Setup: Assisting in the selection, setup, and implementation of accounting software.
- Automation: Utilizing accounting software for automated transaction recording and reporting.
Data Security and Confidentiality:
- Secure Record Keeping: Ensuring that financial records are stored securely and confidentially.
- Compliance with Data Protection Laws: Adhering to data protection regulations to safeguard financial information.