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Bookkeeping and Accounting



Bookkeeping is the procedure of recording all financial transactions of a trade entity in a standardized way on a daily basis. Bookkeeping performs as a support for accounting process. A bookkeepers' responsibility is to record each and every transaction in the analogous day-book or journals. The final part of bookkeeping is to provide the trial balance, find and correct flaw. Based on this report, an accountant makes the financial statement of the company.

Initial Setup

It's extensively incorporate with the specified actions of preparation of charts of accounts as per business demand, suppliers/vendors and customers/clients, various business segments/locations/cost centers, recurring templates for purchase bills and customer invoices, illustration of opening equity, Linking & setting up of bank, credit card/PayPal account and Integrating add on software's with accounting software etc.

Recording of transactions

It associates the combines of customer invoices to record sales, supplier bills to record purchases, recording of (bank, credit card & PayPal transactions on daily, weekly, monthly basis as the case, Operating month end bank, credit card and PayPal reconciliation, recording of month/period end accruals, depreciation and prepayments entries and etc.)

Accounts payable

It states the accounting that shows company liability to pay off an interim debit to its creditors or suppliers. It indicates on balance sheet under ongoing accountability. Accounts payable also describes a business division or administration that is culpable for making payments overdue by company to creditors or suppliers.

Here is the services are as follows:-

  • P2P (Purchase to Pay) - This is the creation of initial requisition, purchase order, sanction of purchase order, sending authorized PO to requester, approving the bill received, posting of bill in accounting system, reimburse the bill (via ACH, credit card, wire transfer, etc).
  • Supplier account accommodate general ledger with the bank statements/payment vouchers, accounts with the supplier account statement, identifying the variances and resolving the differences.

Accounts receivable

Accounts receivable attributes the amounts of money overdue by customers individual for goods or services delivered or used on credit but not yet paid for by clients.

It is also indicates to the phenomenal invoices an association has or the money clients incur the company. The phrase assign to accounts a business has an appropriate to receive because it has delivered a commodity or assistance. It also represents line of profit protracted by a company and commonly has terms that lack payments overdue within a corresponding interim period, ranging from a few days to a financial year.

Here is the services are as follows:-

  • O2C (Order to Cash) - Quoting/Bidding, processing and fulfilling the order, invoicing customer on approval of Quote/Order and applying for the payment received.

  • Customer account accommodates the general ledger with the bank. Statements/payment vouchers, accounts with the customer account statement, identifying the variances and resolving the differences, sending emails and making phone calls to customers for collecting payments.

Job Costing

Job costing is the procedure of tracking the expenses acquire on a job against the revenue produced by that job. Job costing is a decisive apparatus for those who are combining an almost large dollar volume per customer with a comparably low number of customers.

MAS provide assistance to our clients setting up of jobs, allocating various costs such as material, labor and overhead against the jobs, ensuring that all costs are invoiced to customer. Producing reports showing details of costs and revenues by job, estimated versus actual cost report etc., analysis of various reports to look for the variances which can be used to bid more accurately for future jobs, identifying most and least profitable areas of your business by using job cost reports.

Transition Services

It is the procedure in which the progression from the one software to another. Likewise, QuickBooks to Zoho, Xero, Excel to Xero, Clear books to Quickbooks, Wave to Quickbooks, Sage to Xero, Zoho Books to Xero, Myob to Xero, Kashflow to freshbooks, and TriNet to Quickbooks.

In this MAS achieve end to end enterprise which involves exporting all the admissible records such as transaction list, balance sheet, profit and loss account, reconciliation reports, suppliers and customer details etc. using data templates. Final validations and review is achieved to ensure that mirror image for data from old software is created in new software.

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