Accounting Setup and Formating

Setting Up accounting system is vital for all the business organizations. Accounting is simply a way of tracking, monitoring and managing every financial transaction or event. It’s the “pulse” of your business.

In short, it gives you control over your business. At any time, you’ll have a handle on:

  • Receivables – the money that is coming into and owed to the business
  • Liabilities – the money you owe that is going out of the business

Each month, you should produce a minimum of three documents:

  • Profit and loss statement
  • Balance sheet
  • Cash Flow Statements

We can help you setup your accounting system properly the first time so you don’t make mistakes that will need to be corrected later in the years of future. We can advise you the best way of keeping the accounting systems.

Our services include starting from setting up the chart of accounts ( A “chart of accounts” is simply a listing of all the various accounts in your accounting system. There are income accounts, expense accounts, asset accounts, liabilities accounts etc.)  till the Financial reporting.

  1. Set up a simple accounting system
  2. Set up your Chart of Accounts
  3. Set up a system of keep records of receipts and invoices
  4. Set up a system of payments and keep records of payments
  5. Set up a system to collect payments
  6. Set up a system of payment collection process
  7. Set up a system of keeping accounting records

Set up a system of Monthly Reporting Structure and Monitoring