VALUESMART BOOKKEEPING
Bookkeeping
Keep your books up-to-date
Bookkeeping refers to the system of capturing all of your company’s daily financial transactions to the correct daybook and ledgers in an organised and systematic manner. Then, bringing the books to trial balance stage.
This is the information is used to prepare the accounts which will affect the financial statements, it therefore vital that all the transactions are captured accurately from the onset. We can assist with teaching your internal resources how to record this information correctly, in line with Generally Accepted Accounting Principles (GAAP) and help to implement quality control measures.
If you do not have in-house resources, we can perform this service on your behalf.
Processing Transactions
Each financial transaction that your business makes from sales to purchases, banking and inventory, need to be recorded. Processing requires recording each business transaction in the correct journal or ledger with an accompanying document such as a receipt, invoice, or payment. These documents describe the business transaction and provide an audit trail for all the transactions.
Account Reconciliations
Depending on the size or nature of your business, account Reconciliations can be straightforward or complex—depending on the size and nature of your business. The process of reconciling accounts involves assuring that bank statements equal what the internal accounting statements report. Regularly reconciling accounts uncovers internal or third-party errors and possible fraud. Simply put, account reconciliations keep your books in check.
Preparation and maintenance of the fixed asset register
An asset register is a list that reflects the quantity, value, and physical location of fixed assets held by the business. This record assists with tracking as well as short and long-term planning because asset depreciation is calculated as well.
Many small business owners overlook the value of an asset register, keeping one only to remain compliant, but a well-kept asset register serves many useful purposes:
- Prevent theft or loss as each asset must be accounted
- Forecast cash flow and profits as you know when assets need to be upgraded, replaced, or are due for services
- Having an up-to-date account of available liquidity.
- Present to investors as surety when trying to secure finance.
We can in-house resources to keep your fixed asset register current and review your fixed asset register on a regular basis.