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Bookkeeping services

Bookeeping Services V/S Accounting Services

Generally Bookkeeping and Accounting are considered same. The reason being both are related and there is no Universal line of demarcation between them.

But in General, Bookkeeping is the first phase and Accounting starts where Bookkeeping ends. So Bookkeeper records the transactions and Accountant analyzes those recordings.

Factors Full Time Bookkeeper Part Time Bookkeeper Virtual Bookkeeper
Suitability Suitable for high Data Volume Suitable for Low data Volume Suitable for Low data Volume
Benefit Pay only for the Working hours instead of paying for Non- Working hours to full time In-House Bookkeeper No Training is required and are available round the clock Saving in Hiring, Training and Operational Cost
Bookkeeper Models Available each time but PAY ONLY for Working Hours
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bookkeeping-services

Click here to see answers of all Questions, which may come to your mind while outsourcing Accounting, Bookkeeping and Tax Preparation services.

Outsourced Bookkeeping Services:

Accounts Payable

KIP Bookkeeper will manage your supplier accounts and accounts affected through this account. It may be Bank Account, Purchase account, Profit or Loss in the Income statement or Supplier Balance in balance Sheet. Everything will be up to date.

Process

  • You will provide with the documents like Supplier Invoices, POs, Payment details and the Bookkeeper will keep track of all the things in your Business file.
  • Weekly or Monthly Supplier statement and the Vendor account will be reconciled.
  • Relevant Reports will be generated to update you on major issues like Purchase by Supplier summary, Unpaid Bills details, aging reports to know which bills are to be paid.
  • Checks will be printed either on your own machine or KIP Bookkeeper will send you the PDF files of checks and you can print them on your local printer.

Major workings for AP management are:

  • bookkeeping-services
  • Entering Vendor Bill
  • Payments to Vendors
  • Accounts Payable Report generation
  • Payable Reconciliations
  • Ageing reports

Accounts Receivable

Accounts receivable Management is required to manage the cash flow of Business because all sales can’t be on cash basis and therefore we need to keep track of all the transactions in an effective manner.
Process:

  • You will send SOs, Customer Invoice details to record in your business file. KIP Bookkeeper will send the exported invoices for your approval and can also send the invoice to the customer on your behalf.
  • Then the receipt details will be taken from the bank account statement (supplied by you) to update in the Business file.
  • And accordingly various reports can be generated to extract information that which invoices are due, which customers need follow up etc.

Major workings for AR Management are:

  • Sales order generation
  • Invoice Processing
  • Receiving Payments
  • Accounts Receivables Report generation
  • Receivable Reconciliations
  • Ageing reports

General Ledger

General Ledger is the summary record of all transactions occurs in the business and can track any activity through account categories.

  • KIP Bookkeeper will bifurcate all transactions in the correct category to be ensured for the correct financial position of the busines
  • We will email you the time to time update in the Ledgers to see the balances so that you could know your business figures.

Payroll

Your KIP Bookkeeper will process the Payroll and will keep track of payroll to get the complete recording.

Major payroll workings are to keeping track of:

  • All Payroll expenses
  • Gross wages
  • Payroll Liabilities
  • And taxes

Account Reconciliation

Reconciliation is necessary activity to ensure that what we are doing is correct and up to date so that correct decisions can be taken on the correct basis. And your business files contain a number of accounts which needs reconciliation.

  • Your KIP Bookkeeper will reconcile Bank Account, Credit Card Account, PayPal account, savings account, cash account balances with their respective statement balances to ensure that all recordings are correct and any discrepancy will be resolved to reconcile the balances.
  • Accounts payable and Accounts Receivable balance in the business file should be exactly same as the Supplier and Customer actual balances. KIP Bookkeeper will take care of this! He will collect Customer and supplier statement and will reconcile the balances in the business file.
  • KIP Bookkeeper will take care of the fact that every account balance should match with the corresponding bank statement.
  • Inventory reconciliation will be performed time to time, by your KIP Bookkeeper to smooth your Business operations.

Major workings in Account reconciliation includes:

  • Bank Account Reconciliation
  • Accounts Payable Reconciliation
  • Accounts Receivable reconciliation
  • Inventory reconciliation
  • Account Reconciliation

Inventory Management

Inventory Management can be for manufacturing Business (to calculate cost of product) as well as Non-Manufacturing Business (to take business decisions).
Process:

  • You will provide with all products in the inventory to your KIP Bookkeeper and regular update regarding Inventory Purchased and Inventory Sold.
  • KIP Bookkeeper will use a method of Inventory valuation (depending upon client need and business system) and an up to date record for Inventory (Quantity as well as Amount.)
  • Inventory can be tracked through the reports supplied by your KIP Bookkeeper and it can be the basis for your decisions including what to buy, when to buy and How much to buy.

Major workings in Inventory Management include:

  • Inventory Recording and analysis
  • Inventory Tracking

Fixed Assets

Fixed Assets, their capitalization, classification and depreciation is the working that needs knowledge and experience.

You will be provided with an Experienced KIP Bookkeeper, who will take care of GAAP Compliance and keep following Accounting practices.

Process:

  • You will supply all documents like Invoices for fixed Assets Purchase or sales including series of payments for Capital work in progress (CWIP) to maintain a separate account to keep track of all payments and their capitalization.
  • Your KIP Bookkeeper will update the fixed asset register.
  • And will report you back with the important figures and information.

Major workings for Fixed Asset recording include:

  • Capitalization
  • Classification
  • Depreciation
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