Bookkeeping - Basic Package.
This will include recording transactions as accounting entries and finalization of monthly Management accounts. Books can be recorded either manually or using computers.
Details Of Basic Package
• On receipt of Client’s accounting documents, I will review documents for sufficiency and completeness. If they are insufficient, (for example, if cancelled invoices are not enclosed, I will need to confirm that these are cancelled).
• I shall process accounting documents, using accounting software either (1) XERO or (2) Intuit Quickbooks.
• I shall complete Bank and suppliers’ reconciliation(s).
• I will use bank and supplier’s statements and ledger accounts to do the reconciliations.
• After bank reconciliation is completed, I shall request details of certain bank charges from the client to process these charges and also to obtain Client’s authorization for these charges. In the same way, I shall contact the Client for authorization on matters arising out of other reconciliations (eg. creditors) as well.
• On consultation with the Client, I will provide (accrue) for all known costs not paid to date and also will include all accrued income for the period the accounts are prepared.
• I will do Balance Sheet and Trading Profit/Loss Account and send account listings of all assets, liabilities, expenses, income and final reconciliations. All these reports and those mentioned in Standard and Premium packages below will be sent to client by email in PDF format to ensure a clean audit trail.
Additional Items on Standard Package
Financial performance indicators, Variance Analysis & Expenses analysis will be provided in addition to the basic package above.
Details of Additions to Standard Package
Financial performance indicators Performance Ratios will include Gross Margin, Operating Margin, % Change in Revenue, Current Ratio, Quick Ratio, Average Debtors’ Collection Period, Average Creditors’ Payment Period, Cash Operating Cycle, and Average Inventory Holding Period all of them together with Budgets and/or last period actuals for comparison, improved profitability and control.
Variance Analysis will provide reasons for deviation of direct costs and income from budgets and/or last period actuals taking into consideration industry factors and internal factors.
Overheads analysis - will provide deviation from planned targets and/or last period actuals and will be specific to the overhead in question (for eg. Transport charges increase may be due to fuel price increase and introduction of door to door delivery).