Financial reports such as a statement of cash flow, income statement, and balance sheet are critical for business owners and leadership. Balance sheets illustrate capital structure, liabilities, and assets. An income statement details expenses, revenue, and net income. A cash flow statement delineates financing, investing, and operational inflow and outflow. All information comes from a general ledger system that is updated by accounting and bookkeeping service.
Bookkeeping is a tedious, time-consuming task with a low-profit margin. KMK Ventures’ a virtual bookkeeping company helps a CPA firm with a profitable proposal that begins with recording transactions and ends with the preparation of periodic financial statements.
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We set up an automated bookkeeping process for our clients that includes
- Gathering information such as bills, invoices, deposit slips, bank statements, canceled checks, credit card statements, etc.
- Record transactions and code them into a general ledger
- Preparing a list of items that require additional information or clarification from clients
- Preparing and recording adjustments to periodic financial statements and corresponding documents to facilitate the review process
- Keep track of W-9s for vendor payments and ensure 1099s are issued and filed timely
- Proactively send reminders for compliance due dates, such as payroll tax payments, sales tax payments, estimated federal tax payment, etc.
Online bookkeeping services India save our clients time. Our remote accounting staffing team is well-trained in the use of accounting software that includes Zoho books, Sage, Oracle Net Suite, SAP Business One, Buildium, QuickBooks Pro, QuickBooks Online, etc.
Bookkeeping Outsourcing Services
outsourced bookkeeping services USA
around the unique processes, goals, budget, and type of business conducted by your account. We can help your business stay focused, organized, and prepared for the future.
bookkeeping services USA
team provides insightful solutions to pressing financial system challenges. Providing client bookkeeping in an accurate and timely manner is something that should not be compromised.
Well-organized, meaningful financial records ensure a business runs more efficiently.
Business owners have more important things to attend to then doing bookkeeping on their own. We handle accounting so that you can focus on running the business and generating profits. With our basic bookkeeping package, we will
Well-organized, meaningful financial records ensure a business runs more efficiently. KMK Ventures’ accounting and bookkeeping service USA provides a full range of cost-effective bookkeeping services that include
- General ledger and financial statement preparation
- Monthly, quarterly, and annual bookkeeping
- Set up accounting systems for new businesses
- Payroll services
- Sales & Use and business property tax returns
- Personal financial statements
- Litigation support
Reconciling the business checking account every month keeps accounting, the bank account, and taxes up-to-date. A reconciled bank account allows
- Identifying lost checks, deposits, and wire transfers that were not authorized
- Detecting and preventing excess or unjustified bank charges and ensuring transactions are posted correctly by the bank
- Detecting and preventing embezzlement of company funds
- Knowing how the business is doing – It is difficult to understand without all accounts reconciled and accounted for on a financial statement.
- Managing cash more effectively – Proper funds management saves and makes money for a business.
- Protecting the business – Timely reconciling and objecting promptly to any forged, fraudulent, or unauthorized checks presented to the bank and paid can relieve your company of the responsibility for a shortfall and transfer the bank’s risk.
- Having peace of mind – You sleep better knowing the bank accounts are reconciled, balanced, and all disbursed funds, checks, accounts, and escrow fundsare accounted for properly.
An income statement adds a list of revenues and subtracts a list of expenses to determine the profit or loss for a period – month, quarter, or year. An income statement permits
- Tracking revenue and expenses to determine the operating performance of a business
- Determining the areas of a company that are over- or under-budget
- Identifying specific items that cause unexpected expenditures such as supplies, mail, fax, or phone expenses
- Tracking a dramatic increase in the cost of goods sold or returns as a percentage of sales
- Determining the income tax liability .
A balance sheet is like a snapshot of the financial condition of a business a specific point in time. It helps in
- Quickly get a handle on the financial capabilities and strengths of a business
- Identifying and analyzing trends, especially in the areas of receivables ad payable
- Determining if a company is in a position to expand
- Determining if a company can handle the ebbs and flows of expenses and revenue
- Determining the need for immediate action to bolster cash reserves
- Determining if payables have slowed down to forestall a cash shortage
Balance sheets and income statements are the essential elements in financial reports provided to potential lenders such as vendors, investors, and banks who consider how much credit to extend.
The core of a company’s financial records is the general ledger. Every transaction flows through it. A problem with the general ledger affects all bookkeeping. We review the general ledger system every month to find discrepancies like unrecorded payments or double billing. Our virtual staff fixes the discrepancies so that the general ledger is accurate and in tip-top shape.
outsourced bookkeeping service USA
is available to spend time with clients, so they fully understand how to interpret and use the information we provide. Consultation services are included in the price.