2024-06-21 10:13:16
ACCOUNTING & BOOKKEEPING – Finapt Consultants

1. Accounting and Bookkeeping

1.1. Bookkeeping

Overview

Bookkeeping is the process of recording, classifying, and summarizing financial transactions to create accurate and reliable financial statements. The primary objective of bookkeeping is to provide a clear picture of the financial health of an organization by maintaining a systematic and organized record of its financial transactions. 

Our Capabilities

With a team of experienced and qualified bookkeepers and expertise in modern accounting software, FinApt is well-equipped to handle all aspects of bookkeeping, including recording financial transactions, preparing financial statements, managing accounts receivable and accounts payable, reconciling bank and credit card statements, processing payroll, and ensuring compliance with tax laws and regulations. Our team has expertise in utilizing various accounting software (e.g., QuickBooks, Tally, Xero, Zoho Books, Sage) to provide efficient and accurate bookkeeping services.

Customer-Centric Benefits

  • Provides an accurate and reliable record of financial transactions
  • Helps in making informed financial decisions by providing insights into financial performance and trends 
  • Ensures compliance with regulatory requirements and accounting standards 
  • Facilitates tax preparation and filing by maintaining accurate financial records 

The Way We Work

  • Understand the client’s business and financial transactions 
  • Record financial transactions in a systematic and organized manner 
  • Classify transactions into appropriate categories and accounts
  • Reconcile accounts and ensure accuracy and completeness of financial records
  • Generate financial statements, including balance sheet, income statement, and cash flow statement Provide insights into financial performance and trends 
  • Identify areas for improvement in financial reporting processes and provide recommendations

1.2. Cloud Accounting

Overview

Cloud accounting is a type of accounting software that allows businesses to manage their financial transactions and records through the internet or “cloud”. Instead of traditional software installed on a computer or server, cloud accounting is hosted on remote servers and accessed through a web browser or mobile app.

Our Capabilities

FinApt provides expert cloud accounting services using QuickBooks Online, Xero, and Zoho Books. Our tools and techniques enhance financial record credibility, identify weaknesses, and offer recommendations for improvement. We ensure regulatory compliance, provide financial insights, and enable informed strategic decision-making.

Customer-Centric Benefits

  • Provides businesses with greater flexibility, as it can be accessed from any location, at any time, by authorized users
  • Typically more cost-effective than traditional accounting software, as it does not require expensive hardware, maintenance, or upgrades
  • Enables businesses to collaborate with their accountants or bookkeepers in real-time, improving communication and collaboration
  • Improve the accuracy and efficiency of accounting processes, reducing the risk of errors and saving time

The Way We Work

  • Understand client requirements and goals through meetings and discussions
  • Research and recommend appropriate cloud-based accounting software
  • Create client accounts, configure the system, and import or enter client data
  • Provide comprehensive training on how to use the cloud accounting software
  • Utilize the software for day-to-day accounting tasks, automate processes, and manage financial statements
  • Continuously monitor and analyze financial data using the software, generate reports, and offer insights
  • Implement security measures, stay compliant with regulations, and protect client data

1.3. CFO Services

Overview

As a CFO service provider, our firm offers clients the expertise and guidance of experienced financial executives who can help improve financial performance, streamline operations, and provide strategic insights. 

Our Capabilities

Our CFO services provide clients with an experienced financial executive who can help improve financial reporting, manage cash flow, and provide strategic guidance. Our team has extensive knowledge and expertise in finance, accounting, and business operations. We work closely with our clients to understand their unique needs and provide customized solutions to help them achieve their financial goals.

Customer-Centric Benefits

  • Provides strategic financial leadership and guidance
  • Improves financial planning, reporting, and analysis
  • Streamlines financial operations and processes
  • Optimizes cash flow and working capital management
  • Provides expertise in mergers and acquisitions, financing, and risk management
  • Helps drive business growth and profitability

The Way We Work

  • Understand the client’s business, financial goals, and challenges
  • Develop a financial strategy and roadmap to achieve the client’s goals
  • Provide ongoing financial analysis and reporting to track progress and identify areas for improvement
  • Implement best practices in financial management and accounting
  • Provide guidance on financing, mergers and acquisitions, risk management, and other strategic initiatives
  • Act as a liaison with other financial service providers, such as bankers, lawyers, and auditors
  • Continuously monitor and adjust the financial strategy to ensure it remains aligned with the client’s goals

1.4. Fixed Assets Management

Overview

Fixed Assets Management involves acquiring, recording, and managing tangible assets owned by a business, such as buildings, machinery, and vehicles. It includes processes like depreciation calculation, asset tracking, and maintenance, and ensures compliance with accounting standards and regulations. Effective Fixed Assets Management improves financial reporting accuracy, supports decision-making, reduces risks, and maximizes asset value.

Our Capabilities

We have a deep understanding of the regulatory requirements and accounting standards related to fixed asset management, enabling us to provide our clients with comprehensive and accurate financial reporting. Our team conducts regular reviews and audits to ensure that the fixed asset records are up-to-date and accurately reflect the current value of the assets.

Customer-Centric Benefits

  • Enhanced accuracy and efficiency in the management of fixed assets
  • Comprehensive and accurate financial reporting
  • Compliance with regulatory requirements and accounting standards
  • Reduction in manual effort and time spent on fixed asset management
  • Improved decision-making based on accurate and up-to-date fixed asset records

The Way We Work

  • Conducting an initial review of the client’s fixed asset records to identify any gaps or inaccuracies
  • Developing a customized fixed asset management strategy that aligns with the client’s business goals
  • Utilizing advanced technology and software to accurately record and track fixed assets
  • Conducting regular reviews and audits to ensure the fixed asset records are up-to-date and accurate
  • Providing comprehensive and accurate financial reporting related to fixed assets

1.4. Inventory Verification

Overview

Inventory verification, also known as stocktaking or physical inventory count, is the process of counting and reconciling an organization’s physical inventory with the inventory records in their accounting system. The primary objective of inventory verification is to ensure that the inventory records are accurate and reliable, and to identify any discrepancies or issues that may exist.

Our Capabilities

Our team has extensive experience in inventory verification and utilizes advanced techniques and tools to provide our clients with a thorough and efficient process. We work closely with our clients to understand their inventory management processes and identify any potential risks or issues that may impact the accuracy of their inventory records. Our approach is tailored to meet the specific needs of each client and is designed to provide a comprehensive assessment of their inventory accuracy.

Customer-Centric Benefits

  • Provides an accurate and reliable inventory valuation
  • Helps identify discrepancies and potential areas of theft or fraud
  • Improves inventory control and management
  • Ensures compliance with regulatory requirements
  • Helps inform strategic decision-making

The Way We Work

  • Review and assess the client’s inventory control policies and procedures
  • Develop an inventory verification plan tailored to the client’s specific needs and risks
  • Physically count and verify inventory quantities and values
  • Identify and investigate any discrepancies or potential issues
  • Provide recommendations for improving inventory control and management processes
  • Issue a report summarizing the results of the inventory verification and any findings or recommendations.

1.6 Accounts Receivable (AR) and Accounts Payable (AP) management

Overview/ Introduction

Accounts Receivable (AR) and Accounts Payable (AP) management are essential components of financial management for any organization. AR management involves tracking and collecting payments from customers for goods or services provided, while AP management involves tracking and managing payments to suppliers for goods or services received.

Our Capabilities

Our firm offers comprehensive AR and AP management services to help our clients optimize their cash flow, minimize risks, and improve their financial performance. We have a team of experts to streamline the AR and AP management process, making it more efficient, accurate, and compliant with accounting standards and regulations.

Customer-Centric Benefits

  • Improves cash flow by reducing the time it takes to collect payments from customers and managing payments to suppliers effectively
  • Helps minimize risks associated with non-payment or late payment of invoices
  • Provides visibility and control over financial transactions and balances, which enhances decision-making and financial planning
  • Improves relationships with customers and suppliers by providing timely and accurate information about transactions and balances
  • Enhances the credibility of financial statements by ensuring accurate and timely recording and reporting of AR and AP transactions

The Way We Work

  • Review and analyze the client’s current AR/AP processes and systems
  • In case of AR, develop and implement strategies to optimize the AR process, including billing, invoicing, and collection procedures
  • In case of AP, develop and implement strategies to optimize the AP process, including invoice processing, payment approvals, and vendor management
  • Utilize advanced software and technology to automate and streamline AR/AP processes, reducing errors and enhancing accuracy
  • Monitor and manage the aging of AR/AP to identify potential risks and take corrective actions
  • Provide regular reports on AR/AP balances, cash collections/disbursements, and trends

1.7. MIS Reporting 

Overview

MIS reporting is a process of providing relevant financial and non-financial information to key decision-makers within an organization. The objective of MIS reporting is to enable effective decision-making by providing timely and accurate insights into the organization’s performance, risks, and opportunities.

Our Capabilities

FinApt offers MIS reporting services that are customized to the specific needs of our clients. Our team of experienced professionals works closely with our clients to identify their reporting requirements and develop a reporting framework that provides the necessary information in a clear and concise manner. We utilize advanced reporting tools and techniques to deliver reports that are visually engaging and easy to understand. 

Customer-Centric Benefits

  • Provides timely and accurate information to key decision-makers within the organization 
  • Enables effective decision-making by providing insights into the organization’s performance, risks, and opportunities
  • Helps identify areas for improvement in processes, controls, and information systems
  • Facilitates communication and collaboration among different departments and teams within the organization 

The Way We Work

  • Understand the client’s reporting requirements and objectives
  • Identify the relevant data sources and ensure data accuracy and integrity 
  • Develop a reporting framework that meets the client’s needs and is easy to understand 
  • Utilize advanced reporting tools and techniques to deliver visually engaging and actionable reports 
  • Provide ongoing support and maintenance to ensure the reporting framework remains relevant and up-to-date

1.8 Financial Report Compilations 

Overview

Financial report compilations involve the preparation of financial statements based on information provided by the client, without performing an audit or a review of the financial information.

Our Capabilities

Our firm also provides financial report compilation services, where we work with our clients to prepare financial statements that are compliant with accounting standards and regulations. Our team of experienced accountants utilizes their knowledge and expertise to ensure that the financial statements are accurate, complete, and reliable.

Customer-Centric Benefits

  • Provides a cost-effective alternative to a full audit or review
  • Ensures compliance with accounting standards and regulations
  • Provides accurate and reliable financial information for decision-making
  • Saves time and resources for clients who are not required to undergo a full audit or review

The Way We Work

  • Gather and review financial information provided by the client
  • Prepare financial statements in accordance with accounting standards and regulations
  • Perform analytical procedures to identify any unusual or unexpected transactions
  • Communicate any significant findings to management and provide guidance on how to address them

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