Accounting and Finance
Scope of Services
• Update daily General Ledger
• Generate Monthly, quarterly, and annual financial reporting statements.
• Monthly Bank Reconciliation
• Monthly cash flow forecasting
• Develop Inventory & warehouse activities
• Fixed assets management
• Cover past backlog unrecorded transaction
• Prepare the annual budget
• Prepare manual policies and procedures
Bookkeeping services include the following:
• Bookkeeping (Update daily General Ledger )
• Maintaining Accounts Payable (cash out).
• Maintaining Accounts Receivable (cash in).
• Maintaining & cleaning up the General Ledger.
• Bank Reconciliation.
• Internal Audit & Compliance.
Bookkeeping (Update daily General Ledger)
Bookkeeping involves the recording, on a daily basis, of a company’s financial transactions.
With proper bookkeeping, companies are able to track all information on its books to make key operating, investing, and financing decisions itialuS boasts of its wealth of knowledge and experience in Bookkeeping services.
Our financial services teams comprise of well-trained financial experts skilled at using the latest finance and accounting software known with WallPost, which is a web-based ERP. In addition, we utilize and comply with IFRS and GAAP standards.
Maintaining Accounts Payable (cash out).
In order to maintain great relationships with suppliers, ensuring that they are paid on time is critical to your business.
The role of the Payables Department includes keeping an eye on opportunities to save money. for instance, determining if there are discounts or incentives available for paying certain vendors more quickly.
At the very least, AP should be scheduled to assure that the least amount of money has to go out per payment, i.e., no late payment charges.
WallPost allows you to manage accounts payable easily. WallPost organizes accounts payable data for you so that you kept up-to-date on how much the suppliers are owed and when bills are due.
WallPost allows you to track and manage outstanding bills. Printing reports such as statement Vendors Report, the A/P Aging Report, and Suppliers Detail Report will also be generated easily for you.
Maintaining Accounts Receivable (cash in)
Another critical duty of the accounting department is to account for and track receivables, including outstanding invoices and any required collection actions. Accounts receivable is responsible for creating and tracking invoices. Its responsibility includes ensuring that customers pay these invoices on time, so a system of friendly reminders like WallPost is crucial.
WallPost allows you to manage accounts receivable with ease. WallPost organizes accounts receivable data for you so that you will always know how much money you are owed.
WallPost allows you to track and manage the overdue collection. You can easily print reports such as Statement customer Report, A/R Aging Report, and Customers’ Detail Report.
Internal Audit & Compliance
The Internal Audit & Compliance department at itialuS will be responsible for overseeing the company’s financial operations to ensure that they are in line with internal and external policies and regulations. It will also be responsible for all Financial Transactions’ compliance with IFRS and GAAP. This department will provide independent assurance that an organization’s risk management, governance, and internal control processes are operating effectively.
Monthly cash flow forecasting
On Monthly basis, itialuS will issue the forecasting report to show how much money a business expects to receive in and pay out
Developing Inventory & warehouse activities
Throw our inventory & procurement system you can control the company stock and achieve the fundamental goal is which keeps inventory levels balanced at all times without ever having too much or too little product in stock. So staying on top of ordering, forecasting and storage are key parts of good quality inventory management.
Fixed assets management
In corporate finance, asset management is the process of ensuring that a company’s tangible and intangible assets are maintained, and put to their highest and best use We have a complete module to manage the asset creation, tracking, and evaluation
Cover past backlog unrecorded transaction
If the company have unrecorded transactions, itialuS can prepare and upload the backlog in WallPost Software.
Prepare the Annual Budget
itialuS will prepare a yearly budget to predict the incomes and expenses of the business on a short-term basis. Right projections of the cash flow help the business to achieve its targets in the right way. Financial budget preparation includes a detailed budget balance sheet, cash flow budget, the sources of incomes and expenses of the business, etc.