BOOKKEEPING & ACCOUNTING

 

Bookkeeping is an integral part of any business, be it small or large business. MAS offers-

1. Convenient bookkeeping solutions.
2. Easy access to qualified, seasoned bookkeepers and accounting professionals
3. Cost-effective rates

 

INITIAL SETUP :

It essentially includes the below mentioned activities:

1. Setting up of Chart of accounts as per client’s business requirements
2. Setting up of suppliers/vendors and customers/clients
3. Setting up of various business segments/locations/cost centers
4. Setting up of recurring templates for purchase bills and customer invoices
5. Importing of opening balances
6. Linking and setting up of bank, credit card and paypal account
7. Integrating add on softwares with accounting software

RECORDING OF FINANCIAL TRANSACTIONS :

This service includes following list of activities:

1. Creation of customer invoices to record sales
2. Creation of supplier bills to record purchases
3. Recording of bank, credit card and paypal transactions on daily, weekly, monthly basis as the case may be
4. Performing month end bank, credit card and paypal reconciliation
5. Recording of month/period end accruals, depreciation and prepayments entries

ACCOUNTS PAYABLE MANAGEMENT :

We provide following services to manage the Accounts payable:

1. P2P (Purchase to Pay) – This includes various activities such as
   • Creation of Initial Requisition
   • Creation of Purchase Order
   • Authorization of Purchase Order
   • Sending authorized PO to the requester
   • Approving the Bill received
   • Posting of Bill in the accounting system
   • Paying the Bill (via ACH, credit card, wire transfer, etc.)


2. Supplier account reconciliation -This includes various activities such as
   • Reconciling the general ledger with the bank statements/payment vouchers
   • Reconciling our accounts with the supplier account statement.
   • Identifying the variances and resolving the differences.

ACCOUNTS RECEIVABLE MANAGEMENT :

We provide following services to manage the accounts receivable :

1. O2C (Order to Cash)
   • Quoting/Bidding the Order
   • Processing the Order
   • Fulfilling the Order
   • Invoicing customer on approval of Quote/Order
   • Applying the payment received


2. Customer account reconciliation-This includes various activities such as
   • Reconciling the general ledger with the bank statements/payment vouchers
   • Reconciling our accounts with the customer account statement
   • Identifying the variances and resolving the differences
   • Sending emails and making phone calls to customers for collecting payments.

REPORTING:

We prepare various financial and managerial reports for our clients. Some of the examples are listed below:

1. Income statement /Profit & Loss The income statement summarizes the costs, expenses and revenue acquired over a particular period of time. This period of time will usually be a year or a fiscal quarter. This financial report provides information about the capability of the organization to make profit by minimizing costs and maximizing revenue. This report is also called ‘profit and loss statement’, statement of profit and loss’ or ‘income and expense statement’.
2. Balance Sheet The balance sheet is the most vital financial statement. The balance sheet displays the organization’s net equity, assets and liabilities at a specific date.
3. Cash Flow Statement This statement provides a summary of the organization’s cash flow activities. This includes, the organization’s investing, financing and operating activities. The statement of cash flow also displays the organization’s beginning and ending balances of cash. The statement also highlights the uses and the sources of cash for that particular year.
4. Accounts Receivable Ageing Report An accounts receivable aging is a report that lists unpaid customer invoices and unused credit memos by date ranges. The aging report is the primary tool used by collections personnel to determine which invoices are overdue for payment.
5. Accounts Payable Ageing Report An accounts payable aging report allows you to view the balances you owe to other companies for supplies, inventory and services your company receives.
6. Journal Report A journal is a detailed account that records all the financial transactions of a business, so that they can then be used for future reconciling and transfer to other official accounting records, such as the general ledger.
7. General Ledger Report The ledger provides a complete record of financial transactions over the life of the company. The ledger holds account information that is needed to prepare financial statements and includes accounts for assets, liabilities, owners' equity, revenues and expenses.
8. Month wise Profit & Loss Statements A profit and loss statement (P&L) is a financial statement that summarizes the revenues, costs and expenses incurred during a specific period of time
9. Segment/Class wise Reports Segment reporting is the reporting of the operating segments of a company in the disclosures accompanying its financial statements. Segment reporting is required for publicly-held entities, and is not required for privately held ones. Segment reporting is intended to give information to investors and creditors regarding the financial results and position of the most important operating units of a company, which they can use as the basis for decisions related to the company.
10. Expenses by Vendor Report It is a report detailing expenses by vendor. The transactions list by vendor report month wise or period wise.