Accounts payable services can help you keep track of the outstanding bills that exist for your business so that you can take care of them promptly. When cleaning up and repairing your Books, we also clean up the accounts payable. If there are any of the credits and vendor payments that haven’t been applied correctly, we fix the inconsistencies. We also review the client’s Books and account mapping to make corrections when required. Besides this, we also review other aspects and check if there is a need for any corrections.
- Invoice Indexing.
- Duplicate Checking.
- Invoice Accuracy & Other Checks.
- Past year Invoices Flag.
- PO and Non PO Based Invoices.
Receipt and management of all paper-based payables documents. This includes:
- Batch preparation.
- Scanning Document.
- Document storage and retrieval.
- Receiving and processing incoming mail.
- Audit and reconciliation of scanned invoices.
- 100% availability of scanned invoices.
DATA PROCESSING – EXCEPTION MANAGEMENT/RESOLUTION
Resolution and proactive management of exception transactions.
- Approval and exception routing.
- Shortened month-end closing process.
- Documented audit trail.
SUSPECT DUPLICATE ANALYSIS
Audit and control mechanisms to eliminate the risk of duplicate payments and support recovery and reclamation through:
- Manual and automated data entry.
- Three-way database matching.
- Electronic invoice processing.
All aspects of payments in minimal time to reduce customers’ floating costs.
- Print cheques.
- Online check proofing.
- Electronic payment handling.
- Special invoice mail handling.
Our professionals can help in fixing the credits and the customer payments that have not been properly applied or entered. If there are any incorrect undeposited funds account balance, we can also help make the corrections. Sometime, there may be a requirement for additional corrections upon reviewing the accounts receivables aging report. We can make the report and identify the inaccuracies that need corrections. In addition to this, writing off non-collectible invoices is also one of the sub-services under accounts receivables in our services.
Accounts Receivable Services
Serving the industry for so long, we have gained rich, multi-domain experience and understand every minute concept of accounts receivables. Our team of accountants and financial experts is trained to handle any kind of accounts receivable requests. Some of the key service offerings we provide include –
- Invoice Creation.
- Credit limit fixing.
- Creation of Customer accounts.
- Analyzing, processing monthly invoices, and customer statements.
- Tallying cash receipts against relevant invoices or customer checks, Direct Debit, Wire remittances, Credit card payouts etc.
- Following-up through e-mail or call for the payments as a part of receivables management.
- Setting up billing parameters, late fees, etc. in accounting software.
- Carrying out monthly rental Invoices processing.
- Creating and initiating relevant tenant communication through template-driven letters in case of delinquencies.
- Preparing cash and accrual based monthly reports.
- Prepare variance report by comparing operating results with the monthly budget.
- Budgeting Support and Analysis.
- General Ledger and Subsidiary ledger reconciliations.
Bank reconciliation helps match all the balances in the account records of the client. It helps in identifying any discrepancies in the accounting records. We begin by reconciling all the bank accounts. This would also include your money market, savings account, credit card accounts, PayPal, etc. In addition to this, we also review missing as well as outstanding checks and identify discrepancies, if any, in the bank reconciliations.
Fixed Assets Accounting
General Ledger Reporting
Financial Statement Preparation
Fincon is a leading fixed asset accounting service provider and can help you with any of your fixed asset accounting needs. Our fixed asset accountants are all highly proficient in using the various depreciation methods applicable in the US, Canada, and other countries, including the straight-line depreciation method, declining balance method, and the units-of-output method. Our accountants are also highly well-versed in using a wide range of accelerated depreciation methods.
- Updating the fixed asset register with new asset additions and write-offs.
- Updating asset details like asset code, asset type, purchase information, asset description, etc.
- Reconciling fixed assets and other related sub-ledgers with the general ledger.
- Arranging assets location wise, department wise, cost center wise, block-wise, and category wise.
- Calculating the depreciation based on specific depreciation rates and methods.
- Preparing journal entries like expensing of fixed assets, depreciation values, asset purchase/sale information, and write-offs of old or completely depreciated assets.
- Physically verifying fixed assets regularly.
- Performing monthly variance analysis of actual capital expenditures against budget.
- Reviewing of fixed asset invoices to evaluate expense vs capitalization.
- Creating various reports like a fixed asset register, fixed asset schedule, depreciation calculation report, depreciation comparison report, etc.
- Liaising with the site manager and regional property manager to ensure there are no deviations from the capital expenditure policy.
- Handling different accounting projects concerning balance sheet accounts, general ledger clean-up activities, and distribution accounts.
- Providing advice on write-offs & adjustments against each asset, if any.
- Coming up with accurate capital expenditure projections based on past asset depreciation and new capital improvement plans.
- Accounting for sale or discarding of assets.
Under the General ledger reporting , we perform the following services
- Monthly book closing schedule.
- Accounting system setup for new businesses.
- Adjusting and closing of entries such as Provisions , accruals, bad debts , Revenue accruals etc.
- Financial statement analysis.
- Trial balance for journal and adjustment entries.
- Ledger preparation.
Our Team has more than three decade of experience in working with businesses and investment funds and offering them with the highest quality financial statement preparation services. We possess the requisite technical skills, and the knowledge required to prepare financial reports in a timely manner.
We have a select team of individuals who are experts in preparing financial business statements and have a strong asset management background. They are also experienced in both US IFRS and GAAP reporting and have worked with a variety of different fund structures. Our services include –
Compiled Financial Statements
We can prepare thorough complied financial statements as necessitated by your company’s management. In this case, we do not verify the accuracy of the numbers and therefore do not hold ourselves responsible for the numbers, but at the same time ensure no accounting errors are present in the financial report. We make corrections and then present the same in a standardized format, complete with a balance sheet or income statement, but without any disclosures or footnotes.
Reviewed Financial Statements
Reviewed financial statements require a higher level of service and is more detailed and thorough than a normal compiled statement preparation. We check the integrity of your data and perform additional inquiries to identify items that require further analysis. We take extreme effort to understand the nature of your business and your goals, which help us to prepare financial reports that look beyond the numbers and tell the whole story.
From a simple business loan to complex income statements preparation, at O2I, we specialize in putting together high-quality financial reports within short turnaround times. Accounting standards are different worldwide, and changing regulations means you need a partner who is always on the top of his game when it comes to preparing your financials. Some of our key differentiators include –
- Day-to-day maintenance and upkeep of records which help you draw financial statements at any point in time
- Accurate and error free statement preparation ensuring smooth and hassle free corporate audits
- Compliance with country specific statutory regulations and relevant accounting/auditing standards.
- We use the latest bookkeeping and accounting software such as Quicken, MYOB, QuickBooks, Intuit ProSeries, NetSuite, Peachtree, MAS 90, MAS 200, MAS 500, SAGE, and Lacerte.
- Generation of financial reports coupled with expert analysis of financial statements.
- Error free preparation of statements ensured by stringent quality measures. We can guarantee an accuracy level of 98%.