| Setting up a fully-functional transaction processing and accounting system is one of the biggest challenges for small businesses. While things may seem unnecessary and inconvenient at start, very soon small business owners realize that they need to know the sources of income and expenditure, whether the business is making profit or loss, and where it is headed in the near future. CFO consulting services do realize that founding an accounting department and establishing controls over the check and balance of the transaction process could be a big trouble for small business owners, so now you have the benefit of outsourced accounting services which will offer you efficient virtual bookkeeping and accounting services at a much lower cost.
Bookkeeping for a small business should be kept very simple and functional. The cost of the overall accounting system should never exceed a certain limit and that’s what outsourced restaurant accounting services is all about. It will enable you to keep all the necessary records of your business in the form of virtual bookkeeping, which means that all your transactions will be remotely recorded in the accounting software and you will not have to worry about maintaining the records and physical accounting documents, or generating the timely reports for decision making of your business.
CFO consulting services offer a wide range of accounting and bookkeeping services that are well suited to your business needs. Our qualified accountants analyze the business and define the segments that can be effectively managed by you internally, and those functions that need specialized attention and can be outsourced. Some of the accounting services that can be outsourced include:
- Maintenance of General Ledger
- Payroll processing and generation of department and employee benefit wise reports
- Account payable and receivable bookkeeping
- Reconciliation of bank accounts and credit cards
- Proper recording of expenses along with calculations and disclosures, e.g., depreciation schedules
- Bookkeeping related to mergers and acquisitions including due diligence.
- Management restructuring
- Calculation of current and deferred tax
- Preparation of monthly, quarterly, half-yearly reports
- Assistance in the preparation of financial statements – balance sheet, income statements, cash flows and changes in equity statements
Assistance from CFO consulting ensures that your accounts are prepared in accordance with all the local and international, governance laws and standards. This means that your accounts are consistent with all accounting principles and international standards, as well as consistent from period to period and with the other business entities. As a result your financial statements will reflect the most accurate, true and fair view of the business affairs and will be highly comparable and understandable by the stakeholders. |
