Offshore Accounting Services

Bookkeeping

Bookkeeping involves maintaining accurate and up-to-date records of financial transactions, ensuring compliance with tax regulations, and offering insights for decision-making.

• Recording Transactions: Track every financial transaction, including sales, purchases, and payments.
• Chart of Accounts: Organize transactions into categories like assets, liabilities, and expenses.
• General Ledger: Consolidate all accounts for financial statement preparation.
• Bank Reconciliation: Ensure accuracy by comparing company records with bank statements.
• Financial Statements: Create comprehensive reports like balance sheets and income statements.
• Tax Compliance: Ensure financial records meet tax law requirements.

Accounts Payable

Accounts Payable manages amounts owed to suppliers, helping businesses maintain cash flow while ensuring timely payments.

• Purpose: AP ensures payments to suppliers are made on time, maintaining financial health.
• Process: Invoice receipt, verification, approval, and payment scheduling.
• AP Aging: Categorize outstanding payments to understand liabilities and optimize cash flow.
• Accounting Entries: Record expenses and liabilities as they arise, ensuring financial clarity.
• Payment Terms: Utilize flexible terms like Net 30 or 2/10 Net 30 to manage finances.
• Cash Flow Management: Effective AP management ensures liquidity and business continuity.

Account Reconciliation

Account reconciliation compares internal records with external documents to ensure financial accuracy and integrity.

This process maintains the accuracy of financial reports and is essential for audits and regulatory compliance.