Bookkeeping
Your organization does not need an in-house bookkeeper, but you end up hiring one. However, after meeting our team you don’t need to worry any more as we will charge you depending on the work done, not fixed like employee. Exifo’s experienced team can provide you help on any bookkeeping software with remarkable turnaround time and quality. Our team include dedicated bookkeeper, weekly or monthly per organization needs and volume. Our bookkeeping solutions include:
❖ Data entry in software like SAP, Oracle, QuickBooks, Sage, Peachtree, Xero, Wave accounting software, etc.
❖ Setting up chart of accounts and correct classification of groups for the purpose of assets, liabilities, revenue, and expenses
❖ Preparation of books of accounts
❖ Pass journal entries
❖ Migration from one accounting package to another
❖ Transition from spreadsheet to accounting package
❖ Generating trial balance
❖ Assistance in consolidating subsidiaries with parent
❖ Generating ledger accounts for compiling statutory reports like sales tax, payroll etc.
❖ Reconcile inter-company accounts and transactions
Financial Reporting
Based on the accounting database we prepare the following reports for management decision-making and controls:
❖ Monthly bank reconciliations
❖ Financial Reporting (Monthly / Quarterly / Yearly)
➢ Balance sheet
➢ Income statement / Profit & Loss Account
➢ Statement of shareholders’ equity / retained earnings
➢ Cash flow statements
Virtual CFO
We offer service of a CFO on contractual / project basis with focus on following areas:
❖ Setting up accounting policies and guidance for the organization
❖ Application of IFRS or any relevant financial reporting standards
❖ Preparation of Financial Statements
❖ Month and year end closing
❖ Reporting to management
❖ Assistance on Tax filings and tax compliances
❖ Supervision of client’s finance team
Inventory Management
❖ Maintain inventory records
❖ Develop and update costs for products and services
❖ Perform variance analysis
❖ Analyze and set up transfer pricing
Fixed Asset Management
❖ Maintenance of fixed asset register based on class of assets
❖ Calculate depreciation/amortization and book necessary journal entries
❖ Calculate depreciation / amortization for Income Tax purpose
❖ Assist in setting up deferred tax liability/asset based on difference between tax values and book values
❖ Account for write-offs and valuation adjustments
Accounts Receivable
❖ Generating sales invoices
❖ Generating and analysing aged trial balance for follow ups
❖ Applying payments to invoices
❖ Reconciling customer balances
❖ Preparing and posting journal entry for customer ledger
❖ Compiling and follow ups related to customer confirmation
Accounts Payable
❖ Accounts Payable solutions include an end-to-end solution for managing receipt of invoices, data processing, payment to vendors and generating payables report at regular intervals
❖ Controls and regular audit checks to reduce the risk of duplicate payments
❖ Reconciliation of vendor balances
❖ Solution for compiling vendor confirmation
❖ Make payment cheques as per credit guidelines by Client
Virtual Assistant
An assistant who monitors various operations of an organization like scheduling of meetings, research of possible business opportunities, appointments for clinic, find relevant doctor, online options, telephonic calls, etc. So, considering that various companies are moving towards VA who helps in these services at good costs from one place. You might get good service from one talented person instead of paying 2 inhouse employees, office costs, transport costs, etc.
Payroll Management
At Exifo we provide the following HR services:
❖The hiring of accounts staff as third party and place at client’s premises.
❖Preparation of monthly payroll.
❖Income tax deduction.
❖Calculation of Net Paychecks.
❖Payroll Journal and Payroll Summary Sheet.
❖Monthly/Quarterly/Yearly Tax statements.