Offshore Accounting Services
Your Path to Efficiency and Cost Savings
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Significant Cost Reduction: Save up to 70% on your accounting costs.
Time Efficiency: Free up your time by outsourcing tedious accounting tasks.
Business Focus: Maximize your ability to concentrate on core business growth.
Enhanced Security: Improve fraud prevention with meticulous transaction processing
The complete 8-Step accounting cycle
01
Identify transactions
We identify the accounting transactions which need to be recorded on company books. Record keeping is essential to track sales and expenses which come in different varieties.
02
Creation of Journal entries
This is the second step and the choice between accrual & cash accounting dictates how the transactions are recorded. Double-entry bookkeeping is used to record entries where each transaction is matched with the other for creating the balance sheet.
03
Posting entries
Once a transaction is entered in the Journal, it is posted in the ledger to provide a breakdown of all the accounting activities which allows a viewpoint over the financial position by account.
04
Creation of Trial balance
A trial balance is used to compute any unadjusted balances for each account which is carried forward to the worksheet for testing.
05
Worksheet adjustment
A worksheet is created to ensure that debits and credits match. It is used to ensure that any discrepancies are identified and adjusting entries are made for the same.
06
Adjustments done
The sixth step involves adjustments of journal entries wherever required.
07
Financial statements
After the passing of adjusting entries, a financial statement is generated. It is nothing but an income statement, cash flow statement, and balance sheet.
08
Closure of books
It is the final step of the accounting cycle and the closing statements provide an analysis report of the period it covers.