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MANAGEMENT OF ACCOUNTS
Managing accounts is a fundamental practice of running an efficient business. It enables clients to analyse their business so as to make informed business decisions and forward-looking projections. In our view, management accounting is at the lifeblood of all well run businesses, and is used to drive performance, inform strategy, maximize profit, enable comprehensive analysis and highlight issues. We provide full accounting support allowing business owners to focus on the important day to day running of their business. That’s why we work with clients to identify what is important to track for their business, and compile a set of accounts that are tailored and useful to their business. What’s more, is our accounting services will keep you compliant with accounting related standards and regulations. Typically, management accounting services include the following items:
- Cash flow forecasts
- Preparation of Monthly Management accounts and graphical representations
- Key performance indicators
- Reports that analyze, significant changes
- Profitability of projects
- Product or marketing activities
Bookkeeping:
- Full capturing of daily transactions from source documents to trial balance
- Monthly Bank reconciliations
- Maintenance of Fixed Asset Registers
- Debtors and Creditors Ledger
- Monthly management accounts and analysis
- Preparation of budgets and actual vs. budgets comparisons
- Debtors management –recovery and collections strategy
Sound financial health is a key objective of every well-run business. Numbers for a business are essential in communicating organizational strength and opportunities for improvement. As such a financial statement is a formal record of the financial activities of a business, person or entity. As KL Accounting Services, we have the know-how to assist our clients with the preparation and interpretation of annual financial statements, providing them with properly prepared statements with the required information, aligned with accounting principles and regulations.
Our experienced team performs agreed-upon procedure engagements in accordance with the highest standards governing the profession.
During an agreed-upon procedure engagement our qualified teams offer insightful counsel and collaborate with clients to agree upon the set of procedures that will need to be followed based on the client’s needs. This could relate to a financial statement component or another written assertion.
These procedures cover an agreed upon aspect of the client’s business information, rather than their whole financial statements. Our team performs the procedures and reports the results on a factual basis and do not express an opinion or negative assurance. Instead, the report is in the form of procedures and findings.
Agreed-upon procedures are a recommended business practice in circumstances such as:
- Determining internal controls in particular areas to evaluate whether they are operating as prescribed.
- Compliance reviews against prescribed laws and regulations.
- Formulation of the Finance Policies and Procedures Manual as well as the Human Resources Policy and Procedures Manual
Financial Statements Review
Financial statements provide the required information in a usable format to assist businesses make the best decisions. A review engagement is another form of assurance that can meet the needs of some businesses particularly SMEs without putting undue strain on time and other resources.
A review is a limited assurance engagement; it provides less assurance than an audit. It may help businesses that require some level of independent assurance to increase the credibility of their financial statements, for example, when seeking a loan from a bank. In these cases, a review can be an ideal solution.
Why Financial Review Engagement?
The labour and time restraints involved in performing a review engagement are generally less than that required when conducting an audit. As such a review is a more cost-effective option while still involving the financial reporting expertise of experienced auditors.