Accounting Services

  1. Accounting Services

Accounting is a crucial yet tiresome part of a business. Not everyone is equipped to handle accounting effectively. Zealous makes sure you get the best accounting services in a pocket friendly way. Our Chartered accountants with hands on experience in UK and US accounting will ensure quality work and help you focus on your venture. Below is the process flow of our Accounting Services.

  • Transactions

We need to understand the needs of the client, analyze the type of the business. Once data is received we start shorting and arranging the same in the folders and files. Transactions may include a debt payoff, any purchases or acquisition of assets, sales revenue, or any expenses incurred, etc.

  • Journal Entries

With the transactions set in place, the next step will be recording the journal entries in the chronological order. The team member starts assigning the task to the team members and the members start working on the same.

  • Posting to General Ledger

The journal entries are then posted to the General Ledger where a summary of all the transactions to the individual accounts can be seen. Based on the requirement the team leader even does the scrutiny of the ledgers.

  • Trial Balance

At the end of the accounting period (Monthly, Quarterly or yearly depending on the company and the requirement of the client) a total balance of the accounts is calculated, and Trial Balance is prepared.

  • Work Sheet

When the debits and credits on the trial balance don’t match, the lead manager of bookkeeper looks for the errors and make corrective adjustments that are tracked on work sheets.

  • Adjusting Entries

At the end of the accounting period accounting entries must be posted to the account for accruals and deferrals.

An Illustrative List is as under:

  • Prepaid Entries
  • Provision Entries
  • Contingent Liabilities
  • Depreciation Entries
  • P/L Adjustment
  • Accrual Entries

  • Financial Statement

The following financial statement can be prepared which is required for reporting. The experience member from our team prepare the following:

  • Balance Sheet
  • Income Statement
  • Cash Flow Statement

  • Closing the Book

The revenue and expense are closed and zeroed out for next accounting cycle. This is because revenue and expense account are income statement accounts, which shows performance for a specific period. Balance Sheet are not closed because they show the company’s financial position at a certain point of time.

Finally, we submit the data back to the client with new backups and Reports.