ACCOUNTING & AUDIT
Book Clean Up and Historic Accounting
To run efficiently and make wise business decisions, the company’s owner requires accurate and well-maintained books. Since maintaining a clean set of books necessitates regular book updates, effective spending allocation, and adherence to generally recognised accounting rules, most SMEs struggle with this. A business can punish itself by overpaying taxes if its records are not accurate.
Business owners who use “Book Clean Up” are better able to comprehend their financial status and their true net worth and earnings. Our accountants will help you put in place an appropriate accounting system and deliver timely reports and accurate data required for management decisions.
Scope of Services
- Correction of existing miscoded GL entries such as expenses booked in asset accounts, wrongly booked income etc
- Fixing vendor payments and credits not applied correctly
- Fixing customer payments and credits not applied correctly
- Locate discrepancies in balance sheet items
- Reclassify historic transactions that have been incorrectly recorded
- Write back of long term / short term provisions that are no longer required
- Write off non collectable invoices
- Write off current assets & non-current assets that are no longer recoverable
- Clearing backlog of un-posted historic transactions
- Clean-up of chart of accounts through removal of duplicate and unused accounts and systematic structuring of accounts
- Support in revaluation of property, plant and equipment and recalculate depreciation & amortization
- Review of unpaid bills report for any additional corrections, updates or changes
- Review of “Open / Unsatisfied Charges with Registrar of Companies” created by the company
- Reconciling historic accounts with bank, credit card, line of credit, vendor and customer statements
- Review of accounts receivable aging summary report for any additional corrections, updates or changes
- Reconcile bank and credit card accounts
- Review of working trial balance for data entry errors, misclassifications and prepare list of suggested adjusting journal entries to correct these mistakes
- Troubleshoot prior account balances that have been changed.