Every business accounting information need first be analyzed in a double entry system of recording transactions called the cash book. This ensures matching of entries against bank statement, corresponding general ledger, and bank reconciliation statements are prepared periodically. Unlike traditional bookkeeping, at Reckon Consulting we manage client books virtually thus giving the client the opportunity to interact with such reports remotely as the task progresses.
At the end of successful bookkeeping, the proprietor will be able to receive up-to-date company management accounts for management decisions on operations, assets, liabilities, dues to third parties, debtors and tax position for the period at.
Budgetary allocation as part of the accounting process is vital. This comprise of actual expenditure verses targets overview.
Cash flow analysis and reports that help manage risks associated with poor cash flow management ensure operating working capital is maintained at the optimal level.
Our accounting and bookkeeping team is qualified and competent to handle all your accounting and bookkeeping tasks in Kenya. We are prompt, efficient, easy to deal with and are keen on details. Our approach ensures accuracy in capturing and storing of financial information.
This includes:
- Review the financial reporting structure of the company in order to ensure timely and accurate reporting of financial information.
- Ensure the right accounting stationery is consistently used with a view of boosting accountability and internal control systems.
- Ensure posting of all financial transactions and preparation of supporting documents.
- Maintain accounting records as per the Generally Accepted Accounting Standards (GAAPS)
- Ensure that the bank reconciliations are done on time.
- Ensure management accounts are submitted on a quarterly basis
- Make recommendations on the appropriate tax treatment on any expenditure. This will include but not limited to the treatment of withholding tax, PAYE among others.
- Ensure preparation of audit file at end of the year and communication with external auditors, preparation of the draft replies to audit queries to be authorized by the management representative, to the extent that the queries relate to the scope of services under this contract.
- Ensure filing and efficient management of monthly returns that includes VAT, PAYE, NHIF, NSSF, KEBS among others.
The following are the benefits of outsourcing accounting services:
- Spend less time managing your books and thus dedicating more time on core business functions.
- Avoid cutting corners when you don’t really understand how to do bookkeeping properly.
- Access to professional accounting services without hiring accounting professionals on full-time basis.
- Access to customized accounting services without necessarily investing in essential accounting and bookkeeping hardware and software systems.
- Total compliance with the increasingly complex statutory requirements, i.e. PAYE, VAT, NITA, NSSF, NHIF, KEBS deadlines, Tourism Fund among others. This will ensure that you will not have missed deadlines and ensure compliance with the evolving tax system in Kenya.