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Full Cycle Bookkeeping
Full Cycle Bookkeeping, often referred to as end-to-end accounting, encompasses the complete range of accounting processes from the initial recording of financial transactions to the preparation of financial statements and reports. This holistic approach ensures that every aspect of a company's financial activities is accurately and comprehensively managed. Here's an overview of the key components of full cycle accounting:
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Data Entry and Recording:
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Accounts Payable:
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Accounts Receivable:
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Bank Reconciliation:
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General Ledger Maintenance:
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Finalising Year-end Books
By embracing the full cycle accounting approach, businesses can benefit from a comprehensive and systematic financial management process that not only ensures compliance but also contributes to informed decision-making and long-term financial sustainability.
Inventory & Payroll Management
Inventory management is a critical aspect of business operations that involves overseeing the acquisition, storage, tracking, and utilization of a company's goods or materials. Effective inventory management is essential for maintaining optimal levels of stock to meet customer demand while minimizing carrying costs and preventing stockouts or overstock situations.
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Payroll management is a critical function within an organization that involves the administration of employee compensation, including salaries, wages, bonuses, and deductions. Efficient payroll management ensures that employees are paid accurately and on time while also complying with legal and tax regulations.
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Management Information Reports
Management Information Reports (MIR) are comprehensive documents that provide key insights and data to aid managerial decision-making within an organization. These reports typically aggregate and present information from various departments, operations, or systems, offering a holistic view of the organization's performance.
Considerations for Creating Management Information Reports:
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Audience Focus:
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Data Accuracy:
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Visual Representation:
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Timeliness:
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Actionable Insights:
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Consistency:
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User-Friendly Format:
Management Information Reports play a crucial role in providing actionable insights for strategic decision-making. By focusing on relevant data, accuracy, and effective communication, these reports contribute to informed and data-driven management within an organization.
Accounts Receivables & Payables
Accounts Receivable (AR) and Accounts Payable (AP) are two fundamental components of a company's financial management. They represent the company's short-term financial obligations and assets, respectively.
Accounts Receivable (AR):
Key Aspects:
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Invoicing:
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Credit Terms:
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Collection Process:
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Aging Reports:
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Cash Flow Impact:
Accounts Payable (AP):
Key Aspects:
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Invoice Receipt:
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Payment Terms:
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Payment Process:
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Cash Flow Management:
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Accrual Accounting:
Overall Significance:
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Both AR and AP play a vital role in a company's working capital management, influencing cash flow, liquidity, and overall financial health.
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