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Are you sure your accounting is done correctly?

Posted by Deepshikha Shukla

December 24, 2021    |     4-minute read (628 words)

Accounting Done™ refers to a unified platform for bookkeeping, invoicing, cash flow management and year-end reporting for businesses offered by Escalon. Our highly trained accounting professionals will expertly manage all of your business’s accounting requirements without the expense of hiring a similar in-house team. 

The goal of Escalon’s accounting services team is to ensure that your business's books are in balance and error-free. Our professionals take care of everything accounting-related, from bank reconciliation and general ledger management to financial reporting. They will also seamlessly integrate automation into your systems. All you have to do is review and approve their work.

Accounting Done™ comprises the following four elements:

GL management

A properly maintained general ledger is the cornerstone of precise, timely financial records. Our accounting experts will create an accurate account of your general ledgers using monthly reconciliation and reviews of key accounts. We will also implement and provide you with recommended changes. 

Our GL management process entails:

  • Opening/closing accounting periods.
  • Recording accounting activities for the period’s end.
  • Accruals, adjustments and closeout.
The accounting team will review and analyze the GL ledger trial balance for abnormal and inappropriate balances or any discrepancies. At this point, we aim to take corrective actions in your financial records. Also, we will analyze trial balance relationships and develop controls to ensure the integrity of your financial statement data.

Reconciliation

Under Escalon’s Accounting Done™ services, our accounting experts will review your bank statements to confirm that transactions align with your balance sheet to make sure there are no discrepancies, errors or fraud. In doing so, we ensure your data remains secure and confidential.

Budget versus actual

Our accounting experts will analyze your company’s spending behaviors and revenue generation methods to ensure that you meet financial forecast projections. We identify areas over or under budget and assess whether you can, or should, hire additional employees.

Your Accounting Done™ associate will also prepare monthly reports and review financial statements to determine business areas that are not meeting expectations and require further investigation.

Reporting

Our accounting team will keep you apprised of the health of your business with detailed financial reporting. We accomplish this by preparing your monthly financial reports including income statements and balance sheets, so you’re aware of transactions, cash flow and reconciliations.

Benefits of Accounting Done™ services 

Our accounting experts can work 24/7 with you to complete all your crucial tasks as scheduled or ahead of time. Here are the benefits of leveraging Accounting Done™ services.

Substantial cost savings

With Escalon’s Accounting Done™ services, you can save on payroll costs of full-time, skilled accountants. Furthermore, you don’t have to invest money in accounting software or equipment.

Improved cash flow

Our experienced accounting team can analyze your financials and identify positive changes you can make to free up more of the business’ cash. Also, we can identify additional funding options for your business and help you process the paperwork for such applications.

Access to expertise

We’ll provide you with access to a team of highly skilled and trained experts that employ cutting-edge technology and processes to guarantee your data is correct and safe. We enable you to take advantage of the latest technologies at no additional expense. Further, we can assist you in obtaining applicable Small Business Administration assistance programs and advise you on how to best use any funding received. 

Our experts are also up to date on all the latest regulatory requirements. So, they can help ensure you remain compliant with evolving regulations that affect your business.

Fosters growth 

Equipped with broad knowledge and expertise, our accounting professionals will help you scale and expand seamlessly while dealing with the complexities associated with mergers or acquisitions. 

We handle your essential business offerings so you can focus on growth.