Understanding Your Unique Needs

As a business owner in the service industry your accounting and bookkeeping needs may differ from those of a traditional business.

Here's a breakdown of the essential steps involved in basic accounting and bookkeeping:

1. Income Tracking

• Invoice Management: Create and send professional invoices to clients promptly.

• Payment Tracking: Record all payments received, including cash, checks, or electronic transfers.

• Expense Management: Maintain a detailed record of all business expenses, such as office supplies, software subscriptions, and travel costs.

2. Financial Reporting

• Income Statement: Track your revenue and expenses to determine your profitability.

• Balance Sheet/ Statement of Financial Position: Monitor your assets, liabilities, and equity.

• Cash Flow Statement: Analyse your cash inflows and outflows to ensure adequate cash flow.

3. Expense Categorization

• Business Expenses: Categorize expenses as either directly related to your consulting services or general business expenses.

• Deductions: Identify eligible deductions, such as home office expenses, travel costs, and equipment purchases.

4. Record Keeping

• Digital Organization: Store all financial documents, invoices, receipts, and contracts electronically for easy access.

• Cloud-Based Accounting: Consider using cloud-based accounting software for streamlined record keeping and collaboration.

5. Professional Advice

• Financial Advisor: Seek advice from a financial advisor to develop a comprehensive financial plan for your business.

How We Can Help

As your accounting and bookkeeping partner, we offer the following services tailored to your freelance consulting business:

• Income and Expense Tracking: Accurate recording of all financial transactions.

• Invoice Management: Efficient creation and sending of invoices.

• Financial Reporting: Generation of detailed financial statements.

• Expense Categorization: Proper classification of business expenses for tax purposes.

• Record Keeping: Organization and storage of financial documents.

• Professional Advice: Guidance on tax strategies and financial planning.

By partnering with us, you can focus on your consulting work while we handle the complexities of your accounting and bookkeeping. We shall also make sure that we are leveraging dynamic and cost effective technologies to improve the processes over time.

Understanding Your Unique Needs

As a service-based SME, your administrative tasks can be time-consuming and complex. Our goal is to provide tailored support that allows you to focus on core business activities. Here are some key areas where we can assist:

1. Data Management and Analysis

• Data Entry and Organization: Efficiently input and organize data into spreadsheets, databases, or other systems.

• Data Cleaning and Validation: Ensure data accuracy and consistency through cleaning and validation processes.

• Data Analysis and Reporting: Generate meaningful reports and insights from your data using analytical tools.

2. Payroll Processing

• Employee Data Management: Maintain accurate employee records, including personal information, tax details, and payroll deductions.

• Salary and Wage Calculation: Calculate salaries and wages based on hourly rates, commission structures, or fixed salaries.

• Tax and Deduction Calculations: Accurately calculate and withhold taxes, including income tax, NSSF, SHIF, Housing Levy, and other applicable deductions.

• Payroll Distribution: Process and distribute pay checks or direct deposits to employees on time.

• Compliance Management: Ensure compliance with all relevant payroll regulations and laws.

3. Office Administration

• Document Management: Organize and manage documents, files, and records.

• Appointment Scheduling: Coordinate appointments and meetings for your team.

• Expense Management: Track and reimburse employee expenses.

4. Human Resources Support

• Employee Benefits Administration: Manage employee benefits programs, such as health insurance, retirement plans, and time off.

• Performance Analysis: Support performance reviews and employee development initiatives.

5. IT Support

• Technical Troubleshooting: Resolve technical issues with computers, software, and networks.

• Software Installation and Updates: Install and update software applications.

• Data Backup and Recovery: Implement data backup procedures and assist with data recovery if necessary.

By outsourcing these administrative tasks to us, you can free up your time and resources to focus on core business activities, improve efficiency, and enhance customer satisfaction.