Bookkeeping and General Ledger Management:

Recording daily financial transactions including sales, purchases, expenses, and revenues.

Maintaining accurate and up-to-date general ledger accounts.

Reconciling bank statements and other financial accounts.

Accounts Payable (AP) Management:

Processing supplier invoices and bills.

Verifying the accuracy of invoices and ensuring appropriate approvals.

Timely payment processing to suppliers and vendors.

Monitoring accounts payable aging and managing outstanding balances.

Accounts Receivable (AR) Management:

Invoicing clients for services rendered or goods provided.

Monitoring and tracking client payments.

Following up on overdue invoices and managing collections.

Reconciling customer accounts and resolving discrepancies.

Payroll Processing and Compliance:

Calculating employee salaries, wages, and benefits.

Withholding and remitting payroll taxes.

Processing employee expense reimbursements.

Ensuring compliance with labor laws and regulations.

Financial Reporting and Analysis:

Preparation of periodic financial statements such as income statements, balance sheets, and cash flow statements.

Analyzing financial data to identify trends, variances, and performance indicators.

Providing management with insights into the company’s financial health and performance.

Budgeting and Forecasting:

Developing annual budgets and financial forecasts.

Monitoring actual financial performance against budgeted figures.

Identifying opportunities for cost savings or revenue enhancement.

Tax Planning and Compliance:

Advising on tax planning strategies to optimize tax efficiency.

Ensuring compliance with local, state, and federal tax laws and regulations.

Preparation and filing of tax returns, including corporate income tax returns and sales tax returns.

Internal Controls and Risk Management:

Establishing and maintaining internal control procedures to safeguard company assets and prevent fraud.

Assessing and mitigating financial risks that could impact the company’s operations.

Conducting periodic internal audits to ensure compliance and identify areas for improvement.

Audit Support and External Reporting:

Assisting external auditors during annual financial audits.

Providing requested documentation and explanations to auditors.

Preparing financial disclosures and other external reporting requirements.

Financial Advisory Services:

Providing strategic financial advice and guidance to management.

Evaluating investment opportunities and performing financial due diligence.

Assisting with mergers, acquisitions, and other corporate finance transactions.

Specialized Financial Services:

Offering specialized financial services tailored to the logistics and consultancy sector, such as supply chain finance or project financing.

Providing financial modeling and analysis for specific projects or initiatives.

By offering or requiring these financial accounting services, Awtsaar Logistic and Consultancy Services can ensure the efficient management of their finances, maintain compliance with regulatory requirements, and make informed business decisions.