Ledger Scrutiny / Review
Outsourcing frees up businesses to off-load non–core, yet vital areas of
its administration to companies specializing in that area.
Ledger Scrutiny: GKM
Providing timely and accurate financial information to clients is a major requirement for any accounting firm, and cannot be compromised. GKM provides excellent support to accounting firms in this critical accounting process.
Having GKM review the clients’ ledger entries regularly helps identify any inconsistencies, resolve errors, and ensure accurate generation of reports such as balance sheets, income statements, and trial balances.
With GKM’s support, reviewing the general ledger activities of your clients monthly will help identify any discrepancies such as double billings, unrecorded payments, transactions posted to wrong accounts, etc, and fix them at the earliest. This keeps the books accurate and allows for future corrections.
GKM can perform this activity using the same accounting software used by the accounting firms.
GKM can perform this activity using the same accounting software used by the accounting firms.
Requirements
- Set of all completed financial statements
- Any adjustments from last year / AJEs
- Instructions / client-specific directives
- Final work papers for reconciliation of tax payments made
GKM Support
- Prepare and post adjustments
- Process payroll journals
- Adjustments relevant to prepayments & accruals
- Resolve any errors after the audit
- Review ledger entries and year-end closing adjustments
- Compliance verification
Deliverables
- Periodic update reports
- Journal Entry reports
- P&L reports
- Adjustment reports
- Variance Analysis
- Accounts Payable reports
Supported Software
- Intuit QuickBooks
- Thomson Reuters Accounting CS
- Xero
TAX COMPILATION SERVICES
GKM’s accounting professionals also provide compilation services to CPA’s. Based on requirement these services may be monthly, quarterly or annual (tax compilation prior to tax prep). Of the three levels of risk assurance namely audit, review and compilation; compilation is possibly the easiest in that it is merely a presentation of financial data and does not require CPA’s opinion or conduct of various audit assurance procedures. Therefore it is also the easiest of the three to source.
FINANCIAL COMPILATION SERVICES
GKM’s team provides quality financial compilation services and also ensures that relevant tie-outs to source documents are done and any omissions properly documented. Financial compilation services are offered as part of tax preparation services as well as separately. As part of these services we also take into account the requirements for a tax return and ensure all information is made available to CPA prior to tax prep.
ACCURATE FINANCIAL STATEMENTS
GKM’s team will familiarize itself with a client’s business prior to taking on a compilation task so as to gain a fair understanding of the way the business is conducted – the standard transactions and practices common to the business and the industry. This ensures that the compiled financial statements are free of material errors, represent a fair view of the business and may be used for strategic planning/expansion or funding purposes.
TAX COMPILATION SERVICES
GKM understands that cleanup and back work projects are part of every CPA firm’s tax season tasks and these are time-consuming during peak season. GKM has special back work teams deployed during tax season to help CPA’s with a load of back work projects. If you typically have back work clients during the tax season, GKM will help complete the project smoothly and minimize your time-spent on such tasks. compilation; compilation is possibly the easiest in that it is merely a presentation of financial data and does not require CPA’s opinion or conduct of various audit assurance procedures. Therefore it is also the easiest of the three to source.
High Quality Services
GKM also provides financial analysis services. Financial planning and analysis are areas of core competence. Our team prepares and provides financial analysis reports based on CPAs requirements.
Planning
Development
Free Consultation
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