FINANCIAL STATEMENTS PREPARATION

Escrow Consulting Groups brings you Quickbooks bookkeeping services, accountancy services and virtual bookkeeping solutions at your doorstep. You don’t need to look any further for outsourced bookkeeping services, we bring you affordable bookkeeping in a complete package. Worry no further about the preparation of your financial statements.

We understand that preparing general-purpose financial statements including the balance sheet, income statement, statement of retained earnings, and statement of cash flows is the most important step in the accounting cycle because it represents the essence of financial accounting. It is because the concept of financial reporting and the process of the accounting cycle are focused on providing external users with useful information in the form of financial statements.

Preparation

Preparing general-purpose financial statements can be simple or complex depending on the size of your company. Some statements need footnote disclosures while other can be presented without any. Details like this generally depend on the purpose of the financial statements. For instance, banks often want basic financials to verify that a company can pay its debts, while the SEC required audited financial statements from all public companies. Financial statements are prepared by our experts keenly who make sure that all details are arithmetically and periodically correct.

Auditing

Our online bookkeeping services can help you with audit as well. As we are your outsourced accountant at Escrow Consulting Group, we understand the need of bookkeeping services for small business in today’s world.

Auditing is the process of reviewing and investigating any aspect of a business, whether financial or nonfinancial. Our auditors are fully trained to spot areas which need improvement, any aspect with potential dangers and incidents of unethical conduct. Audits can disrupt the normal flow of business in a company, but the ability to spot and address potential weaknesses can outweigh any temporary losses of productivity. Issues covered are pertinent to human resources policies, operational procedures, quality or safety policies and accounting cycle audit. As such, we serve you by bringing you the most professional bookkeeping services.

Payable Management

Escrow Consulting Group manages your payable management function to make sure all the bill are setup properly and paid promptly through its small business bookkeeping services. Being your accounting service provider, we understand how important it is to uphold the bookkeeping practices. Small business accounting services are what we excel in.

 

We help you administer the company’s outstanding debts, liabilities, payments to vendors for purchase of goods and services made on credit.

When you are managing a growing company, you have to watch these expenses carefully. Don’t be lulled into complacency by seeing sales increase. If you see an increase in the expenses at a rate faster than sales, examine your costs carefully to find places to cut or control them. Here are a few tips from our experts:

  • Take full advantage of creditor payment terms. If a payment is due in 30 days, don’t pay it in 15 days.
  • Use electronic funds transfer to make payments on the last day they are due. You will remain current with suppliers while retaining use of your funds as long as possible.
  • Communicate with your suppliers so they know your financial situation. If you ever need to delay a payment, you will need their trust and understanding.
  • Carefully consider vendors offers of discounts for earlier payments. These can amount to expensive loans to your suppliers, or they may provide you with a chance to reduce overall costs. The devil is in the details.
  • Do not always focus on the lowest price when choosing suppliers. Sometimes more flexible payment terms can improve your cash flow more than a basement price.

Streamlining your payables process can save your business significant time and money.  Our comprehensive range of payment options enables you to automate processes, manage risk and optimize liquidity. Our tailored solutions include:

  • The purchase and flexible products that suit both your needs and those of your creditors
  • Leading cheque issuing and outsourcing facilities
  • Strategies products to mitigate risk