Efficient Accounting Solutions
Streamline your finances with our professional assistance
Our Business Services
Accounting & Bookkeeping
Accounting & Bookkeeping
Accounting & Bookkeeping
At Hi-Tech Accounting And Auditing, we provide a broad spectrum of small business accounting services covering a wide range of industries. The skilled professionals at our Team are ready to provide your business with the highest level of accounting and bookkeeping services, along with responsive customer service.
Accounting and Bookkeepi
At Hi-Tech Accounting And Auditing, we provide a broad spectrum of small business accounting services covering a wide range of industries. The skilled professionals at our Team are ready to provide your business with the highest level of accounting and bookkeeping services, along with responsive customer service.
Accounting and Bookkeeping
Let us curate a package of small business accounting services that meet your current needs and can be adjusted as your business changes and grows.
Financial and Business Consulting
We offer personalized consulting for small businesses to help drive growth, maximize efficiency, minimize risk, and provide overall support when you need it most.
Incorporation and New Business Advisory
We guide you on the appropriate entity selection and help you set up a functional accounting system to support the growth of your business now and in the future.
Outsourced Accounting and Bookkeeping
Doing it all can be overwhelming. That’s why we offer outsourcing for your accounting and bookkeeping needs. Let us shoulder some of the weight while you get back to what you’re best at – running your business.
Outsourced CFO and Controller Services
Save money on staffing, free up your time, and enjoy the benefits of higher-level accounting services when you enlist our professional CFO and controller services.
Payroll Services
Let us take the stress of payroll processing off of you so that you’re free to spend your time where it counts most.
Software Setup and Support Services
We will guide you on the version of accounting software that is best for your business, set it up correctly, and provide you with tips to make the most of your financial software.
Financials Preparation
Accounting & Bookkeeping
Accounting & Bookkeeping
Financial statements are written records that convey the financial activities of a company. Financial statements are often audited by government agencies and accountants to ensure accuracy and for tax, financing, or investing purposes. For-profit primary financial statements include the balance sheet, income statement, statement of cash
Financial statements are written records that convey the financial activities of a company. Financial statements are often audited by government agencies and accountants to ensure accuracy and for tax, financing, or investing purposes. For-profit primary financial statements include the balance sheet, income statement, statement of cash flow, and statement of changes in equity. Nonprofit entities use a similar but different set of financial statements.
KEY TAKEAWAYS
- Financial statements provide interested parties with a company's overall financial condition and profitability.
- Statements required by Generally Accepted Accounting Principles are the balance sheet, the income statement, and the statement of cash flows, but you'll likely see more in reports.
- The balance sheet provides an overview of a company's assets, liabilities, and shareholders' equity at a specific time and date. The date at the top of the balance sheet tells you when this snapshot was taken; this is generally the end of its annual reporting period. Below is a breakdown of the items in a balance sheet.
- Unlike the balance sheet, the income statement covers a range of time, which is a year for annual financial statements and a quarter for quarterly financial statements. The income statement provides an overview of revenues, expenses, net income, and earnings per share.
- The cash flow statement (CFS) tracks how a company uses its cash to pay its debt obligations and fund its operating expenses and investments. The CFS allows investors to understand how a company's operations are running, where its money is coming from, and how money is being spent. The CFS also provides insight as to whether a company is on a solid financial footing.
The Bottom Line
Financial statements are the ticket to the external evaluation of a company's financial performance. The balance sheet reports a company's financial health through its liquidity and solvency, while the income statement reports its profitability. A statement of cash flow ties these two together by tracking sources and uses of cash. Together, these financial statements attempt to provide a more clear picture of a business's financial standing.
Tax & Compliance
Accounting & Bookkeeping
Enterprise System Consultancy
Hi-Tech Accounting And Auditing is a trusted resource for tax services. With us handling your VAT And Coporate Tax planning and preparation, you can rest assured that the strategies we develop will take into account the most current tax laws and regulations, so that you get every deduction and incentive possible. We know that you work ha
Hi-Tech Accounting And Auditing is a trusted resource for tax services. With us handling your VAT And Coporate Tax planning and preparation, you can rest assured that the strategies we develop will take into account the most current tax laws and regulations, so that you get every deduction and incentive possible. We know that you work hard for your money, and we make sure that you get to keep as much of what you earn as possible.
For legal and effective tax planning and preparation, call our Central Hi-Tech now at 055 820 9508 to learn how we can decrease your tax obligations. We always welcome new clients with a free consultation.
VAT Services that Maximise Value
VAT Advisory: In the complex world of VAT, taking specialist advice is paramount. Our expert vat advisory services ensure that your business receives the right guidance from the outset, minimising exposure to VAT risk and ensuring compliance with relevant laws. Time and money are invaluable resources, and our forward-thinking approach aims to save both for your business, reducing the risk of penalties for non-compliance and minimising unnecessary VAT costs.
VAT Reviews: Consider our VAT review as a holistic “health check” for your business’s VAT transactions. This service not only pinpoints potential risks but also identifies opportunities for VAT savings. Uncover cash flow savings opportunities while ensuring the accuracy of your VAT processes.
FTA Dispute Resolution: Navigating the complexities of VAT can inadvertently lead businesses into conflict with FTA. Our experts specialise in resolving disputes, providing guidance in challenging areas, and ensuring a smooth resolution process.
VAT Accounting Procedures: As VAT is imbedded in various business processes, our services extend to optimising VAT accounting procedures. We ensure that your business has robust VAT accounting processes and written procedures which manage VAT risk, minimising disruptions, and maximising efficiency.
Staff Training: Invest in the growth of your business through our staff training programmes. Enhance the skills of your workforce, promoting personal development for employees while benefiting from a more knowledgeable and adept team. This is particularly important for staff members who aren’t tax specialists but who are dealing with VAT on a day-to-day basis eg the AP team.
Non-Standard Transactions: Most business undertake non- standard transactions periodically and these may have a different VAT treatment to routine activities. Our experts navigate the uncertainties, providing clarity and guidance for high-value or high-risk transactions.
VAT Retainer: Our annual, quarterly, or monthly VAT retainer, or VAT helpline service, is particularly popular among accountancy firms. Benefit from ongoing support and expert advice to ensure your clients’ business remains VAT-compliant throughout the year.
VAT Compliance: Our VAT compliance service offers the preparation and filing of global VAT returns and associated declarations. Our USP is our focus on ensuring the transactions being reported on your VAT returns have been treated correctly for VAT purposes – we do not simply process data you provided. This helps minimise the risk of errors and penalties.
Enterprise System Consultancy
Enterprise System Consultancy
Enterprise System Consultancy
Match Software Solutions to Your Needs
Outdated systems or disparate systems strained by too many manual processes can burden your business with higher costs, error rates, and other risks.
Hi-Tech Accounting And Auditing help you move your organization forward by leveraging new enterprise systems that can automate processes and enhance rep
Match Software Solutions to Your Needs
Outdated systems or disparate systems strained by too many manual processes can burden your business with higher costs, error rates, and other risks.
Hi-Tech Accounting And Auditing help you move your organization forward by leveraging new enterprise systems that can automate processes and enhance reporting, so you can leverage real-time data to help drive better and timely decisions necessary to effectively run your business.
Through a business-process centric approach, our professionals can help you evaluate and match a package of software solutions to your unique needs.
How Enterprise Systems Help Drive Business Goals
Updating your systems can help empower your team members by automating manual processes, providing access to information integral to their roles and functions, producing meaningful data reports, and more—often extending the capabilities of underlying accounting or other systems.
Key function areas can support accounting and operational needs, as well as customer management processes, including:
- Sales
- Accounting, general ledger, and revenue management
- Accounts payable and receivable
- Billing
- Purchasing
- Inventory and warehouse management
- Manufacturing and distribution
Evaluate Systems Through Comprehensive Business Support
Collaborating closely with your leadership to identify the essentials of your business, we evaluate potential software vendors that can support your current requirements while moving your organization further along its data and technology maturity curve.
Evaluations are driven not just by technology needs but take a comprehensive, forward-looking assessment to integrate expectations for growth, change management, and more.
This holistic approach helps align your people, processes, and technologies to work toward your larger goals and vision.
Expansive Technology and Industry Experience
Deeply immersed in analytic process automation, data analytics, and more, our professionals are certified in leading technology products and maintain relationships with leading product vendors—so you can confidently navigate the evaluations processes and stay focused on your business needs without distraction from vendor requests.
Our professionals provide solutions specific to the nuances, challenges, and operations of the sector in which you work—while customizing plans to meet your unique conditions.
Accounting Reconciliation
Enterprise System Consultancy
Accounting Reconciliation
econciliation of accounting by comparing two or mor sets of records or data and ensuring that they match or agree.
This process is carried out by businesses to check for errors, discrepancies, omissions or fraudulent activity in the accounts.
KEY TAKEAWAYS
- Reconciliation is an accounting process that ensures that the actual amount of money
econciliation of accounting by comparing two or mor sets of records or data and ensuring that they match or agree.
This process is carried out by businesses to check for errors, discrepancies, omissions or fraudulent activity in the accounts.
KEY TAKEAWAYS
- Reconciliation is an accounting process that ensures that the actual amount of money spent matches the amount shown leaving an account at the end of a fiscal period.
- Individuals and businesses perform reconciliation at regular intervals to check for errors or fraudulent activity.
- Reconciliation is typically done at regular intervals, such as monthly or quarterly, as part of normal accounting procedures.
- There are two methods of reconciliation: documentation review and analytics review.
- For small businesses, the main goal of reconciling your bank statement is to ensure that the recorded balance of your business and the recorded balance of the bank match up.
How Reconciliation Works
At the end of every fiscal month and quarter, it is good practice to reconcile an account. When reconciling an account, businesses and individuals verify that every transaction sums to the correct ending account balance. Generally, there are two ways to reconcile an account: reviewing documents and reviewing analytics.
Documentation Review
The documentation review process compares the amount of each transaction with the amount shown as incoming or outgoing in the corresponding account. For example, suppose a responsible individual retains all of their credit card receipts but notices several new charges on the credit card bill that they do not recognize. Perhaps the charges are small, and the person overlooks them thinking that they are lunch expenses.
At the end of the month, the account holder checks the transactions on the credit card bill with their credit card receipts and discovers that they have no receipts for some of the supposed lunch charges that appear on the bill.
Because the individual is fastidious about keeping receipts, they call the credit card to dispute the amounts. After an investigation, the credit card is found to have been compromised by a criminal who was able to obtain the company's information and charge the individual's credit card. The individual is reimbursed for the incorrect charges, the card is canceled, and the fraudulent activity stopped.
Analytics Review
The analytics review approach can also reveal fraudulent activity or balance sheet errors. In this case, businesses estimate the amount that should be in the accounts based on previous account activity levels.
For example, real estate investment company ABC purchases approximately five buildings per fiscal year based on previous activity levels. The company reconciles its accounts every year to check for any discrepancies. This year, the estimated amount of the expected account balance is off by a significant amount.
Based on previous accounting activity and purchases, the estimate for accounts payable should be $5 million. The actual accounts payable balance is $48 million for the year, which is a major discrepancy in the balance sheet.
The accountant of company ABC reviews the balance sheet and finds that the bookkeeper entered an extra zero at the end of its accounts payable by accident. The accountant adjusts the accounts payable to $4.8 million, which is the approximate amount of the estimated accounts payable.
Reasons To Reconcile Bank Statements
Bank reconciliation is a very important task for any company. For small businesses, the main goal of reconciling your bank statement is to ensure that the recorded balance of your business and the recorded balance of the bank match up. It also helps you manage and monitor your cash flow.
Here are a few other reasons why businesses should reconcile their bank statement each month:
- Identify fraud: Signs of fraud should be your first priority when reconciling transactions in your bank account. For example, were legitimate checks that you issued duplicated or changed? Were checks issued without authorization? Were there unauthorized transfers out of the account? Does the account have any missing deposits?
- Validate data entry: Reconciling your bank statements allows you to identify any irregularities, such as entering wrong amounts, duplicating entries, and other data entry errors.
- Confirm the accuracy of financial statements: It's rare, but banks can make mistakes. Reconciling your bank statements is one way to confirm that your financial statement matches your bank's statement.
- Accurate tax reporting: In order to generate a correct tax return, you must reconcile your bank statements.
- Controls theft: Reconciling your bank statements can also prevent employees or other people from stealing from your company.
In general, reconciling bank statements can help you identify any unusual transactions that might be caused by fraud or accounting errors. This process can be done formally or informally.
This is true for both businesses and individuals, who should both verify every transaction individually, making sure the amounts match perfectly, and, if not, making note of any differences that need further investigation.
Consequences of Not Reconciling Your Bank Statement
If there are any differences between the accounts and the amounts, these differences need to be explained. Reconciling your bank statements allows you to identify problems before they get out of hand.
Most importantly, reconciling your bank statements helps you catch fraud before it's too late. It's important to keep in mind that consumers have more protections under federal law in terms of their bank accounts than businesses.1 So it is especially important for businesses to detect any fraudulent or suspicious activity early on—they cannot always count on the bank to cover fraud or errors in their account.
The Bottom Line
Reconciling your bank statements simply means comparing your internal financial records against the records provided to you by your bank. This process is important because it ensures that you can identify any unusual transactions caused by fraud or accounting errors. As a business, the practice can also help you manage your cash flow and spot any inefficiencies.
Bank Statement Reconciliation FAQs
What Are the Steps To Reconcile a Bank Statement?
The first step in bank reconciliation is to compare your business's record of transactions and balances to your monthly bank statement. Make sure that you verify every transaction individually; if the amounts do not exactly match, those differences will need further investigation.
In the event that something doesn't match, you should follow a couple of different steps. First, there are some obvious reasons why there might be discrepancies in your account. If you've written a check to a vendor and reduced your account balance in your internal systems accordingly, your bank might show a higher balance until the check hits your account. Similarly, if you were expecting an electronic payment in one month, but it didn't actually clear until a day before or after the end of the month, this could cause a discrepancy.
True signs of fraud include unauthorized checks and missing deposits.
When Is the Best Time To Reconcile a Bank Statement?
Reconciling your bank statements at least monthly is recommended.2 Some businesses with a high volume or those that work in industries where the risk of fraud is high may reconcile their bank statements more often (sometimes even daily).
What Appears on a Bank Reconciliation Statement?
Some businesses create a bank reconciliation statement to document that they regularly reconcile accounts. This document summarizes banking and business activity, reconciling an entity's bank account with its financial records. Bank reconciliation statements confirm that payments have been processed and cash collections have been deposited into a bank account.
Backlog Accounting
Enterprise System Consultancy
Accounting Reconciliation
Buildup Work that needs to be completed. Recording and managing accounting and financial transactions that have been delayed or postponed. It can be unbooked bills, invoices, receipts, payments or other Journals.
Backlog accounting services are indispensable for maintaining the financial health of a business. By addressing delayed transa
Buildup Work that needs to be completed. Recording and managing accounting and financial transactions that have been delayed or postponed. It can be unbooked bills, invoices, receipts, payments or other Journals.
Backlog accounting services are indispensable for maintaining the financial health of a business. By addressing delayed transactions and implementing efficient processes, businesses can enhance accuracy, comply with regulations, and make informed decisions. The examples, benefits, and best practices outlined in this guide are designed to equip businesses with the knowledge needed to navigate the complexities of backlog accounting effectively. As financial landscapes continue to evolve, prioritizing backlog accounting will be key to sustaining success in a competitive business environment. It is through proactive measures, the right service providers, and the integration of technology that businesses can truly achieve financial clarity and resilience.