Bookkeeping vs. Accounting – at a 30,000 foot level they look like the same thing, but they are different.
Bookkeeping is the process of accumulating, organizing, storing, and accessing the financial information
Accounting is broader than bookkeeping – accounting encompasses the problems in measuring the financial effects of the economic activity. The theory behind the transaction is considered under accounting.
At e Cloud Services, we provide accounting services and this group of resources are called the Accountancy Group.
The Accountancy Group provides to our customers/clients:
- Accounts Payable – Vendor relations, procurement, purchase orders, item receipts, bills, reconciliation, credit memo, insurances
- Accounts Receivable – Customer relations, sales orders, estimates, invoicing, collections, refunds and credits, write-off, reconciliation
- Cash management – Payments and receipts in operating, payroll, petty-cash, reconciliation
- Credit Cards – Monitor, manage, record, reconciliation
- Inventory – Procurement, purchase orders, item receipts, bills
- Payroll – On-board and terminate employee’s, time entry, time approvals, record liabilities, payment of liabilities, process and submit payroll forms, worker’s compensation
- Sales Tax – Manage, report, use tax
At e Cloud Services, we provide controller services and this group is called the Controller Group.
The Controller Group provides to our customers/clients:
- Supplies management
- General Ledger – recording, maintaining general ledger transactions
- Training systems
- Process and procedure systems
- Financial reporting – Job profitability
- Cash management – cash flow forecasting
- Fixed Assets – recording, disposal and monthly depreciation entries
- Financial reporting – company financial statements and others as requested
- Manage and train the Accountancy Group
At e Cloud Services, we provide CFO services and this group is called the CFO Group.
- Internal Controls – Create, manage, train, and monitor
- Financial Policy formulation
- In the Know with continuing education and seminars to keep current on accounting issues
- Assist in banking relationships
- Projections longer than 1 year (budget)
- Manage and train the Controller Group