At Hakim & Zafar, CPA Advisory Services, we work side-by-side with our clients and tailor our services to fit their specific needs. We combine personal attention and access to the highest levels of technical expertise and specialized knowledge. Timely communication and responsiveness are hallmarks of our client relationships. All of these attributes support our objective of helping you reach your financial goals.
- General ledger & financial statement preparation
- Adjusting journal entries
- Bookkeeping on a Monthly, Quarterly, or Annual basis
- Accounting system setup for new businesses
On occasion, customers you sold to on credit won’t end up paying. When this happens, you’ll need to account for bad debts properly. Bad debt accounting not only deals with the write-off of customers who don’t pay but with estimating the required allowance for bad debts account you need to hold in reserve.
Early Payment Discounts
If you offer customers a discount if they pay early or under certain terms, we can take care of the accounting so you always know where you stand and can effectively manage your discount programs.
Your accounts receivable data can reveal a lot about the financial health of your business. We can produce accounts receivable aging reports, which will show the number of invoice dues at select intervals, typically in 30 day increments up to 90+ days. Aging reports are essential for managing your collections effectively.
When your company orders or receives supplies, materials, or services before paying for them, these purchases are considered to be made on account or credit. Your supplier or vendor on the other end of the transaction is referred to as a creditor since you owe them for goods or services already shipped or rendered. This is why these purchases by your company are considered “Accounts Payable” in the accounting language.
If this seems overwhelming or simply something you’d rather not have to deal with so you can focus on running your business, we can help!
Let us take care of the accounts payable process to ensure your company’s financial statements’ accuracy and completeness. We handle the work by taking care of the accounts payable process from start to finish, ensuring every bit of the enormous amount of detail is legitimate and accurately reflected in your accounting system. Remember that an efficient and effective accounts payable process can benefit your company’s cash position, relationship with your suppliers, and even your credit rating.
Our timely and efficient accounts payable process can include any or all of the following services;
- Processing vendor invoices promptly
- Payment processing
- Accurate general ledger account recording
- Aged payables analysis
- Expense accrual for items not yet completely processed.