Bookkeeping For IT , BPO Software Companies
Bookkeeping For IT , BPO Software Companies
Bookkeeping for IT , BPO , software companies helps them to grow. Accurate monthly accounting helps companies to keep close eye on expenses and revenue. Most of time IT , software company works client wise or project wise , usually such projects are long term projects. Hence it become important to track revenue and expenses for such project. After from same IT companies bill there expenses such as Manpower , overhead etc. to there clients. Proper accounting helps companies to keep accounting project wise which give understanding of project profits. Accounts software can help to calculate income and expenses project wise.
IT company also need to ensure that they send raise invoices to clients on timely intervals as per contact. Under IT , Software industry major expenses of companies is employee cost. Hence they need to ensure correct billing to clients. At Finslog We help clients to meet challenges faced in accounting and bookkeeping for IT , Software company. We have a team of highly experienced individuals who have worked across different IT companies. We use best accounting software such as Quickbooks , Zoho , Xero for bookkeeping for IT software companies. At Finslog you can get proper financial statement , project wise report , cash flow , accounts payable , accounts receivable reports.
Rajat SRIVASTAV
Bookkeeping For IT , BPO Software Companies
5 Stars
1. Project Vise Accounting
IT software company works for client or work as project wise like development of software etc. At a time multiple project are running and company making expenses of such as employee cost , Reimbursement , other subscriptions. Prepare accounting statement project wise is key challenge at IT software industry.
2. Accounts Receivable Management
IT company work with client as per terms of agreement which are usually long term in nature. Hence it become important to raise bills to client. Timely billing to client as per terms of agreement helps to mange accounts receivable.
3. Accurate Financial Forecasts
Financial forecasts report is required to meet the company expenses billing cycle by client is more then 30-60 days hence its become to important to forecast upcoming payable, receivable for business. For maintain cash liquidity company can plan for loan from banker , directors etc.
4. Billable and Non Billable expenses management
As per terms of agreement software company raise bills of clients. Some time for client company make some additional expenses and such expenses are billable to client. Key challenge software company faces to manage accounting expense with bifurcation of billable and not billable.
5. Payroll Management
Employee cost is major cost head in IT software industry. Ensure employees are paid as per CTC offered after deduction of government taxes is important. Also taxes deducted from employee salary are paid to Government treasury.
1. | Month End bank Reconciliation | Monthly |
2. | Month End Loan account Reconciliation | Monthly |
3. | Compare Actuals with budget of same month | Monthly |
4. | Review Billable and Non Billable expenses | Monthly |
5. | Month End Journal Entries | Monthly |
6. | Update Vendor Reconciliation | Monthly |
7. | Update Petty Cash Balance | Monthly |
8. | Raise Alert for Accounts Receivable exceeding 45 days | Monthly |
9. | Payroll Management | Monthly |
10. | Monthly Tax payments | Monthly |
11. | Monthly Compliances of TDS , GST , IT | Monthly |
12. | Month End Reporting | Monthly |
- Convert To Xero
- Software Setup
- Accounts Receivable
- Bookkeeping for CPA
Accounting Reports for Management
1. Compare Budget vs actual Expenses , income
2. Key Performance indicators of business
3. Monthly Accounts Payable Report
4. Monthly Accounts Receivable report
5. Billable expense management
1. Cash Flow Management
2. Timely Recovery of accounts receivable
3. Timely payment of accounts payable
4. Identify Profitable area
5. Proper documentation of expense , reimbursement
6. Realtime financials