One way of going ahead of your competitor is to outsource your accounting. We at SKB Accounting are maintaining accounts for you and you have your accounts away from your office but at the same time available to you all time everywhere.

The accounting process is one of identification, measurement, classification, and reporting. The double entry methodology helps provide the necessary accuracy and reliability that is essential for maintaining fundamental relationships. We maintain accounts using QuickBooks, Quicken, Peachtree etc. We provide complete bookkeeping services.

We also provide services for special accounting and bookkeeping projects such as budgeting, inventory, Fixed Asset Management and Cash Forecasting.

Accounting methodology followed

• Accrual
• Cash

• Manufacturing
• Merchandising
• Service
• Investment Business
• Non Profit Organizations

• Proprietorship
• Partnership
• Corporation

• Data accumulation
• Updation
• Reporting

Data accumulation- The accounting system is based on transactions and other events and circumstances affecting an entity. Support documents, such as invoices, Bills, Deposit slips, Check stubs, Bank Statements etc, provide the basis for recording transactions. The accounts affected by a transaction or event are identified and recorded in general or special journals. The journals are used to prepare subsidiary and general ledgers.

Updation - On receipt of the information, we maintain your accounts on daily, weekly, monthly, yearly basis as per your requirement. Updation is done very promptly. You always have your updated accounts only few clicks away.

Reporting - Based upon your requirements the reports are prepared and sent to you through email or can be kept at the secured server from where you can view your reports or take print-outs. You can also generate reports yourself based upon your requirement. We also assist in customerizing the report formats as per your requirements.

Accounting Philosophy of SKB Accounting

Communication of the results of accounting measurements is as important as the measurement process. Specific attention is given to how the activities and resources of the firm are reported. An overview of the financial reporting process and disclosure requirements is supplemented with elaboration and expansion as individuals needs/requirements. Finally, disclosures in financial reports are re-examined to assure the integration of the measurement and reporting functions.

Qualitative Characteristics of accounts

• Relevance
• Reliability
• Neutrality
• Comparability

Usefulness for decision making is the most important quality of accounting information. This flows directly from the specification in the objectives that financial data is expected to be useful in making investment and credit decisions. The importance of decision usefulness is emphasized by its placement in the hierarchy of accounting qualities above the decision-specific qualities. However, not all information that is useful is expected to be presented in financial reports. Selection of information to be gathered and communicated to the user for a particular purpose should be considered in terms of the benefits received from that information and the costs of gathering and communicating the data.

Reporting
Key Concepts of financial reporting are as follows:

• Entity
• Continuity
• Initial Cost
• Periodic income measurement, and
• Verifiable objective evidence

Each is influential in the determination of what and how accounting measurements are made and reported. These concepts are also broad enough to allow the required evolutionary changes in financial reporting to be incorporated into specific standards and procedures.

Elements of financial statements

• Assets
• Liabilities
• Equity
• Investments by owners
• Distributions to owners
• Comprehensive income
• Revenues
• Expenses
• Gains
• Losses

• Income and expenses statement
• Balance sheet or Statement of Financial Position
• Cash Flow Statement
• Fund Flow Statement
• Portfolio Statement
• Ledger
• Trial Balance