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Outsourced Accounting

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The Accounting department plays a vital role in managing the organization's financial activities, maintaining accurate financial records, ensuring compliance with regulations, and providing financial information for decision-making and external reporting purposes.
West to East Business Solutions handles accounting for small, medium and large business with expertise with both private and publicly traded companies.

What are the outsourced accounting services?

Financial Reporting: The Accounting department prepares financial statements, including income statements, balance sheets, cash flow statements, and statements of equity. These reports provide a snapshot of the organization's financial performance and position.
General Ledger Management: The Accounting department maintains the general ledger, which is the central repository for all financial transactions. They record and classify transactions, ensure accuracy and completeness, and reconcile subsidiary ledgers to the general ledger.
Budgeting and Forecasting: accountants assist in the budgeting process by gathering data, analyzing trends, and collaborating with other departments to develop accurate financial forecasts. They monitor budget performance, provide variance analysis, and recommend adjustments as needed.
Accounts Payable: the Accounting department manages the accounts payable process, including reviewing and processing vendor invoices, ensuring timely payment, and maintaining accurate vendor records. They also reconcile vendor statements and address any discrepancies.
Accounts Receivable: accountants oversee the accounts receivable function, ensuring timely and accurate customer invoicing, tracking payments, and following up on outstanding balances. They may also manage collections and credit control processes.
Cash Management: accountants monitor and manage the organization's cash flow. They track cash inflows and outflows, prepare cash flow forecasts, and optimize the use of available cash to meet the organization's financial obligations.
Tax Compliance: the Accounting department ensures compliance with tax laws and regulations. At West to East Business Solutions we calculate and remit taxes owed, and work closely with external tax accountants, auditors and tax authorities during audits or inquiries.
Financial Analysis: Accountants perform financial analysis to assess the organization's financial performance and trends. They interpret financial data, identify areas of improvement or risk, and provide insights and recommendations to management for informed decision-making.
Internal Controls: help establish and maintain internal controls to ensure the accuracy, integrity, and security of financial data. They implement controls to prevent fraud, perform periodic audits, and ensure compliance with accounting principles and regulations.
Fixed Asset Management: The Accounting department is responsible for the recording, tracking, and depreciation of the organization's fixed assets. They ensure accurate and up-to-date asset records and reconcile physical assets to accounting records.
External Audit Support: collaborate with external auditors during the audit process. They provide the necessary financial information, reconcile accounts, address inquiries, and assist in the resolution of any audit findings.
Compliance Reporting: Accountants prepare and file financial reports required by regulatory bodies, such as the Securities and Exchange Commission (SEC) or other industry-specific regulatory agencies. They ensure compliance with reporting standards and deadlines.