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Period-end Accounting Support

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Expertise that produces results

Jon, couple of alterntive side presentations

If you are overwhelmed with the task that need to be accomplished or just require some additional support and expertise, let us help you.  With our professional background and experience, we can be particularly effective in working directly with your independent auditors.

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Here are a few things to consider:

  • Prepare a Closing Checklist (many software packages provide one and this would be a good place to start)

  • Make sure all cash has been deposited and there are not checks that have been issued but not mailed.

  • Run agings for receivables and payables as of Year-End, before any transactions are posted for the new year

  • If you have inventory and are planning a year-end physical, make sure you have an accurate inventory detailed record before the physical and have established proper cut-off procedures

  • Consider whether there are any changes in generally accepted accounting principles that you must address.

  • And, looking forward to 2014, we can help you prepare or update your strategic business plan and budget

Following are examples of some of the areas where we can assist.  Let Safima help you get the job done right and done cost-effectively.

Cash and Cash Forecasting

  1. Bank account reconciliations

  2. Preparation of bank confirmations and coordinate mailing

Accounts Receivable

  1. AR Walk (Beg Bal+Billings-Payments=End Bal)

  2. Reconciliation of aged trial balance to the general ledger

  3. Analysis of aging and evaluation of Allowance for Doubtful Accounts

  4. Collection Services

Inventory

  1. Inventory Walk (Beg Bal+Purchases-COS=End Bal)

  2. Physical Inventory Procedures (design, assist with implementation and participate with physical observation)

  3. Reconciliation of physical results to the general ledger

​​Fixed Assets

  1. FA Walk (Beg Bal=Purchases-Depreciation/Write-offs=End Bal)

  2. Reconstruction of Fixed Asset details and reconciliation to the General Ledger

  3. Review depreciation policies and update depreciation records

  4. Walk of Allowance for Doubtful Accounts and reconciliation to the General Ledger

Accounts Payable

  1. AP Walk of payables activity (Beg Bal+New Payables-Payments=End Bal)

  2. Vendor reconciliations

  3. Reconciliation of aged trial balance to the general ledger

Other Miscellaneous Asset/Liability Accounts

  1. Determine year-end accruals

  2. Update valuation schedules for intangible assets

Long-term Debt (Including Capitalized Leases under ASC 842)

  1. Update amortization schedules

  2. Coordinate confirmations

  3. Reconcile current and long-term liability balances and related interest expense to the general ledger

Payroll

Reconciliation of payroll expense per your payroll reporting system to the general ledger

Reconciliation of payroll tax liability accounts

Determine year-end accruals for wages, and PTO or vacation time

Revenue Recognition (including ASC 606)

  1. Review policies and, in consultation with outside auditors prepare supporting analyses

  2. Prepare GAAP accounting memo

  3. Evaluate year-end cutoff procedures, if applicable

  4. Assist with evaluation of your current polices compared to new emerging guidelines with convergence of U.S. GAAP and IFRS.

Inventory

  1. Inventory Walk (Beg Bal+Purchases-COS=End Bal)

  2. Physical Inventory Procedures (design, assist with implementation and participate with physical observation)

  3. Reconciliation of physical results to the general ledger

Payroll

Reconciliation of payroll expense per your payroll reporting system to the general ledger

Reconciliation of payroll tax liability accounts

Determine year-end accruals for wages, and PTO or vacation time

Fixed Assets

  1. FA Walk (Beg Bal=Purchases-Depreciation/Write-offs=End Bal)

  2. Reconstruction of Fixed Asset details and reconciliation to the General Ledger

  3. Review depreciation policies and update depreciation records

  4. Walk of Allowance for Doubtful Accounts and reconciliation to the General Ledger

Insurance

  1. Obtain Schedule of Insurances and reconcile expense and prepaid balances to the general ledger

  2. Analyze loss information and determine proper accruals for workers comp, and other auditable policies.

  3. Working with your existing brokers or introducing to others, we can help you develop compresensive risk management procedures and help you reduce your insurance cost

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Sales & Use Tax

  1. Sales and use tax return reconciliation

  2. Review of sales and use tax policies and procedures

  3. Determine year-end accruals

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Financial Statement Preparation

  1. Prepare draft financial statements (balance sheet, income statement and statement of cash flows)

  2. Prepare supporting footnote schedules

  3. Preparation of lease schedules for operating and capital leases, including reconciliation of expense and liabilities to the general ledger

Our Commitment:

  • To always put your interests first

  • We will exceed your expectations

  • We will deliver more value than you pay for

  • And we will conduct ourselves with he highest degree of integrity.

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