When establishing an accounting system for a business, some decisions need to be made, such as the accounting method to be used, the chart of accounts, and the method of recording financial transactions. The accounting system of a business should not be complex beyond its needs and should be adaptable to the needs as business activities develop.

We work with our clients to help them make the right decisions and design the most appropriate/effective accounting system.

Accounting Method (Cash or Accrual)

The first step in accounting systems is to decide whether to keep records on a cash basis or an accrual basis. In a cash basis accounting system, income or expenses are recorded when a payment is received or made. In accrual accounting, on the other hand, transactions are recorded when they accrue, regardless of when the cash flow for the income or expense occurs. Because of its simplicity, cash basis accounting is most commonly used by small businesses and is particularly suitable for businesses that receive payments when goods are delivered or services rendered. However, if cash flows are not synchronized with the delivery of goods or provision of services, financial statements and reports prepared on the cash basis of accounting may not reflect the true financial position and may be misleading.

Chart of Accounts

In order to prepare accurate financial reports based on accounting records, financial transactions must be classified and recorded correctly. For this reason, the chart of accounts, which includes the accounts that will be actively used in recording various financial transactions in the accounting system (ledger), should be determined in a way that best suits the current needs of the enterprise and should be flexible to meet the needs that may arise as the enterprise develops.

We work with our clients to create a chart of accounts that meets their current needs as well as their future needs and is no more complex than necessary.

Accounting Software

In today's digital age, computers are widely used for recording, processing and reporting business transactions. For some small businesses, a spreadsheet application such as MS Excel may be sufficient, but most of the time using a professional accounting software will be a better alternative.

There are an ever-increasing number of accounting software packages on the market and it may not be easy to choose the right software that suits the needs of the business. Once the accounting software has been purchased, it needs to be installed correctly by adapting its features and functions to suit the needs of the business.

The experienced staff of our company assists our customers in selecting and installing the most suitable and correct accounting software for their businesses. After the accounting software is installed and running, we continue to be with our customers for all kinds of support.

QuickBooks is the most widely used accounting software by small businesses. Our company assists small businesses at every stage of using Quickbooks software, including assessing their accounting needs, selecting the right Quickbooks version, determining the right chart of accounts for the business, installing the software, matching accounts, creating accounting templates, reviewing data files / correcting errors and troubleshooting problems that may arise.