We provide bookkeeping, data entries, and key in ledger accounting transactions from beginning to finalization for your business. In other words, we prepare full sets of accounts for your business entity.
A full set of accounts will consist of all the ledgers of all your income and all expenses, all assets and all liabilities, and the equity of shares owned in the entity by all the shareholders.
From all the ledgers a Trial Balance will be prepared to verify that the ledgers are balanced. From the Trial Balance the Trading, Profit, and Loss Account will be prepared to show the whole year’s financial result whether a profit or loss has been incurred in the business entity.
Finally, the Balance Sheet is prepared to show how much fixed and current assets the business owns and the short-term and long-term liabilities it owes. This is balanced up by the equity of the business which is the paid-up share capital plus the retained profit or less the accumulated loss as the case may be.
From the balance sheet, the financial health of the business entity as at the end of the year or the trading cycle of 12 months may be determined.
It is important to have your accounts audited and also to submit your tax returns to the LHDN as it is mandatory. The audited accounts are useful for loan applications and for maintaining your finance facilities from banks as the banks will want to view them annually to review your loans.
Sole traders and ‘Enterprise’ businesses may use the last 3 years of their tax submission for loans and banking facilities applications or to apply for works contracts from their principals.
