At KRP Tech Solution's we understand that the timely availability of accurate information is essential for your day-to-day decision-making. Our Bookkeeping and Accounting Service helps you get up-to-date information from your accounting software and also provides you with periodic reports. We can set up daily, weekly, monthly, and quarterly reports and ensure that these are delivered to your mailbox every morning so that you have complete control of your business finances. We understand that each of our customer’s businesses is unique and every business has its own information requirement. We completely customize our reports for each of our customers.
Royalty & Monthly Quantity Sales
Frequency of Report: Monthly
Both these reports for Royalty and stock item quantity sold during the month are interlinked to each other. The accounting team calculates the number of items sold during the month on the basis of which Royalty payable is calculated on a fixed percentage.
Commissions Payable
Frequency of Report: Monthly
One of the very critical and most important reports is the commission payable to various SAE’S on a monthly basis. These are calculated on the amount of total sales by each SAE during the month at a fixed percentage. Actually, the exact payable amounts are calculated on the amounts for which payments have been received during that particular month from previous sales.
AR Ageing
Frequency of Report: Weekly and Monthly
This report is prepared on a weekly basis as debtors outstanding.
Current Customer Review
Frequency of Report: Monthly
Details of all the sales to various customers along with Sales Agents is calculated in the Current customer review report. This is calculated as per customer-wise sales during the year. This report gives a very clear picture of the growth of sales to different customers from time to time & also tells us about sales during a month and sales for all the months in a year by different agents.
Equipment
Frequency of Report: Monthly
During the month all fixed assets and equipment purchased are added to the equipment asset sheet. The monthly depreciation calculation is done on this basis.
Employee's 401K Accrual
Frequency of Report: Monthly
Employee’s 401K accrual amounts are calculated on a monthly basis and the base used for this report is the salaries paid by Client to employees.
Co-Operative Marketing Credit
Frequency of Report: Weekly / Monthly
Whenever any advertisement cost is incurred by customers for the Client’s products in that case 50% of the same cost is incurred by clients. Basically, Co-op credits are allowed to customers on their original first order called Opening stock order {OSO} & some % is fixed on post OSO orders. This is basically an amount that the customer could avail as a benefit against advertising our item at their own cost & 50% of that is reimbursed by the client to the customer. All stores are given the benefit of co-op marketing credits. A report on a weekly/monthly basis is sent to the client mentioning the eligibility dates of all customers with balance entitled amounts.
Accruals
Frequency of Report: Monthly
All the expenses are posted on an accrual basis for which no bills have been received as yet. Entries are done to give proper accounting effect.
P&L and Balance Sheet
Frequency of Report: Monthly
Profit & loss account, Balance Sheet, and the cash flow on a monthly basis for each entity as well as the consolidated entity is done on a monthly basis.
AP Ageing
Frequency of Report: Monthly
Frequency of Report: Weekly and Monthly
Vendor Reconciliation is done on a weekly and monthly, basis likewise debtor reconciliation. Also AP bills outstanding report is sent to the Client by us with complete details of all bills with due dates.
Inventory Valuation
Frequency of Report: Monthly
Inventory Valuation and reconciliations are also done on a monthly basis. Any difference between stock available in QB & physical stock at the warehouse is verified. The accounting team receives the physical inventory sheet from the Client & matches the same.
Bank Reconciliations
Frequency of Report: Monthly
Bank reconciliations are done on the basis of statements received from clients. All bank entries are checked in QuickBooks. The activity is done on a monthly basis and a scrutiny of bank accounts is done on a daily basis by Monitoring & Reporting KRP Tech Solutions call center
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