Accounting for debtors and creditors

Proper accounting of accounts receivable and payables is one of the key tasks of accounting and business in general. The accuracy and reliability of this data determines how well management will be able to assess the company’s current financial condition, identify its strengths and weaknesses, and predict the sustainability and development of the business in the future.

Financial Outsourcing Company provides professional accounting services for debt accounting — full control of accounts receivable and payables, cash flow analysis and accurate settlement with counterparties.

What does accounting for accounts receivable and payables include?

Well—structured accounting of settlements with suppliers and customers is the basis of the financial discipline of the enterprise. Our company provides comprehensive support and control of all transactions related to obligations to counterparties and incoming payments.

As part of the service, we perform:

• analytical accounting for each counterparty, contract, and account;
• control of payment deadlines and repayment of debt;
• the reflection of all transactions in accounting in accordance with current standards and legislation;
• preparation of accounts receivable and payable reports;
• carrying out inventory calculations and registration of reconciliation reports;
• identification of overdue, doubtful and bad debts;
• formation of reserves for doubtful debts.

Regular analysis of accounts receivable and payable provides management with a clear understanding of the status of settlements with counterparties and upcoming obligations, and also allows timely identification of the risks of cash gaps.

Why does a company need professional debt accounting?

Accounting for accounts receivable and payable is one of the key financial control tools. It provides an understanding of the real state of the company’s calculations, shows who owes the organization and to what extent, what obligations are to be fulfilled, and helps manage cash flows in a timely manner.

Errors in the organization of accounting inevitably lead to distortion of data on the financial situation of the company. As a result, overdue obligations may not be noticed, taxes or profits may not be calculated correctly. This, in turn, is fraught with claims from the tax authorities and the imposition of fines.

Professional accounting allows you to:

• know exactly what amounts should be received by the company and from whom, and which ones should be paid to counterparties;
• identify debts that are not being repaid in time and take measures to repay them.;
• make all calculations correctly and have documentary evidence of each operation.;
• avoid mistakes when calculating income taxes and other mandatory payments;
• plan payments correctly so that there are no cash gaps.

Order debt accounting in our company

Over the years, Financial Outsource has established itself as a reliable business partner in the field of accounting support. We help companies to put their accounts in order and ensure reliable protection of your financial interests.

Turn this task over to the professionals and focus on business development.

Leave a request right now to receive a personal offer on debt accounting. Contact us by phone, via the website (the “Free consultation” button) or visit our office in Tbilisi.