Process Flow

At accl global, we have developed a niche in assisting start-ups and growing businesses from across the globe with all their accounting and financial reporting requirements.

Working in the offshore accounting segment for more than a decade and with focus primarily around the digital and e-commerce brands has helped us lead the entire financial processing and reporting cycle from the front!

From on boarding of a client to reporting the deliverables – we follow a relatively linear and simple workflow process to ensure an efficient financial back-office function is in place. Here is a quick tour of the Key steps:

Sharing of the Initial Information Request list

Parties involved – Bookkeeper/Client

One time process

Soon after on boarding, we would be sharing a initial information requisition checklist document with list of questions relating to:
  • Background of their business
  • Current status of books of accounts
  • Start Date
  • Data sharing protocols
  • Vendor Management and Payment Process
  • Payroll processing
  • Sales Channels and Payment Gateway connects (if any)
  • Inventory management cycle (if applicable)
  • Tax filing obligations (GST – AU; VAT – UK/EU; HST – Canada; Sales tax – US among others)
  • Management Reporting requirements
  • Other business specific questions

Accounts Setup, Processing and Reconciliation (Bookkeeping)

Parties involved – Bookkeeper Daily/Weekly/Monthly
Once the expectations have been set and data flow is arranged, we proceed with the next step i.e. setting up the accounting process and performing bookkeeping and data processing.
As part of this stage, we would be setting up/reviewing the Chart of accounts depending upon the business and reporting requirements. We shall then look into any cleaning up needed in the bank reconciliation side or the AR/AP listing as on the Start Date.
Once this is done, we shall then proceed to processing of the source documents into accounting application (like XERO; QuickBooks Online; Netsuite; Waveapps including others).
We then proceed toward bank reconciliation and other business specific reconciliations needed including sales reconciliation with sales platforms/marketplaces and payables management.

Exceptions reporting to the Client

Parties involved -Client/ Bookkeeper Weekly/Monthly
This process involves sharing with the client any exceptions which we have noted when performing the tasks under Step 2. This is generally a shot report shared in excel format which mentions any particular transactions where more information is needed before they can be taken care of in the books of accounts.
These are shared over email for easy access and sometimes also discussed over calls depending upon client’s availability.

Internal Review of Financial reports

Parties involved – Bookkeeper

Weekly/Monthly

Once all of the bookkeeping and reconciliation for a reporting period has been done, we perform a internal review of financial reports generated for the reporting period. As part of this process, we ensure the:

  • Bank Reconciliation and Sales reconciliation reports
  • General Ledger
  • Cash Flow Statements
  • ¬†Taxation Reports in the form of:
    • Business Activity Statement (BAS) for Australia businesses
    • VAT return for UK/Other EU Nations
    • HST/GST reports for Canada based business
    • Sales tax reports for United States’ based businesses
  • A/R and A/P ageing reports
  • Any other specific reports

Periodic Reporting to Clients

Parties involved – Bookkeeper

Weekly/Monthly

Once all the Previous steps have concluded successfully, we are preparing and sharing various management information reports for the stakeholders’ to take appropriate business decisions in atimely manner. This reporting pack includes:

  • Actual Financial Performance as against Key performance indicators
  • Cash Flow Forecasting and Analysis on key levels
  • Budgeted Cost Vs actual costs analytics
  • Revenue reporting with deep dive on products/geographies/services outperforming Vs lowperforming ones

In addition to these management reports the other standard accounting reports would also be available
for the client’s review

  • Bank Reconciliation reports
  • General Ledger
  • A/R and A/P ageing reporting
  • Taxation liability reports meeting local requirements of businesses based in
    • Australia
    • UK and other UE nations
    • Canada
    • US
    • UAE and Hongkong including others

Feedback Sessions

Parties involved – Client/Bookkeeper Monthly/On-demand
We always encourage clients to have regular open for one to one feedback session to discuss the key performance metrics and the areas which need a more closer monitoring for efficient cash flow management and smooth operations flow.