Even the biggest success Starts with a first step

Book Keeping & Accounting

  • 7th Sense Solutions specializes in finance and accounting services, Specialized BPO and Consultancy. We provide innovative business solutions that empower clients with a competitive advantage, enabling them to focus on their core activities rather than time consuming payroll and accounting activities. We deliver high quality services with our highly motivated and qualified team who are focused on “EXCEEDING EXCELLENCE”. Sign-up with us to reduce your complexity in payroll and to improve your core business.

Financial Accounting

  • Bank reconciliation
  • Accounts receivable/payable reconciliation
  • Income Tax / VAT return compilation

Payroll Services

  • Payroll accounting
  • Employer and employee taxes
  • Retirement benefit computation

Back Office Support

  • Invoice Entry
  • Purchase Bills/Invoice Entry
  • Data Entry

Software

  • Quickbooks
  • Peachtree
  • SAGE

Your Benefits

  • Cost-effective solutions
  • We implement Best-Practices in the industry
  • Expert team in QuickBooks, Peachtree and SAGE
  • Overnight updates to your records
  • Our services are scalable and customer specific
  • Dedicated bookkeepers for your business
  • Data hosted in US, 128 bit encryption
  • Security level competent enough as in online banking system
  • 24/7 Support

Summary of bookkeeping services

Daily task

  • Record Vendor Invoices/Purchase order
  • Reconcile Vendor Statements
  • Process Manual checks issued as needed for emergencies
  • Record sales invoices/ Daily sales general journals as per the nature of business
  • Mail/Email customer invoices and statements
  • Record customer payments
  • Pull and match the customer deposits from Paypal account to accounting software
  • Track Customer under/over payments

Weekly Task

  • Weekly Accounts Payable/Receivable Aging Reports
  • Follow up payments from both customers and vendors
  • Record Payroll(if paid fortnightly)
  • Break out Payroll/Payroll fees/ Payroll taxes
  • Other weekly update as per client requirement on weekly basis

Monthly Task

  • Prepare Bank reconciliation
  • Outstanding payment made to credit card companies(if client needed)
  • Prepare Credit card reconciliation
  • Prepare Check stub reconciliation
  • Recurring payment of rent, credit card charges etc... through pay pal

Monthly Reporting

  • Income statement( Monthly and Year to date)
  • Balance sheet
  • Accounts payable Aging(Unpaid bills)
  • Accounts receivables Aging( Open invoices)
  • General Ledger
  • Bank reconciliation report
  • Credit card reconciliation report

Just We need the following information

  • For existing company we require backup software copy of file
  • For newly started company or existing company which needs to start in different software
    • Software to be used included version. For Ex: Quickbooks Pro 2011 US version
    • Name and address of company
    • Nature of Business.( for ex: Restaurants, Travel agents…)
    • Business Entity: (For Ex Partner ship firm or s corp)
    • Last year tax return. If filed. (For existing company only. This is required to get the year end balance.)
  • Just email us the purchase bill/ customer invoices to process daily task
  • Send us the payroll timesheet to enter the paycheck
  • Bank statement/credit card statement
  • Loan Amortization schedule(if loan available)
  • Deposit slips
  • Check stubs

How these tasks do helps your company?

    Accounts receivable Aging

  • This report will show the outstanding balance which you have to receive from your customer. Also the terms of credit you have allowed to them. This report will help you to forecast your income in future.

    • Accounts Payable Aging

  • This report will show the outstanding amount which you are owing to your vendors. Also the terms of credit you have to pay for them. This report will help you to decide cash flow of your company.

    • Payroll Services

  • This report will show you how much you need to pay the payroll deduction taxes to government.

    • Banking Activities

  • Bank account activity is updated in your accounting file, so that you always know your available cash balance. Banking, credit card and loan accounts are reconciled to the corresponding statements each month and reconciliation reports are emailed to you. These reports will show the old outstanding items that require resolution.

    • Bank reconciliation will help you to

    • Identify lost checks, lost deposits and unauthorized wire transactions.
    • Detect and prevent excess/unjustified bank charges and ensure transactions are posted correctly by your bank.
    • Detect and prevent embezzlement of funds from within your company.
    • Know how your business is doing. You can’t really know unless all accounts are reconciled and properly accounted for on your financial statement.
    • Manage your cash more effectively. Proper management of funds not only saves money, it makes money for you.
    • By timely reconciling, you can protect yourself by any unauthorized, fraudulent or forged checks presented to your bank.
    • You will sleep peacefully at night knowing your bank accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for.

    Income statement

    An income statement or profit and loss account will allows you to

    • Track revenues and expenses so that you can determine the operating performance of your business
    • Determine what areas of your business are over budget or under budget.
    • Identify specific items that are causing unexpected expenditures. Like telephones, supply expenses
    • Track dramatic increases in product returns or cost of goods sold as a percentage of sales.
    • Determine your income tax liability.

    Balance sheet

    A balance sheet gives you a snapshot of your business financial condition at a specific moment in time and also helps you to

    • Quickly get handle on the financial strength and capabilities of your business.
    • Identify and analyze trends like receivables and payables.
    • Determine if your business is in position to expand.
    • Determine if you need to take immediate steps to bolster cash reserves.

    General Ledger

    It is a core of your company’s financial records. Since every transaction flows through the general ledger. By reviewing the general ledger each month, it allows you to hunt any discrepancies such as double billings or unrecorded payments.