Regular accounting of transactions executed by the client is carried out by the trainees of Verico Auditing. This work is carried out by trainees to reduce costs, impart training and encourage better reporting.
Accounting may involve one or several of the following activities:
Sorting and filing of vouchers
Entering the vouchers as transactions in an accounting software
Cash tallying and bank reconciliations
Periodic ledger scrutiny
Reconciliation with statements of customers and suppliers
Monthly (or more often if needed) receivable and payable summary
Monthly profitability and financial position analysis
Annual audit assistance
Depending on the volume of transactions (number, not value), tasks undertaken and reporting frequency (and format) the services are priced to the client’s advantage. This is so because the activity is highly labour intensive and is rarely remunerative.
However, it provides for a clean training ground and helps client retention, hence widely practiced.
Along with accounting, quite often, administrative functions are also carried out. These include keeping a record of non-financial information like lists of manpower and vehicles or assets registers and continuously updating the management of upcoming requirements like renewals and likes.
This does not include the complex services of business management that are discussed separately.