Outsourced Accounting & Bookkeeping Services
Outsourced accounting services is a service that provides a complete accounting department experience for small and medium businesses. An accounting department handles the day-to-day transactions, accounts payable, accounts receivable, payroll, management accounting reporting, and many other services.
“Outsourcing Accounting services in Kenya to companies of all sizes, across the country. We are one of the top accounting firms in the country.”Our outsourced accounting services in Kenya help companies streamline their accounting process, achieve efficiency, and save on accounting costs.
Our consultants and CPAs strive to enhance your bottom line through cost-effective management and accounting of operating costs and reporting for employee expenses, management costs, payroll, taxes, and costs associated with overhead, including benefits, equipment, and software.
Serving as an expert and adviser in accounting, auditing, reviews, attestation, and taxes, our skilled staff assists businesses, governmental entities, non-profit organizations, and individuals to more efficiently and effectively manage their domestic and international accounting and tax needs.
What are the accounting services you Can outsource In Kenya?
- Accounting Supervision services
- Forensic Accounting services
- Outsourced Bookkeeping services
- Bank Reconciliations services
- QuickBooks Accounting services
- Real Estate Accounting services
- Small business accounting services
- Sage Accounting services
- Online Accounting services
- NetSuite Accounting Services
- Management Accounting Services
- Accounting software services
- Accounting system setup
- Outsourcing accounting department
- Budgeting and forecasting
- Job costing setup, reporting, and training
Efficient And Productive Services
Serving businesses, governmental entities, non-profit organizations, and individual clients in Kenya, we work hard and take long hours when they need us – even after tax season.
Our consistent track record of uncompromising ethics instills confidence and trust. We use cutting-edge technologies to stay abreast of trends and changes in the financial world. This allows us to respond quickly and to better assist you with achieving financial goals for you or your business.
About Accounting Services In Kenya
Accounting Set Up, Accounts Payables, Accounts Receivables, and Tax Processing are services that every business has to handle daily. These tasks are mundane and require time, but they can also take your focus away from core business activities. Bookkeeping, being a specialized service, requires trained accountants and expensive software. Outsourcing accounting services in Kenya can help you get all the advantages of a bookkeeping firm at a low cost. With certified accountants handling your books, you can access accurate accounting services and make critical business decisions.
Since 2011, over 600 customers spread across the country have been using 2Max Group’s professional accounting & bookkeeping services.
While outsourcing accounting services in Kenya with 2Max Group, you can eliminate the tiresome accounting and bookkeeping tasks and put the focus back on your core business functions.
Accounting Services We Offer
Have a certified bookkeeper manage your bank accounts. This will give you a clear understand of cash in your company.
Have you ever looked at a report and felt like your bank balances were wrong? Chances are that your bank accounts are not reconciled.
Bank reconciliations are one of our core services. It gives our clients a clear view of their cash positions, and that means better decision making. There’s nothing worse than not knowing if you can invest in a new piece of equipment. Hoping that the check will clear is not a good business strategy. It’s time to master your cash.
Efficiency in reporting is important for any organization to gain a competitive advantage. Financial reporting and analysis involve the preparation of different kinds of reports and the analysis of the data to determine the financial health of a company.
With an efficient Accounts Payable outsourcing(APO) or Procure to Pay process, your organization will be able to manage working capital and cash flow better, develop and maintain strong vendor relationships, determine potential areas of cost saving, increase organizational agility and comply with regulatory policies.
The Accounts Payable Outsourcing Services provide you with the advantages of cutting edge technology and skilled staff without having to invest in these or buying and maintaining expensive software. We provide industry best practices leading to reduced discrepancies and greater financial control which finally translates into enhanced profitability.
Advantages Of Outsourcing Accounts Payable Services In Kenya
We provide Accounts Payable Services to customers all over the globe.Some of benefits include:
Cost Savings
One of the most significant benefits of outsourcing accounts payable services is the cost savings. When you outsource the tasks to India, you get highly competitive rates and you don’t need to hire a dedicated team of accounts payable experts and thus, you can save their monthly salaries and other hiring costs.
Savings on the Infrastructure
When you outsource the accounts payable tasks to India, you don’t need to invest in, maintain, and periodically upgrade the infrastructure and the software required to carry out the tasks.
Best Services at Affordable Prices
The organizations which are wary of outsourcing are often driven by strong competition, and that motivates them to deliver the services matching the best global standards when it comes to accounts payable tasks.
Flawless and Error Free
you hire an outsourcing firm, their work is often bound by an SLA and these SLAs enforce high-quality work and consistent performance as per the agreed upon metrics. The delivered tasks are flawless and the overall performance is measured by cost, time, quality of work, error rate, and other internal control metrics.
Focus on the Core Operations
When you outsource your accounts payable work to an offshoring firm, then you can shift your vision to the other core operations of the firm, and consistently work on the growth of the organization.
Timely Payment of All the Invoices
Accounts payable services outsourcing ensures that no invoices are delayed, and all the due amounts are paid within the due date and as per the company policy.
Fraud Check
Outsourcing accounts payable services to an offshoring firm help in controlling any possible fraudulent activities by the staff members of the organization. The offshoring service providers are completely responsible for the processing of all the transactions as well as accuracy and quality control.
Staying Informed About the Latest Accounting Updates
The professional accounting service providers in India ensure that you stay updated with any latest developments in the accounting policies, and the advanced software ensures that the processing is always done in an accurate manner.
Accounts receivable services in Kenya(are) are the balance of money due to a firm for goods or services delivered or used but not yet paid for by customers. Accounts receivable are listed on the balance sheet as a current assets. AR is any amount of money customers owe for purchases made on credit.
Our accounts receivables services in Kenya are pretty elastic as we can support your business entirely or partially. You can outsource the entire operation to us or simply one part of it and scale on an “as needed” basis.
Our Relationship Accountant will visit your office on agreed intervals depending upon the scope and nature of the work along with the time required to complete the assignment. All the data entry work has to be done by the full-time accountant of the company
We recognize that every fraud is unique, as each fraud has its own set of facts and details. We seek to understand the nature of fraud and design our work approach and programs specific to the nature of fraud as well as the objectives and scope of the investigation audit and procedure to be performed.
Our Forensic audit team combines accounting, legal and Information systems expertise to tackle even the most complicated cases.
Accounting System Set Up Services
Your accounting data should not be a cause that hinders your business growth. It may occur if you do not take care of your accounting information in a proper manner. So, it is important to have an efficient Accounting system set up which can help the business organization maintain timely efficient data. Thereby, the Accounting system set up services Kenya is a vital component of every business organization.
Having a good accounting system in place is essential in order for your business to grow to its fullest potential. With the aid of an effective accounting system, the business owner can estimate the amounts of profit that his/her company earns in a financial year, which is the prime concern of the organization.
To meet the ever-growing demands of the accounting system, 2Max Group provides best Accounting system set up services Kenya that suit your specific requirements. The accounting services of the firm do not end with the selection and installation of the system but also will guide you through all the necessary steps to operate and maintain a successful accounting system.
The services that we offer under Accounting system set up services are listed below:
- Updates on pros and cons of latest accounting software in the market
- Installation service of accounting software for client’s businesses
- Data entry services
- Technical support/Trouble shoot
10 Essentials For Accounting system set up services Kenya
1. Set up a simple accounting system. In the beginning, you just need a simple, low-cost accrual-based accounting structure. There are many light-weight options available, such as Mint or InDinero. While these aren’t true “accounting systems,” they are great for tracking expenses. More substantial are low-cost, easy-to-use systems such as Quickbooks, which 80% of our clients use. There are also high-end options available, of course. While these are great in many ways, honestly they are just too much effort and cost for an early-stage startup.
2. Set up your Chart of Accounts. I’ve addressed this in detail in a previous post, Creating Your Chart of Accounts for Your Startup. Suffice to say that at the core of whatever accounting system you use will be your chart of accounts (COA). It’s essentially an accounting system, designed specifically for your company, that aligns with your financial structure and helps you to track and report your income and expenses.
3. Open a business banking account. A business banking account with online component will help you to eliminate unnecessary manual processes and better manage your cash flow. Your bank account should automatically invoice your customers and help you to avoid cash shortfalls, by pulling in receivables and stretching out payables. Also, your account should seamlessly integrate with your accounting software.
4. Separate personal and business expenses. It seems obvious that you’d want to keep your business expenses distinct from your personal ones, but, as I wrote about in a previous article (7 Biggest Tax Mistakes Startups Make), it’s surprising how many entrepreneurs conflate the two. At best, this leads to confusion. At worst, you could be sued and forced to pay additional taxes. Your company could even be stripped of its corporate status. Avoid this by establishing corporate checking and savings accounts and maintaining a separate income statement and balance sheet. Use checks from your business banking account, or separate business credit/debit cards to pay for all of your business transactions.
5. Keep records of receipts and invoices. While the IRS regulation requires you to keep records for all receipts over $50, I always recommend recording all receipts, period. You can keep physical copies or in the cloud, but be sure to keep track of your records so you’re not trying to dig them out come tax time.
6. Be mindful of tax obligations. Speaking of taxes…make sure that you start thinking about taxes before you start earning revenue. This starts at the very beginning when you select the best legal entity for your company. You’ll also want to do your due diligence to understand all of your federal, state, and city tax obligations, including regional fees and registration. Since you’ll be separating your business expenses and keeping records, this will make it easy for you to deduct business expenses. Stay on top of your payroll taxes and 1099s and pay quarterly taxes. Hiring a tax professional is the best way to stay on top of your tax situation.
7. Set up a system to collect payments. Setting up a formalized accounts payable system early helps you to maximize cash flow and create essential financial reports. Work with a professional to identify the best tracking system for your needs. Once the system is set up, you’ll need to enter every expense and establish your invoice AP schedule. Place vendors on net 30 payment terms and work hard to ensure that you always pay your bills on-time and up-front. This will help you to build a reputation for financial stability.
Contact 2Max Group for help with accounts payable/accounts receivable.
8. Create a payment collection process. Setting up an AR process will help you to improve cash collections. Your system should allow you to list all open invoices and balances. For new clients, put your payment terms in writing. Establish credit guidelines and create a collection timeline so clients know what is expected. In these early days, your payment collection process should be simple, so you can just accept checks or use Stripe or Paypal to accept online payments.
9. Select a payroll provider. If you have employees in these early stages, you’ll need a payroll provider. Depending on your needs, you may choose a provider who offers piecemeal services or one that provides a full-service HR solution, including employee benefits. Whichever solution you go with, make sure you cover worker’s compensation and payroll taxes as well.
Contact 2Max Group for Payroll Processing Services
10. Forecast expenses. Record all of your anticipated expenses to help you to manage your cash burn. (If you’re looking for ways to reduce your cash burn, check out my previous post: Reducing Your Burn Rate.) If you can see that you will run out of cash, that’s when you’ll need to start raising funds…and move on to the next level of financial management and planning.
Payroll Services. Initial income set-up. Salary computations. Generation of remuneration reports. Payment distribution to your human resources and remittance of other deductions.
Outsourcing the payroll management process only is not always a breakthrough. This is because you’re left behind with numerous reports to prepare for your payroll service provider, which is equally tedious as when you handle your payroll in-house. The best solution is to involve an integrated HR outsourcing service provider who will put in place a strong HR administration system, which includes time and labor tracking.
Financial analysis is the process of evaluating businesses, projects, budgets, and other finance-related transactions to determine their performance and suitability. Typically, financial analysis is used to analyze whether an entity is stable, solvent, liquid, or profitable enough to warrant a monetary investment.
Cash flow management is the process of tracking how much money is coming into and going out of your business. Cash flow is the term used to describe changes in how much money your business has from one point to another. Cash flow management is keeping track of this flow and analyzing any changes to it.
Is your business is unable to achieve high efficiency in invoice processing because of the lack of time or resources? Invoice processing services in kenya plays a critical role in your company’s future, as incorrect invoices can have a great impact on your enterprise’s rankings and customer satisfaction metrics. With outsourcing invoice processing, your organization can benefit from better business operations with regular, timely and accurate invoice management.
2Max Group is one such service provider who can cater to all your invoice processing needs within a quick turnaround time. We have the required expertise to help you improve cash flow and efficiency.
Invoice Processing Services in Kenya We Offer
Having been in the financial industry for over 10 years now, we have the gained enough experience and can understand the exact requirements of the client and provide the services accordingly. Some of the key services we offer include –
- Matching purchase orders to invoices
- Validating data for the correct code, value etc.
- Extracting data from the line items and header
- Checking handling and cashing
- Full logging of every transaction
- Scanning original copies of paper invoices
- Creating receipts of e-invoices
- Creating PO receipts of supplier invoices
Invoice Processing Software
At 2Max Group, our invoice processors employ high-end invoice scanning technology along with the latest invoice processing software, to achieve maximum accuracy within a short turnaround. By using invoice processing software, we efficiently capture invoices/accounts payables (paper or electronic format) translate each invoice, classify the required information and finally enter the data into your financial system.
Our invoice processing services in Kenya workflow:
- Invoices are Obtained:
Client upload the invoices on cloud or any other electronic format, depending on the confidentiality of work. We obtain the invoices as soon as they upload and verifies the data to make sure that it is correct. We support multiple file formats, so our clients by no means face any kind of hassle. You can also send the invoices as an e-mail attachment or Have it done in your office.
- Invoice Processing Services:
Our expert invoice processors obtain your invoices and scrutinizes the contents for precision and completeness. Depending on the volume and complexity of the invoice works, invoices are segregated and adequate methods are chosen to process the invoice efficiently. Stringent QA makes sure that in the instance of any uncertainty, the invoices are thoroughly checked and tested to ensure high data accuracy.
- Invoices Sent:
The final output after stringent AQ will be delivered as per client’s required format with the help of secure server system or email.
Our professionals can scan and index the account payable in an exemplary manner. They capture all relevant information in the appropriate file formats, extract the vital data and validate the entries to maintain high accuracy and quality standards. Our experts help you avoid delayed payment penalties by executing perfect matching of purchase orders with invoices. The main objective of our invoice processing service services in Kenya is to speed up invoice processing time and strengthen client relationship. By working in close coordination with your team, we deliver top-notch quality services within a swift turnaround time.
The Real Benefits Of Outsourced Accounting Services To Save More Time
Whether you own a small business or a franchise spread throughout India, keeping your books and accounts can be stressful and time-consuming. That doesn’t just keep you from doing more important tasks to grow your business, but it costs your company more. Learn about the benefits of outsourcing to an Expert Accountant to help you with tedious tasks.
2Max Group is the company you need to make sure bookkeeping is not a source of stress and worry. You can outsource all these tasks to one of our 30+ professionals able to keep books for you. You can get monthly financial reports and keep track of payrolls, taxes, and other accounting aspects to ensure that your company follows all the codes and economic standards.
With the help of our professional services, you can save the time you’d invest in keeping your books. You can be more productive in managing your advertising campaigns, talking to more clients, and doing the things that help your business earn more profits.
So if you want to ensure that all your company’s accounting needs are up to date and that you get to save time, you should hire our professionals at 2Max Group.
Hiring Affordable Outsourced Accounting Services To Earn More Profits
Your business probably demands a lot of time and effort, and with all the tasks and needs, the last thing you want is to have to spend tens of hours of work per month to keep books, payrolls, and tax requirements. Instead of hiring a full-time accountant or wasting time on these tedious tasks, a better solution would be to hire some of the best Auditing Experts in India to help you efficiently deal with them.
With more than 30 professionals and years of experience in all things related to accounting, 2Max Group Consultancy Services is one of the leading companies in Kenya.
Contact us now and get one of the most affordable accounting firms to help you keep track of payments, taxes, and just about anything you need to keep your business on the safe and legal side.
One of the best things about outsourcing accounting services in Kenya to 2Max Group is that you get to save money. You can spend the time you save doing more productive tasks without hiring a full-time employee. Ensure you aren’t missing anything by outsourcing to us – your best legal and professional services source!