An Accounting Outsourcing Services Company for Power Generation Industries - BI-Outsource
Power generation is undergoing a significant upheaval, with an increasing focus on renewable energy and integrated markets. While the International Energy Outlook 2016 predicted that electricity generation will reach 36.5 trillion kWh by 2040, the global energy landscape has already outpaced early projections, necessitating smarter, more agile accounting systems.
At BI-Outsource, we customize accounting solutions based on how energy is generated, whether through coal, solar, wind, hydrogen, tidal, or hydroelectric systems. Each method uses a different project lifecycle, cost structure, and regulatory framework. We organize your chart of accounts, profit centers, and inventory tracking systems to provide you with useful, real-time financial data.
Our Accounting Services for Power Generation
- Classifying expenses and capitalizing feasibility studies over a payback period.
- Separating fixed assets into phases, such as land, turbines, substations, and control rooms.
- Recording vendor bills, employee payments, and depreciation schedules.
- Entering monthly and year-end closure adjustments.
- Real-time operational information can be used to customize per-watt cost and profitability tracking.
- Auditing Power Purchase Agreements (PPAs) to ensure appropriate billing for energy sold, fixed charges, and taxes.
- Monitoring receipts and cash inflows in accordance with contractual payment milestones.
- Capture, categorize, and route invoices for approval.
- Difference between capital and recurring expenses.
- Online payment processing complied with project timelines.
- Periodic vendor reconciling and inquiry management.
- Arbitration between contract revenue and energy delivered.
- Collection tracking by customer and payment method.
- To identify any shortfalls or overcharges, reconcile your merchant account statements.
- Customer aging reports and collection follow-up.
- Monthly income fluctuation monitoring and prediction.
- Profitability per megawatt hour.
- Cash flow analysis and working capital movements
- Asset tracking and fixed asset schedule.
- Amortization plan for project setup costs
- Trial balance, bank reconciliations, and ledger reports.
- Income and balance sheets broken down by category
- Direct depositing and filing taxes setup
- Automated payroll computations and correct withholding
- Filling out federal and state tax forms (941, 940, 944, 1099)
- Reconciliation of payroll records and tax submissions