We update the daily transactions of the company in to the accounting software and generate monthly/periodic reports for the management for decision making.

• Weekly Visit: Our representative will be visiting your office on a weekly basis and update transactions. This will cover entry of all purchases, sales, receipts, payments and other business transactions including recognition of transactions on accrual basis. The system generated Management Information System (MIS) reports will be generated and discussed then and there with the management. Monthly reports will be prepared and issued to the management at the end of every month.
  Such reports include:

  • • balance sheet (statement of financial position),

  • • profit and loss account (statement of comprehensive income),

  • • cash flow statements,

  • • receivables ageing list,

  • • payables ageing list,

  • • comparative report on sales performance,

  • • comparative report on expenses etc.

  • • variance/ratio analysis

On quarterly basis, we issue additional report including the ratio analysis, breakeven point/margin of safety analysis etc.

• Monthly Visit: If the number of business transactions in the company is comparatively less, monthly one or two visits will be sufficient to complete updating of books of account. Our representative will be visiting the clients’ office at the end of every month/beginning of the next month and update the transactions. This will cover entry of all purchases, sales, receipts, payments and other business transactions including recognition of transactions on accrual basis. The system generated Management Information System (MIS) reports will be prepared and discussed with the management by our executive. Further quarterly reports (in-house financial statements) will be prepared and issued to the management at the end of every quarter. Such reports include:

  • • balance sheet (statement of financial position),

  • • profit and loss account (statement of comprehensive income),

  • • cash flow statements,

  • • receivables ageing list,

  • • payables ageing list,

  • • inventory analysis,

  • • comparative report on sales performance,

  • • comparative report on expenses,

  • • financial ratio analysis,

  • • working capital analysis,

  • • BEP/Margin of safety analysis etc.

  
  
  

In order to do the regular accounting services weekly or monthly, the administrator or the secretary in the office of the client has to maintain the basic information of the transactions

happened during that period and those should be made available to verify and update. Such documents include:

• balance sheet (statement of financial position),

• profit and loss account (statement of comprehensive income),

• cash flow statements,

• receivables ageing list,

• payables ageing list,

• comparative report on sales performance,

• comparative report on expenses,

• financial ratio analysis,

• working capital analysis,

• breakeven point analysis/margin of safety etc.

• Bank Statement Reconciliation:

  Timely reconciliation of bank accounts is very vital to ensure proper control and sufficient balance of funds in the company. In some of the accounting softwares used by the companies there are options for bank reconciliation within the software. Wherever the software doesn’t support to upload the bank statements it will not be possible to do the reconciliation automatically by the software. In such instances reconciliation has to be done manually. In the case of companies having huge number of transactions (online transactions, too many cash/cheque deposits and withdrawals, etc) it will be a time consuming work for the accounts department within the companies. In such cases outsourcing the bank reconciliation assignment will be apt for them.

• Suppliers Ledger Reconciliation/Vendor Payments Reconciliation:

  Though proper data entry is made through accounting software sometimes reconciliation between the supplier ledger and the statement of accounts from the supplier is a nightmare for an accountant. When the number of transactions are huge and the considerations like discounts, rebate, returns etc also requires, the reconcialition between the accounts becomes more difficult. Scope of reconciliation of supplies ledger/vendor payments involves the following:

  • To ensure invariably all the suppliers accounts are credited with the invoices received for the supplies they made for.

  • To see that purchase returns are properly debited in the suppliers account, for which either debit notes are raised against the suppliers or credit notes received from them.

  • Verify whether discounts/rebates etc received from the suppliers or as per the agreed terms with them were correctly reflected as debits/ charge to their accounts.

  • Ensure that normally while making payment to suppliers the purchase returns and discounts availed/received were adjusted against amount due for supplies. And the payments made to suppliers are properly debited in the concerned suppliers accounts.

  • In case of advances made to suppliers, checking of accounting entries will be made to ensure that all the advance payment made to suppliers will be correctly accounted and before making final payment to suppliers the same have been adjusted against the bill/s due.

  • If there is any adjustment (debit/credit) for price variation agreed with the supplier it will be ensured that the same has been adjusted before making settlement with suppliers for bills.

  • Ensure whether foreign exchange differences were correctly ascertained and accounted.

  • Wherever necessary balance confirmation from the suppliers will be requested by our team and will match with the company’s records and balances to have better control and proper settlement.

  Information Required:

  • Suppliers Ledger statement

  • Invoices received from suppliers.

  • Debit notes issued to suppliers.

  • Credit Notes received from the suppliers.

  • Copy of Contracts/Agreements entered by the management of the company with suppliers.

  • Copy of bank statements to verify the payments.

  • Statement of accounts / Copy of ledger account from suppliers.

• Customers’ Ledger Reconciliation:

  Similar to suppliers ledger reconciliation, customers ledger reconciliation also become complicated if the number of transactions are more and additional considerations such as discounts, rebates, returns etc are involved in the contract. The scope of the work involves the following:

  • To ensure invariably all the customers’ accounts are debited with the invoices issued for the supplies made to them.

  • To see the sales returns are properly credited in the customers’ account, for which either credit notes are raised against the customers’ or debit notes received from them.

  • Verify whether discounts/rebates etc given to the customers or as per the agreed terms with them were correctly reflected as credits to their accounts.

  • Check whether while receiving the amount from the customers, the sales returns and discounts were properly deducted only to the extent eligible and make sure that no error on such reductions.

  • In case of advances received from customers, checking of accounting entries will be made to ensure that all advances are accounted correctly and while collecting the balance amount deductions are made by them only to the extent it is agreed/advance is collected.

  • If there is any adjustment (debit/credit) for price variation agreed with the customers it will be ensured that the same has been adjusted only to the extent customers are eligible, for making the settlement with the company.

  • Check whether there are any foreign exchange differences which were accounted properly as per the terms with the customers.

  • Wherever required, balance confirmation from the customers will be requested by our team and if necessary we will be collecting from the customer directly to get the balance confirmation from them to the extent possible.

  Information Required:

  • Customers’ Ledger statement

  • Invoices issued to customers.

  • Debit Notes received from customers.

  • Credit Notes issued to customers.

  • Copy of Contracts/Agreements entered by the management of the company with customers.

  • Copy of bank statements to verify the payments received from customers.

  • Statement of accounts /Copy of ledger account from customers.

• Intercompany Reconciliations:

  Intercompany reconciliations also became a tedious task for accountants while finalizing books of account periodically. The intercompany transactions could be the transactions between the Head Office and its branches or between sister concerns. If common software’s are used by all sister concerns and timely passing of entries are happening, the hurdle of discrepancy between the accounts will not arise. But in some companies timely recording of transactions are not happening in time for one or the other reason. The discrepancy between the accounts can arise because of the non-availability accountants /dedicated accounts personnel, improper coordination between related parties, exchange rate fluctuation, delay in transportation etc.

  Information Required:

  • Statement of accounts from company books of account.

  • Statement of accounts from the related party /sister concern or HO or branch.

  • Documents such as invoices, debit notes, credit notes, payment details etc.

  • Copy of Contracts/Agreements entered by the company with the sister concerns.