These services are structured to suit an individual client’s needs and requirements. Some of the accounts outsourcing services offered are as under:

Book keeping and General Accounting Service

The service involves preparing and maintaining day to day bookkeeping and monthly or quarterly management accounts. These books are prepared as per the Indian  accounting standards and can also be made as per specific client instructions.

Preparation of Financial Statements

The service involves preparing a company’s annual accounts and schedules ready for the statutory annual audit.

Cash Forecasting

The service involves analyzing the cash requirements of the business and making cash forecasts for planning the future.

Advantages

• Time saving

• Analyzing the potential risks in advance

• Correct interpretation of the company’s financial position

• Informed and better managerial decision making

• Collection, summarization, and accurate analysis of financial data

• Optimization of business resources and processes

Overview:

Accounting services encompass a wide range of financial activities related to the recording, analysis, and reporting of financial transactions for individuals, businesses, and organizations. These services are critical for maintaining accurate financial records, ensuring compliance with accounting standards, and facilitating informed decision-making. Here are key components included in accounting services:

• Bookkeeping:

  • Recording day-to-day financial transactions, including sales, purchases, receipts, and payments.

  • Maintaining ledgers and journals to organize financial data.

• Financial Statement Preparation:

  • Compiling financial statements, including the income statement, balance sheet, and cash flow statement.

  • Presenting a summary of an entity's financial performance and position.

• Accounts Payable (AP) and Accounts Receivable (AR) Management:

  • Managing accounts payable by recording and tracking vendor invoices, payments, and outstanding balances.

  • Managing accounts receivable by recording and tracking customer invoices, collections, and aging of receivables.

• General Ledger Maintenance:

  • Maintaining the general ledger, which summarizes all financial transactions of an organization.

  • Ensuring accuracy and integrity of financial data in the general ledger.

• Bank Reconciliation:

  • Reconciling bank statements with the company's financial records.

  • Identifying and resolving discrepancies between bank balances and book balances.

• Payroll Processing:

  • Calculating employee wages, salaries, bonuses, and deductions.

  • Preparing and distributing payroll checks or direct deposits.

  • Ensuring compliance with payroll tax regulations.

• Tax Preparation and Planning:

  • Preparing and filing various tax returns, including income tax, goods and services tax (GST), and other applicable taxes.

  • Advising on tax planning strategies to optimize tax liabilities.

• Financial Analysis:

  • Analyzing financial data to assess the financial health and performance of an organization.

  • Providing insights to support strategic decision-making.

• Budgeting and Forecasting:

  • Assisting in the development of budgets based on financial goals and historical data.

  • Creating financial forecasts to project future performance.

• Management Reporting:

  • Generating customized reports for management to provide insights into key financial metrics.

  • Presenting financial information in a format suitable for decision-makers.

• Cost Accounting:

  • Tracking and analyzing costs associated with production, projects, or services.

  • Providing insights into cost structures and profitability.

• Inventory Management:

  • Recording and managing inventory transactions.

  • Implementing inventory control measures to optimize stock levels.

• Financial Advisory Services:

  • Providing financial advice and strategic guidance to help businesses achieve their financial objectives.

  • Offering insights into financial planning, investment decisions, and risk management.

• Audit Support:

  • Preparing financial records and supporting documentation for external audits.

  • Assisting auditors during the audit process.

• Compliance Management:

  • Ensuring compliance with accounting standards, regulations, and reporting requirements.

  • Implementing and monitoring internal controls.

Accounting services can be outsourced to professional accounting firms or managed in-house by accounting professionals. The goal is to maintain accurate and up-to-date financial records, support financial decision-making, and fulfill regulatory obligations.