Book Keeping
Importance
There is no other to go around it – bookkeeping lies in the very heart of any kind of business, irrespective of its size, type, field or industry. Sadly enough, bookkeeping is frequently the most overlooked task, and that is a practice that sooner or later will take its toll on the company’s function and prospects. The fact is that a significant percentage of companies are forced out of the market because of poor bookkeeping practices, including mismanagement, rough-and-ready accounting and all sorts of mistakes and overlooks.
So, since bookkeeping can literally “make or break” your business, take some time to understand why it is so important and what you can do to ensure proper bookkeeping practices or services.
What we do ?
We will enter your bills , vouchers in the system and will submit the monthly report which consists of the following and the report will be in PDF Format;
Cover Page
Index Page
Balance Sheet
Profit & Loss A/c
Trial Balance
Stock Statement if any
Debtors Summary
Creditors Summary
Debtors Ledger
Creditors Ledger
General Ledger
Stock Ledger
Day Book
Purchase Register
Sales Register
Journal Register
Purchase Return / Discount Register
Sales Return / Discount Register
Inventory Journals
End of Report
Financial Accounting & Reporting
Importance
Financial accounting is a specialized branch of accounting that keeps track of a company's financial transactions. Using standardized guidelines, the transactions are recorded, summarized, and presented in a financial report or financial statement such as an income statement or a balance sheet.
Companies issue financial statements on a routine schedule. The statements are considered external because they are given to people outside of the company, with the primary recipients being owners/stockholders, as well as certain lenders. If a corporation's stock is publicly traded, however, its financial statements (and other financial reportings) tend to be widely circulated, and information will likely reach secondary recipients such as competitors, customers, employees, labor organizations, and investment analysts.
What we do ?
We make report in PDF Format covering the following reports on monthly basis for the immediate reference for management for decision making, understanding the financial status of the company.
Cover Page
Index Page
Balance Sheet
Profit & Loss A/c
Schedules to Balance Sheet
Schedules to Profit & Loss Account
BRS for all Bank Accounts
Scanned copy of Bank Statement
Bank Book
Cash Book
System Generated Trial Balance
Cash Flow
Fund Flow
TDS Register
GST / VAT / Service Tax / Excise Register
Scanned copy of Cheques (if company maintains)
Cost Accounting
Importance
Cost accounting is a process of collecting, recording, classifying, analyzing, summarizing, allocating and evaluating various alternative courses of action & control of costs. Its goal is to advise the management on the most appropriate course of action based on the cost efficiency and capability. Cost accounting provides the detailed cost information that management needs to control current operations and plan for the future.
Since managers are making decisions only for their own organization, there is no need for the information to be comparable to similar information from other organizations. Instead, information must be relevant for a particular environment. Cost accounting information is commonly used in financial accounting information, but its primary function is for use by managers to facilitate making decisions.
What we do ?
We study your business policy accordingly, the financials are reflecting ?if more , why more ? If less, why less ?
We take some of your products, will derive cost for the same having source from your purchase bills for materials, components and financials for expenses to apply on pro-rata basis, will compare with your selling price and arrive pricing structure.
Management Accounting
Importance
The Present complex industrial world, management accounting has become an integral part of management, Management accountant guides and advises management at every step. Management accounting not only Increase Efficiency of the management but it also increases the efficiency of the employees. The main Advantage of management accounting is given below:
Determine of Aim
Helps in the Preparation of Plan
Better Services to Customers
Easy to take judgment
Measurements of performance
Its Provide effective management control
Maximum profits of can be obtained
Safety and security from trade cycle
What we do ?
We take your financials and analyse the following;
Debt Equity Ratio
Current Ratio
Return on Investment
Net worth of the company
Debtors Performance – Debtors to Turnover in times, Average Credit in Days
Creditors Performance – Creditors to Turnover in times , Average Credit in Days
Inventory Performance – Inventory to Turnover in Times, Average holding stock in days
GP , NP – Ratio
Checking Interest Cost , according to Terms with Bank ?
When , the above reports are taken month on month, and compare , it will reveal, significant changes if any and can correct it timely.
Auditing
Importance
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. The main activities in internal audits are
a. Evaluating the internal controls
b. Evaluating risks
c. Analysing operations and confirm the effectiveness.
d. Review compliance.
EXTERNAL AUDIT is an audit conducted by an individual or firm that is independent of the company being audited. These independent auditors audit the books of a company generally once per year after the completion of the companys fiscal year. Their role is to give an opinion of the financials statements reflection of the status and operations of the company being audited. Based on what they witness during the audit they will also produce, for management and board utilization, a management letter. Although a financial statement audit is the most common type of external audit, external auditors may also conduct special purpose audits which might include; performing specific tests and procedures and reporting on the results, a less intensive review, and compilations.
What we do ?
We pickup about 5 Transactions in each module i.e. Purchase , Sales, Cash Payment, Cash Receipt, Bank Payment, Bank Receipt , Journals.. and validate the following;
Checking availability of Approvals as assigned by management ?
Checking Physical Vouchers / Bills ..has it been recorded in system properly ?
Checking Purchase / Sales Order with approvals ?
Checking the details of recipient of Goods / Services , Truck Details , Inward / Outward Register ?
Calling for Statement from major Suppliers / Customers and reconciling with books ?
Bank Reconciliation.
Keeping record Systemtically ?
Filed in chronological order ?
Everything is access able to every one ?
Statutory Compliance ?
We compile report for the above and submit it.
Inventory Management
Importance
Inventory management is a very important function that determines the health of the supply chain as well as the impacts the financial health of the balance sheet. Every organization constantly strives to maintain optimum inventory to be able to meet its requirements and avoid over or under inventory that can impact the financial figures.
Inventory is always dynamic. Inventory management requires constant and careful evaluation of external and internal factors and control through planning and review. Most of the organizations have a separate department or job function called inventory planners who continuously monitor, control and review inventory and interface with production, procurement and finance departments.
Verification of Physical Inventory, Why is it important?
Misstatement affect reported profit, : misstatement of inventory balances has a direct effect on reported profit.
Inventory losses:from pilferage, wastage, obsolescence, damage, dormant stock.
High inventory levelsresulting in poor cash flow and financial loss.
Checking the details of recipient of Goods / Services , Truck Details , Inward / Outward Register ?
Inaccurate or incomplete record of inventory movements resulting in lack of awareness of the actual inventory position and difficulties in meeting customer needs.
Lack of securityover inventory resulting in loss, theft or misappropriation.
Obsolete inventoryheld or incorrectly supplied to customers, resulting in financial loss and damage to reputation.Physical inventory counts
The 2 methods of carrying out inventory counts are:
1. Periodical: made at or close to the year end.
2. Perpetual: counting on a continuous basis over the whole year. Each item is physically inspected at least once a year , and more frequently in the case of items liable to loss.
Adequate records are kept up to date.The records are amended and signed as a result of physical inspectionand that there are appropriate reports and investigation procedures for discrepanciesOrganization of countingclient proceduresIt is the responsibility of management to count inventory
What we do ?
We take inventory report form your books and conduct physical verification and will derive the Deviation Report i.e. difference if any between physical and books. If inventory is huge , will conduct on major items by value wise or random wise.
Before we initiate inventory verification, we take down the following information;
Cut Off No. for Sale Bill (Cash / Credit)
Cut off No. for Goods Inward Register
Details of Goods invoiced but not delivered
Details of Goods delivered but not invoiced
Purchase bill received , entered but goods not received.
Goods Received, but purchase bill not received.
MIS Reports
Importance
MIS plays a very important role in the organization; it creates an impact on the organization’s functions, performance and productivity.
The impact of MIS on the functions is in its management with a good MIS supports the management of marketing, finance, production and personnel becomes more efficient. The tracking and monitoring of the functional targets becomes easy. The functional managers are informed about the progress, achievements and shortfalls in the activity and the targets
What we do ?
We check your Sales / Purchase with Stock Item Wise. Will generate the following reports
Misstatement affect reported profit, : misstatement of inventory balances has a direct effect on reported profit.
Item Wise Purchase with %
Item Wise Sales with %
Group / Division / Department wise Purchase
Group / Division / Department wise Sales
Geographical Wise Purchase
Geographical Wise Sales
Vendor wise Purchase with %
Customer Wise Sales with % ..
Project Report
Definition
A project is an activity to meet the creation of a unique product or service and thus activities that are undertaken to accomplish routine activities cannot be considered projects. For instance, if your project is less than three months old and has fewer than 20 people working on it, you may not be working in what is called a project according to the definition of the term.
What we do ?
Based on given input of the data, we project and work out the financials of the project according to the tenure of the same e.g. 3 years project, there will projection for three years. And will present it as project report.
