Accounting, Book-keeping, and Compliance Services:
We were approached by a Mid-tier Captive IT Services unit operating as an Offshore development centre in India to outsource their Finance department, which comprises Accounting, Book-keeping, and Compliance. The Client was facing several challenges with their in-house finance team, such as cost-inefficiency, reliance on external consultants for corporate law compliance and specific tax positions, instances of non-compliance, lack of internal control processes, delays in providing financial status, attrition issues, and difficulties during transitions.
To address these challenges, we devised a comprehensive approach. Firstly, we had set up a dedicated finance team specifically tailored to the Client’s needs, remarkably reducing their financial burden to just one-fourth of their previous expenses.
Furthermore, we implemented Standard Operating Procedures (SOPs) for each aspect of their functions:
- Accounts Payable: We streamlined the vendor selection and onboarding process, established an invoice approval protocol, and created a standardized checklist for invoice approval.
- Accounts Receivable: We efficiently put in mechanism for handling invoicing based on contractual agreements and providing support for collections.
- Fixed Assets: We undertake regular physical verifications and ensure the Client admin team follows a meticulous record-keeping to prevent embezzlement.
- Payroll: We set up tax efficient salary structure at the beginning of each year, which is also followed by a year-end calculation with the proof check.
- Compliance: We are ensuring timely compliance with Indian tax and regulatory laws. Our well-organized processes have withstood surprise audits organised by the Management of the Company.
- Treasury: We are supplying the Client with a monthly cash utilization statement, focusing on trail of cash flow as well as providing timely guidance on the working capital position of the Company.
- Secretarial Compliance: We support the Client with tasks like Board resolutions, share certificates, statutory registers, and filings with the Ministry of Corporate Affairs.
By implementing these measures, we aim to enable the Client to concentrate solely on their core operations while we efficiently manage and resolve their financial challenges.
Our 360-degree services from accounting and compliance side also helps us to act as the following for the Companies that has their inhouse finance team.
Compliance Controllership:
Under this, we become the first level check point prior to any tax payment or reporting to the Government authorities. Periodically, we provide a Compliance report to the Management on the Compliance status.
Virtual CFO:
Under this, we engage with the Clients at a strategic level for the purposes of decision-making on any of the critical transactions contemplated by the Management. Such critical transactions could be Business acquisition, sale of business, Equity/debt raise, valuations, Working capital loan, Compliance check, support on Due diligence etc.,
