KY - Chartered Accountants

Virtual Accounting Services

We understand that the small and medium size enterprises and start-ups are focused on using their funds for expansion of business and does not have band width to hire a full time financial controller ('FC') / CFO to handle their accounting, compliances, and other regulatory requirements

We intend to fill this gap with our services as FC/CFO to the clients, where in we assign a single point of contact to client, who will co-ordinate with respective teams and ensure timely compliances

1. Account Receivables Management (Invoice Process)

Review of contracts/agreements with the Customers/Vendors
Review of inputs for preparation of Invoices
Reconciliation of accounts receivables with Customers
Debtor’s aging analysis and apprising to management
Periodical reports to Management on collection status.

2. Account Payable Management (Payment Process)

Review of Purchase Orders (‘POs’) from vendors.
Creation of vendors in the accounting system;
Accounting of invoices for processing payments;
Computation of withholding taxes (if any);
Computation of taxes payable under Reverse Charge Mechanism (if any);
Reconciliation of vendor credit notes and vendor payables.

3. Payroll Maintenance

Maintain the payroll register of employees
Obtaining monthly Attendance
Computation of Paysheet and Provision for monthly payable salary
Calculation of Full & Final settlement
Review of tax deductible items like HRA documents, investments etc;
Calculation of annual tax liability of the employees for withholding taxes
Timely Remittance of Taxes which includes PF/ESI/IT.

4. MIS & Monitoring Services

Monthly Closure of Books of Accounts
Ensuring accruals for all the variable and fixed expenses and revenues
Monthly reconciliations of Banks
Preparation of Monthly P&L / Balance Sheet.
Comparison of Monthly Budget vs Actuals.
Preparation of Monthly MIS and reporting the same to Management

5. Book Keeping Services

Defining primary accounting processes that would enable transaction handling and recording in the books
Preparation and Maintenance of chart of accounts
Preparation and Maintenance of chart of accounts
Record Keeping of financial transactions;
Monthly accounting activities involving preparation of statements of profit and loss and balance sheet
Weekly / Monthly Bank Statement Reconciliations
Maintenance of Fixed Asset Register.

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