Bookkeeping Services

Book keeping Services

Overview Bookkeeping is recording of all financial transactions with an objective of keeping accurate financial data. It requires diligent tracking and documentation of every monetary exchange, whether it’s an income, expense, asset acquisition, or liability incurred. Proper bookkeeping makes it possible to keep the financial records of the enterprise up to date, which, in its turn, helps to analyse and use by different stakeholders.

We provide a multitude of services, from basic bookkeeping to big-picture strategies and forecasting. Services are geared toward managing your accounting and finance responsibilities and improving your company’s performance and bottom line.

We have a proven track record of assisting clients who are operating in a remote work environment.

We use the software of your preference and share the log in access so that real time reports can be accessed by different users from various Geographical Locations.

Why Us?
Outsourcing your accounting and finance functions adds efficiency and allows the management to better focus on growth, operations, and strategic initiatives. Management is also relieved of employee turnover, onboarding, training, PTO-related costs, and other overhead, resulting in cost savings and an improved bottom line.

• Access to our team – Our experienced team of financial consultants and industry specialists is available to you at all times, to provide a range of services and bridge the gaps in your accounting.
• Scalability of resources and workforce – Whether you need accounting or CFO-level advice, we can provide the appropriate services and expertise at the right time. If the size and scale of your organization change, we can immediately adapt our services to all of your needs.
• Seamless integration with your team – Working with your existing leadership and staff, the accessibility and scalability we provide create a smooth process as your organization changes.
• A robust network – Our team of industry thought leaders and specialists provide in- depth knowledge across the gamut of business services.
• Best practices – Implementation of best practices as they relate to reducing redundancy, and improving statutory compliance, technology, and industry challenges. This also enables us to provide you with more accurate and timely reporting and the ability to make real-time adjustments to your organization.

Financial Reporting

Financial reporting is about portraying an entity’s financial results in a concise manner as per the standard accounting practices. This data include income statement, balance sheets, cash, and accounts receivable statements that help to know the company’s complete financial situation to its stakeholders. Stakeholders including shareholders, creditors, and regulatory agencies use these reports to appraise profitability, solvency as well as overall health of the business.

Profit and Loss Account/Income Statement
Profit and Loss Account refers to a concise stamen of Profit or Loss earned during a specified period by any organisation. This broadly includes the revenue and expenses under different heads.This task of determining Profit/Loss on accrual concept requires high degree of skill as a lot of provision is required to be done for both Income and Expenses.

Balance Sheet
The Balance Sheet is drawn on a specified date and is a representation of Assets and Liabilities of an organisation.

Cash Management and Reconciliation

Any business whether small or large relies on liquidity as it is a measure of financial health and helps it meet its financial obligations. We at Compliance for India, therefore, facilitate the tracking of cash in and cash out and maintain accurate reconciliations for those transactions. This process deals with various facets of cash management, including reconciliation of bank statements, Receivables, verification of incoming and outgoing receipts. We help business house by having full control over cash management, which improve their working capital, minimize overdraft costs and make appropriate choices regarding investments and finance.

Bill Payment Services

It is important that bills are paid correctly and in time to preserve good ties with service providers, suppliers, and creditors. Completion of the bill payments process is done by the Compliance for India Team. The Bills payable service, includes approving invoices, checking the authorization and receipt of goods/services and transferring money through different ways/channels as per the requirement of the client. Reliable bill payment enhance businesses’ ability to have a good credit rating and avoid late payment penalties and additional interest charges.

Bill Receivable Services

The management of accounts receivable for companies is very important because the recovery is the key to the financial wellbeing of the company. The Compliance for India Team oversee the way in which invoices are issued, know the amount of money customers are yet to pay off and send a reminder message to customers who are late in making payments.The C4I team also assess the credit history and worthiness of the customers before extending any credit limits.The C4I team raises invoices asper the contract/schedule regularly. They also provide the customer multiple options to pay which includes online transfers and cheques.The C4I team ensures clear communication,use the formats of emails prescribed, and automate the process of invoicing and emailing to a large extent wherein human interference is negligible. An effective receivable management entails businesses collecting revenue due from debtors promptly resulting in lesser bad debt risk and a solid financial position.

Revenue Recognition

Compliance for India Team professionals follow the established theoretical frameworks and rules and ensure that revenues are recognized consistently and truthfully. The evaluation method usually includes determining whether obligations are of the “performance” or “exchange of valuable consideration” type, as well as allocating transaction prices. Accurate procedures of timely revenue recognition are important, as they give the stakeholders a credible input concerning the entity’s earnings and financial performance. In case of service sectors like software industry where Time Value of employees is billed to the customer, the C4I team ensures that the employees fill their timesheet in the prescribed format on a regular basis. In case of trading or manufacturing industry it is ensured that inventory is correctly identifies and valued as per the contract and cost sheet.

Conclusion

Accounting is the backbone of an organization’s financial management. Its various functions, including bookkeeping, financial reporting, cash management, bill payments, receivables management, and revenue recognition, collectively contribute to the overall financial well-being of a business. By maintaining accurate records, providing transparent reporting, and ensuring proper cash flow management, Compliance for India Team equips businesses with the necessary tools and insights to make informed decisions, mitigate risks, and achieve long-term sustainability and growth.

SUCCESS STORIES

Reconciliation of historical records for a large distributor
We were engaged by a large distributor to reconcile, adjust and restate historical multi-year financial statements to comply with GAAP in contemplation of the sale of a business by its founders. This project involved the completion of multi-year proofs of cash, balance sheet account reconciliations, the restatement of revenues to conform with GAAP, estimations of key allowances and reserves, and computation of normalized EBITDA.

Prepared IPO records for a large retailer
Worked with a large retailer to assist in preparing the company’s records for an IPO, which included researching and reporting on complex accounting and financial reporting matters relating to lease obligations, stock-based compensation, complex debt instruments, and impairment of long-lived assets. We also prepared the financial statements in accordance with SEC reporting requirements, prepared analyses of key accounts, and supported the independent accountants in their audits of the financial statements. Subsequent to the successful IPO, we assisted management in the preparation of interim and annual financial statements and in responding to SEC comment letters.

Prepared the accounting records from scratch for Block Scrutiny
There was a search on a large business house. During the assessment proceedings it was realised by the IT consultants that the books of accounts do not tally with financial statements and Income Tax returns filed. Compliance for India team was engaged to prepare the historical records for 6 years from scratch which should match with Income