Corporate Business

1. Outsourced Corporate Accounting & Audit Support Services: 

Here is a detailed overview of Outsourced Corporate Accounting & Audit Support Services that businesses commonly offer or seek to streamline operations, reduce costs, and ensure compliance: 

Complete Book Keeping & Accounting Process-AR/AP/R to R, Reconciliation & Book finalization

Here is a structured overview of the Complete Bookkeeping & Accounting Process covering Accounts Receivable (AR), Accounts Payable (AP), and Record to Report (R2R), Reconciliation, and Book Finalization services — typically offered as part of outsourced finance operations or shared service centres: 

🔹 1. Accounts Receivable (AR) Management 

Objective: Ensure timely collection and accurate revenue recording. 

Key Activities: 

• Customer master data setup 

• Invoice generation and dispatch 

• Revenue recognition (as per GAAP/IFRS) 

• Tracking receivables & aging analysis 

• Payment posting & bank deposits 

• Credit control & follow-ups for overdue accounts 

• Bad debt provisioning and write-offs 

🔹 2. Accounts Payable (AP) Management 

Objective: Streamline vendor payments and maintain supplier relationships. 

Key Activities: 

• Vendor master creation and updates 

• Invoice capture (manual or automated via OCR) 

• 3-way matching (PO, invoice, GRN) 

• Invoice approvals & exception handling 

• Payment processing (cheques, wire transfers, etc.) 

• TDS/GST/VAT deduction and filing (as applicable) 

• AP aging reports & vendor reconciliations 

🔹 3. Record to Report (R2R) 

Objective: End-to-end financial closing and reporting. 

Key Activities: 

• Journal entry posting (accruals, provisions, etc.) 

• Cost allocations and amortizations 

• Fixed asset accounting (capitalization, depreciation) 

• Intercompany accounting and eliminations 

• Chart of accounts maintenance 

• General ledger (GL) maintenance and review 

• Month-end, quarter-end, year-end close 

🔹 4. Reconciliation Services 

Objective: Ensure data integrity across systems and accounts. 

Key Activities: 

• Bank reconciliations 

• AR & AP sub-ledger vs GL reconciliations 

• Intercompany and intracompany reconciliations 

• Petty cash and credit card reconciliations 

• Inventory and payroll reconciliations 

• Fixed asset register vs GL reconciliation 

🔹 5. Book Finalization 

Objective: Prepare audit-ready books for statutory compliance. 

Key Activities: 

• Review and adjustment of all ledgers 

• Final provisioning (tax, depreciation, bad debts, etc.) 

• Final Trial Balance (TB) preparation 

• Working papers & audit schedules 

• Preparation of financial statements (P&L, Balance Sheet, Cash Flow) 

• Coordination with external auditors 

✅ Deliverables 

• Monthly MIS reports 

• Reconciled Trial Balance 

• Finalized financial statements 

• Tax-ready books 

• Audit file & schedules 

🧩 Technology & Tools 

• ERP/Accounting Systems: SAP, Oracle, NetSuite, QuickBooks, Tally, Zoho 

• Reconciliation & workflow tools 

• Document management platforms 

Preparation of Financial Statement as per AS/IND AS/IFRS/US GAAP

Here’s how this service is typically structured and offered by accounting or finance professionals: 

Preparation of complete, audit-ready financial statements aligned with the applicable accounting framework based on client location, regulatory requirements, or parent company consolidation standards. 

📚 Objective: 

To deliver accurate, audit-compliant financial statements in accordance with the applicable accounting standards based on the client’s jurisdiction or reporting requirements. 

🔹 Scope of Service: 

• Preparation of complete financial statements: 

• Statement of Profit and Loss 

• Balance Sheet 

• Cash Flow Statement (Direct/Indirect Method) 

• Statement of Changes in Equity (for Ind AS / IFRS / US GAAP) 

• Notes to Financial Statements 

• Supporting schedules and working papers 

• Adjustments and journal entries as required under relevant standards 

• Application of necessary accounting policies and estimates 

• Comparative reporting for previous periods (if applicable) 

🔹 Standards Supported: 

• AS (Indian GAAP): For SMEs or entities not required to adopt Ind AS 

• Ind AS (Indian Accounting Standards): For listed and large unlisted Indian companies 

• IFRS (International Financial Reporting Standards): For global entities or foreign subsidiaries 

• US GAAP: For companies reporting to US investors or parent companies 

🔹 Process Workflow: 

1. Initial consultation and understanding of reporting framework 

2. Collection of Trial Balance and general ledger details 

3. Adjustments for provisions, accruals, deferred taxes, FX, etc. 

4. Application of accounting standard-specific treatments (e.g., revenue recognition, leases, impairment) 

5. Draft preparation and client review 

6. Finalization and delivery in preferred format (Excel, PDF, Word) 

📊 Optional Add-ons: 

• Conversion between standards (e.g., Ind AS to IFRS) 

• Group consolidation reports 

• Translation of reports (multi-language) 

• Liaison with statutory auditors or consolidation teams 

✅ Deliverables: 

• Final audit-ready financial statements 

• Backup documentation and reconciliations 

• Summary of key accounting treatments and estimates used 

💼 Ideal For: 

• Indian companies transitioning to Ind AS 

• Subsidiaries of foreign companies needing IFRS or US GAAP compliance 

• SMEs looking to outsource financial reporting 

• MNCs requiring standardized global reporting 

FAR -Maintaining & Physical verification of fixed assets

🔹 Service Objective 

To ensure a reliable, accurate, and audit-compliant Fixed Asset Register (FAR) through systematic tracking, periodic physical verification, and compliance with applicable accounting standards and asset management policies. 

🔹 Scope of Service 

• Fixed Asset Register (FAR) Maintenance 

• Recording asset additions, disposals, transfers 

• Classification of assets by category, location, custodian 

• Depreciation calculation as per applicable norms (AS/Ind AS/IFRS/IT Act) 

• Asset tagging (barcoding or RFID – optional) 

• Monthly/quarterly FAR updates aligned with GL 

• Physical Verification of Fixed Assets 

• Planning and execution of site-level physical checks 

• Matching physical assets to FAR entries 

• Identifying unrecorded, obsolete, or missing assets 

• Reconciliation and reporting of discrepancies 

• Final audit report with observations and action points 

🔹 Key Deliverables 

• Updated Fixed Asset Register (Excel/ERP/Cloud-based format) 

• Physical verification report with photos (if required) 

• Discrepancy reconciliation sheet 

• Recommendations for de-capitalization, tagging, or reclassification 

• FAR Summary Dashboards (customizable) 

🔹 Technology & Tools Support. 

• ERP support: SAP, Oracle, Tally, NetSuite, etc. 

• Barcode/RFID tagging software (optional) 

• Cloud-based FAR platforms (if client prefers centralized access) 

🔹 Benefits of Outsourcing 

• Ensures compliance with accounting/audit standards 

• Reduces internal workload and risk of asset mismanagement 

• Enables better control, tracking, and lifecycle management of assets 

• Supports statutory, internal, and tax audit readiness 

🧩 Ideal For 

• Mid-to-large enterprises with distributed asset locations 

• Companies with outdated or manual asset records 

• Organizations preparing for internal, statutory, or tax audits 

Inventory Management, Stock Register & Physical verification of stocks

🔹 Service Objective 

To provide end-to-end inventory control by maintaining an accurate stock register, ensuring real-time inventory tracking, and conducting periodic physical verification for financial and operational accuracy. 

🔹 Scope of Service 

• Inventory Management 

• Real-time tracking of inventory movement (inward/outward) 

• Item-wise categorization (SKU, batch, location, valuation) 

• Inventory aging analysis and stock reorder level setup 

• FIFO/LIFO/Weighted Average valuation as per accounting policies 

• Stock Register Maintenance 

• Digital maintenance of item-wise stock registers 

• Location-wise and department-wise tracking 

• Integration with ERP or cloud-based inventory platforms 

• Reconciliation with purchase, sales, and warehouse reports 

• Physical Verification of Stocks 

• Planning and execution of stock counts (monthly, quarterly, annual) 

• Surprise stock audits 

• Barcode/RFID-based physical counting (if applicable) 

• Identification of shortages, excesses, or obsolete inventory 

• Variance reconciliation and audit-ready reporting 

🔹 Deliverables 

• Updated Stock Register (Excel/ERP format) 

• Physical Verification Reports with variance analysis 

• Inventory Valuation Report as per AS/Ind AS/IFRS 

• Aging and slow-moving stock reports 

• Stock discrepancy logs with suggested corrective actions 

🔹 Tools & Technologies Support. 

• Compatible with ERP systems: SAP, Oracle, Tally, Zoho Inventory, etc. 

• Barcode/RFID-based inventory systems (optional) 

• Custom dashboards and cloud-hosted inventory trackers 

🔹 Benefits of Outsourcing 

• Enhanced control over inventory and reduced pilferage/loss 

• Improved reporting for audit and MIS 

• Cost-effective and scalable inventory compliance 

• Independent, unbiased verification process 

🧩 Ideal For 

• Retailers, manufacturers, and distributors 

• Warehouses and multi-location inventory holders 

• Businesses preparing for audits or investor due diligence 

MIS & Balance Sheet Review for Management

🔹 Service Objective 

To provide management with timely, insightful, and accurate financial reviews through customized MIS reporting and periodic balance sheet reviews, enabling better decision-making, financial planning, and internal control. 

🔹 Scope of Service 

• MIS Reporting 

• Monthly/quarterly financial and operational MIS packs 

• Profitability analysis by product, division, or geography 

• Cash flow and working capital dashboards 

• KPI tracking: EBITDA, gross margin, overheads, DSO/DPO, etc. 

• Budget vs actual and variance analysis 

• Balance Sheet Review 

• Periodic review of key balance sheet accounts (assets, liabilities) 

• Reconciliation of major accounts (receivables, payables, loans, provisions) 

• Review of inter-company balances and aging reports 

• Highlighting anomalies, risks, and unusual transactions 

• Recommendations for corrective actions or reclassifications 

🔹 Deliverables 

• Executive MIS Pack (Excel, PDF, or dashboard format) 

• Monthly/quarterly balance sheet review memo 

• Risk flags and exception reports 

• Management summary and key insights 

• Supporting working papers and reconciliations 

🔹 Tools & Platforms 

• Compatible with Tally, SAP, QuickBooks, Oracle, NetSuite, Zoho Books, etc. 

• Option to deliver via Google Sheets, Excel, Power BI, or custom dashboards 

🔹 Benefits of Outsourcing 

• Timely insights to support strategic decisions 

• Enhanced accuracy and quality of financial reporting 

• Independent checks reduce the risk of financial misstatements 

• Frees up internal finance resources for value-added tasks 

🧩 Ideal For 

• Growing businesses without a full internal finance team 

• Startups and SMEs seeking regular financial health checks 

• CFOs/CEOs requiring third-party MIS support 

Monthly Books Closure service 

Setting up a Monthly Books Closure service involves organizing the entire accounting process to ensure that the financial records are accurate, reconciled, and ready for reporting. Here’s a detailed step-by-step approach on how to set up such a service: 

1. Establish Clear Processes 

• Define Objectives: Clarify why you are doing monthly books closure—typically for accurate financial reporting, tax filings, budgeting, and business performance analysis. 

• Standardize Procedures: Create a checklist of tasks that need to be done every month. This might include reconciling accounts, reviewing expenses, updating assets, etc. 

• Set Deadlines: Determine when the books should be closed each month. Typically, this is done by the 5th-10th day of the following month, but the exact timeline may depend on the complexity of your operations. 

2. Set Up the Accounting System 

• Accounting Software: Use accounting software like QuickBooks, Xero, or Sage. These platforms offer features for automatic reconciliation, reporting, and tracking of financial transactions. 

• Chart of Accounts: Ensure you have a well-organized chart of accounts tailored to your business, which categorizes every possible transaction (assets, liabilities, income, expenses). 

• Automate Where Possible: Set up recurring entries for regular transactions (like rent, utilities, subscriptions) to minimize manual work. 

3. Data Entry & Record Keeping 

• Daily Transactions: Ensure all transactions are recorded in the accounting system on a daily or weekly basis to avoid backlog. 

• Accurate Categorization: Ensure that each transaction is categorized properly. If using software, you may need to update or review categories from time to time. 

• Manage Invoices: Regularly update your sales and purchase invoices, ensuring everything is matched with payments received and made. 

4. Reconciliation 

• Bank Reconciliation: Each month, reconcile your bank statements with your internal records. This ensures that there are no discrepancies between your actual cash position and what’s recorded. 

• Credit Card & Loan Accounts: Reconcile credit card statements and loans to ensure all payments are recorded correctly. 

• Accounts Receivable & Payable: Review outstanding invoices. Check if customers have paid and if you’ve paid your suppliers on time. 

• Inventory Reconciliation: If you hold inventory, ensure that the value of your stock is accurately reflected in your financial statements. 

5. Adjusting Journal Entries 

• Depreciation: Account for depreciation on long-term assets like machinery or vehicles. 

• Accruals: If you operate on an accrual basis, make necessary adjustments for revenues and expenses that should have been recognized during the month. 

• Prepaid Expenses: Record any prepaid expenses and adjust accordingly, as well as any accrued liabilities (e.g., taxes owed). 

• Bad Debt Provision: If there are any doubtful accounts, ensure provisions for bad debts are made. 

6. Generate Financial Reports 

• Profit and Loss (P&L) Statement: This will give you an overview of your revenues and expenses for the month and determine if you’ve made a profit or incurred a loss. 

• Balance Sheet: Show the financial position of your business by listing assets, liabilities, and equity. 

• Cash Flow Statement: This will give insights into your liquidity, showing where money is coming in and out of the business. 

• Custom Reports: If you need more specific data, you can create custom reports (e.g., for a specific department or project). 

7. Analysis and Planning 

• Budget Comparison: Compare the actual results against your budget or forecasts to identify any variances. 

• Financial Ratios: Calculate important financial ratios like liquidity ratios, profitability ratios, and leverage ratios to assess the health of your business. 

• Forecasting: Use the insights from the month’s closure to adjust projections for the upcoming months and make informed decisions. 

8. Tax Compliance 

• Tax Returns: Ensure that all taxes (sales tax, VAT, etc.) are calculated and reported correctly. 

• Tax Planning: Based on the month’s financials, you might want to plan for any upcoming tax obligations. 

9. Communication and Reporting 

• Management Reports: Share monthly financial reports with key stakeholders, like management or investors, to keep them informed about business performance. 

• Internal Review: Conduct an internal review to ensure the data is accurate and there are no discrepancies. This may involve discussions with other departments, such as sales, procurement, or HR. 

10. Outsourcing the Service 

If you’re considering outsourcing, you can hire Our Company that offers a monthly book closure service.  

This is ideal for small to medium-sized businesses that don’t have dedicated accounting departments but still need accurate, timely financial reporting. 

All other compliance & Audits Assistance-backend support

Outsourcing compliance and audit support can be an effective way to ensure your organization stays compliant without dedicating in-house resources to all the necessary tasks. There are several areas where outsourcing can provide value, including: 

1. Compliance Monitoring & Reporting: 

• Service: Outsourcing providers can offer compliance monitoring services, ensuring that your company adheres to relevant regulations (e.g., GDPR, HIPAA, PCI-DSS). 

• How: They can conduct regular checks and audits to identify compliance gaps and ensure systems are continuously aligned with regulatory changes. They also assist in preparing reports for auditors, regulators, or internal stakeholders. 

2. Audit Preparation & Support: 

• Service: Outsourced providers can help with audit preparation by organizing and structuring necessary documentation, evidence, and internal controls. 

• How: These services also extend to providing assistance during audits, helping to facilitate the auditing process and resolving any findings or issues identified. 

3. Third-Party Risk Management: 

• Service: Third-party vendors can help in evaluating and managing risks related to external partners and service providers. 

• How: They assess the compliance standing and security posture of your vendors, ensuring that they meet required standards. 

4. Security Compliance: 

• Service: Managed security services can help your organization maintain security compliance with regulations like SOC 2, ISO 27001, or others related to data protection. 

• How: They implement security monitoring tools, conduct vulnerability assessments, and ensure your systems are equipped to withstand security audits. 

5. Policy and Procedure Development: 

• Service: Outsourcing providers can assist in drafting, reviewing, and updating company policies and procedures to ensure they comply with industry standards. 

• How: They can build comprehensive frameworks for incident response, data privacy, and operational procedures that align with both compliance requirements and best practices. 

6. Employee Training & Awareness: 

• Service: Outsourced providers can also deliver compliance-related training to your staff, helping them stay informed about regulations, internal policies, and security best practices. 

• How: This may include training materials, online courses, or webinars, ensuring your team understands compliance and audit expectations. 

7. Continuous Improvement & Updates: 

• Service: They offer ongoing support by keeping your business up to date with regulatory changes and helping you adapt to new compliance requirements. 

• How: Continuous audits and system checks ensure that your organization can swiftly respond to new regulations or security threats as they arise. 

8. Incident Management: 

• Service: Outsourced partners can assist in managing and responding to compliance violations, data breaches, or other audit findings. 

• How: They provide incident response services, help resolve non-compliance issues, and guide remediation processes to ensure your organization is back in compliance quickly. 

Benefits of Outsourcing Compliance & Audit Support: 

• Cost Efficiency: You save money by avoiding the need to hire in-house teams for specialized compliance roles. 

• Expertise: Access to experts who specialize in compliance regulations and audits, bringing years of experience. 

• Focus on Core Activities: Your team can focus on core business activities, leaving the regulatory and audit-heavy tasks to trusted partners. 

• Scalability: Outsourcing companies can scale services up or down depending on your needs, especially during audit periods. 

Things to Consider When Choosing an Outsourced Service: 

• Security and Confidentiality: Since compliance and audits often deal with sensitive data, make sure the vendor has robust security measures in place. 

• Customization: Ensure the service can be tailored to your specific compliance needs, whether you’re working with financial regulations, healthcare, or general data privacy laws. 

• Communication: Clear communication is essential for ensuring that both parties are aligned on compliance requirements, audit timelines, and expectations 

IC, IFC & SOPs, Business Process development & Improvement and periodical review

We offer robust backend and strategic support for the design, documentation, implementation, and periodic review of internal controls, financial controls, and business processes. Our services are tailored to enhance governance, operational efficiency, and audit readiness across departments. 

1. Internal Controls (IC) Implementation & Support 

• Design and documentation of control activities across functions (HR, IT, Procurement, Finance, etc.). 

• Risk-based mapping of control objectives to business processes. 

• Backend maintenance of control logs, test plans, and control effectiveness tracking. 

2. Internal Financial Controls (IFC) 

• IFC design and compliance as per regulatory frameworks (e.g., Companies Act, SOX). 

• Walkthrough documentation, control risk matrix (CRM), and testing support. 

• Periodic IFC audits coordination, deficiency identification, and remediation support. 

3. Standard Operating Procedures (SOPs) 

• Drafting, reviewing, and version control of departmental SOPs aligned with policy and control frameworks. 

• Ensuring SOPs integrate compliance requirements and workflow automation guidelines. 

• Controlled dissemination and access management of SOP documents. 

4. Business Process Development & Reengineering 

• End-to-end mapping of existing processes using BPM tools. 

• Identification of inefficiencies, bottlenecks, and risk-prone areas. 

• Recommendation and design of improved workflows with embedded controls and checkpoints. 

5. Periodical Review & Continuous Improvement 

• Scheduled review and refresh of SOPs, ICs, and IFCs based on regulatory, operational, or strategic changes. 

• Monitoring of process KPIs and audit findings to drive improvements. 

• Stakeholder workshops and walkthroughs for awareness and feedback integration. 

Key Deliverables: 

• Internal Control Matrix (ICM) 

• Risk & Control Self-Assessments (RCSA) 

• SOP Manuals (with version logs) 

• Business Process Maps & Gap Analysis Reports 

• IFC Documentation & Testing Templates 

• Periodic Review & Update Tracker 

This service ensures that your internal frameworks remain compliant, efficient, and audit-ready—supporting both regulatory needs and business performance goals