Bookkeeping/Day to Day Data Entry by Accountant
For every business, it is important to have updated and real-time information which not only helps one in taking business and strategic decisions but also helps in knowing the receivables and payables position, the taxes paid and tax liabilities, the over all profitability, and health of the company.
We at Savage and Palmer ensure that you do not have to worry about the above anymore and can focus solely on your core-competencies as this task can be handled by our team of dedicated resources who will ensure the
- Timely and accurate accounting as per the relevant accounting standard
- Reviewing the accounts payable and receivable position
- Preparation of working for statutory payments
- Bank reconciliation and debtors, creditors reconciliations
- Maintaining stocks as per the systems of the company
- Liaising with the auditor at the year-end regarding information she/he requires
- Maintaining payroll and preparation of salary slip
This is one of the most important tasks in any business and helps to cover all possible gaps and leakages if done on a timely and recurring basis.
This process requires sound financial knowledge and skill to perform this in an efficient and diligent manner
There are usually 4 types of reconciliation:
- Bank Reconciliation - To make sure that the business books match with the bank books
- Inventory Reconciliation - To ensure that stock in books matches with the actual physical stock, thereby helping in strategic - stock utilization and logistics decision making
- Customer Reconciliation - Awareness of money yet to come in, which can help in forecasting future cash flows and is an important audit tool as well
- Supplier Reconciliation -Along with being an important audit tool it will also help in deciding the payment schedules and planning for future cash outflows
Liaising with Auditors
It is very important for the accounting team to have a good professional relationship with their auditor in order for the auditor to conduct an effective audit in a timely manner.
Our team can liaise with the auditor by providing the necessary information required during the audit such as statutory reports, query resolution, incorporating the solutions and systems recommended continuous discussions and solving pending issues during the entire audit process.
Setting up Processes
Standard Operating Procedures are required for every business to ensure people are aware of their roles and responsibilities
We help create an SOP from an accounting perspective, which serves the following purposes:
- Streamlining processes and systems which leads to overall productivity and gives each team-member a clear roadmap
- Will reduce the difficulties that are often created in replacing or re-staffing people.
Double Layer Maker Checker systems
The accounting services at Savage & Palmer believes in the accuracy of data and for this, it is vital that there is a maker-checker system wherein the work was done at the executive level is reviewed at the managerial level at regular intervals in order to monitor errors and discrepancies that may hamper the preparation of the over all financial statements.
Centralized Quality Check
We at Savage & Palmer believe in the need to have a centralized quality control team which monitors and reviews the overall work done at the executive and managerial level on a bi-annual basis. This is like a preliminary audit process in order to ensure that all statutory compliances are adhered to and any gaps arising are catered to on an immediate basis.
Relationship Manager for Any Escalations
In order to solve any escalations that arise from the client's end, we have a relationship manager in place who ensures that the issues and needs of the clients are solved within a reasonable amount of time, thus ensuring the smooth streamlining of procedures and processes.
Since we are all aware that in India, there is a return to be filed every fortnight, whether relating to direct or indirect taxes, the non-compliance of which may lead to notices or even prosecution in some cases. We at Savage & Palmer ensure that all tax compliance be it GST, Profession Tax, TDS, Advance Tax, etc are complied with on a timely basis, thus taking away the burden off you and enabling you to focus on your core competencies without having to hustle for ensuring the timely compliances of taxes anymore.
Our accounting services also provide Payroll Management, which ranges from correctly calculating the monthly salary of the employees to calculating the eligible taxes needed to be deducted such as PF and ESIC and the disbursement of salary slips for every employee
Today's ever-changing environment makes it even more necessary to have real-time information in the correct format which is lucid and at the same time satisfies the needs of the management thus enabling them to make better and timely decisions.
At Savage & Palmer, we provide you with customized monthly MIS reports for easy and quick reference along with key insights and takeaways summarizing your performance for the period coupled with a monthly cash flow statement and balance sheet.
These MIS reports can be bifurcated project wise, product wise, vertical wise, etc as per the needs of the management.
We at Savage & Palmer are trained and comfortable in using a variety of software's such as Zoho,Tally, SAP, Quickbooks, etc thus integrating seamlessly into and with the current systems that are being followed at the client's end
This accounting service involves raising PO's and monitoring the delivery of the same coupled with the timely payouts to the creditor's and the matching the periodic ledger confirmations thus ensuring a good and professional relationship with the company's creditors
This involves raising invoices to the client's and creating systems for a regular and robust follow up with them, thus ensuring timely collection of receipts which will improve the cash flow position of the company.
Accounts Review and MIS Reporting
Accounting Review is done by an Accounts Manager who is usually a CA with at least 2 years of experience. The accounting services range from checking the accounting systems and processes like bookkeeping, Reconciliation, SOP are being complied with or whether there is a need for creating or modifying the current SOP's, ledger scrutiny and also reviewing the tax compliances
MIS Reporting is done to help the owners get a bird's eye view of how the business has performed in the recent month and how it is shaping up from a macro perspective. This will assist the owners in taking strategic business decisions as it provides them with a variety of management reports
Calculation and Filing of Taxes
This involves the following taxes as and when they are due:-
- Profession Tax
- Advance Tax
- Income Tax