Business Support Services
In today’s fast-changing environment, every business enterprise look towards CAs not only from the perspective of accounts, audits, compliance & taxation but also from the perspective of streamlining the processes, enabling the technology, business advisory and managing the finances. These types of services need customization according to the need of the clients, size of the business, accounting system and industry norms.
Our firm provide following kind of services under this area:
Management Consultancy
Management consulting is the practice of helping organizations to improve their performance. Management looks for various types of consultation and we deliver the services as per the scope or need of the management. We deliver following kinds of management consultancy services:
- Implementation or Streamline the accounting systems such as ERP, SAP, Billing Soft-wares etc.,
- Enhancing MIS reporting,
- Training to employees for period closure and their financial reporting,
- Feasibility study and market research for the new businesses, branches, products, or services,
- Tagging of fixed assets and maintenance of the detailed fixed asset register as per the need of the management,
- Designing Standard Operating Procedures (SOPs) for streamlining the operations,
Implementation of Internal Financial Controls (IFC) & designing of Risk-Control Matrix (RCM)
Every business function has its own risk which can be mitigated on the basis of system deployed and controls implemented by the management. Hence every management wishes to implement a strong control system in line with processes, sub-processes, size & volume of the business. This control system are meant to be implemented to manage the risks as well as to measure the operating effectiveness of the business functions. Generally the management documents these risks and the controls implemented, in the form of Risk-Control Matrix (RCM) so that the same can be easily & readily referred at the time of improvement / necessity.
Further the Companies Act, 2013 also mandates certain classes of the companies to implement proper Internal Financial Controls (IFC) and document how it mitigates the risk involved in the form of Risk Control Matrix (RCM).
To implement proper Internal Financial Control system and design Risk Control Matrix (RCM) on behalf of our client, we follow one detailed process which is described below:
- Meeting the process owners and understanding the various risks faced by them,
- Understanding the various processes and sub-processes of the business. Generally business is divided into six to seven processes depending upon the nature & size of the business,
- Preparing the process narratives / manuals and designing the process flow-charts,
- Identifying the old controls which are already placed by the management,
- Identifying the new controls which need to be implemented by the management in order to mitigate the risks.
- Drafting of Risk-Control Matrix (RCM) i.e. plotting of risks on one side and the controls against the risks on another side. This RCM is handed over to the management for implementation. Generally management takes some time to implement the same,
- After the implementation of the controls, we perform two different tests with different purposes to verify the same i.e. D&I and OE Testing.
- D&I Test: Walk-through of the whole process by taking one sample to test the design & implementation of the controls,
- OE Test: Extensive checking of controls by taking more samples in order to verify the operating effectiveness thereof,
- At the end of the test, we provide detailed report to the management in respect of implementation of the controls and the discrepancies found.
Start-up Consultancy
Every big company was a start-up once. Start-up enterprises need nurturing, guidance, support in various business management functions in order to make it big corporate house. We support the start-ups in following ways:
- Feasibility Study & market research for their products,
- Enabling Technology & systems in the business of start-ups,
- Udyam Aadhaar (MSME) Registrations,
- Registration of their businesses in various campaigns such as Start-Up India, Make-In India etc.
- Obtaining subsidies under various Govt. Schemes for the start-ups
- Capital Sourcing for the start-ups.
Book Keeping Services
Book keeping refers to recording of financial transactions of the business on the basis of daily records, documents & papers. Generally business enterprises manage the book keeping in-house but considering the over-burden of laws and introduction of the technology, certain Small & Medium Enterprises wish to outsource the book-keeping work. By providing these services, we wish to become an outsourcing partners to those Small & Medium Enterprises and allow them to focus on core areas of the business. We generally cover following services under book-keeping:
- Monthly bank reconciliations
- Posting day-to-day business transactions in accounting system such as Sales, Purchases, Expenses etc.,
- Support for the issuance of sales invoices (manual / digital),
- Account reconciliations/intercompany reconciliations (receivables, payables)
- Maintenance of fixed assets register
- Maintenance of all other ledgers in the accounting software (cash, receivables, payables),
- Monthly / quarterly statutory compliances such as GST, TDS, Advance Tax challans etc,
- Travel expense calculations etc.
Our firm is well-equipped with the latest Accounting and GST software in order to maintain the above records / books.
Certification Services
Business enterprises need various types of certificates in day to day operations. We generally cater all types of certification services which include net-worth certificates, funds utilization certificate, CMA report, company law search report, ITR-Computation verification certificates, operational certificates etc.