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Why are sound accounting policies important?

  • Failure of Accounting system will eventually let other systems to malfunction.
  • Good sound accounting is always required for informed decision making.
  • To manage operations effectively and efficiently, any entrepreneurial business needs reliable, accurate, consistent and timely financial information.
  • Why maintain accounts for only regulatory requirements when you could use it more effectively?
  • Financial information is important to non-accounts related personnel as much as it is to accounts related personnel.
  • SME sector does not attract enough talent.
  • Entrepreneurs require an experienced sounding board.
  • A coordinate that is capable of building the finance team for the future.
  • A service that is capable of laying a strong foundation for future growth.

The rich and varied experience of the firm and its partners has enabled it to be uniquely position to offer a boutique service for the emerging companies in the form of the vCFO services.

The range of services under this would broadly include the following:

S.noAreaServices renderedExclusion from services unless otherwise specifically agreed
1 Management Decision Support Systems Designing, implementing and monitoring of :Periodical Management Information ReportsAnalysis & InterpretationsPeriodical review with ManagementSuggestions on areas requiring improvements Populating the Reports with DataPreparation of ReportsTimely CompletionInstruction to Rank & File
2. Business Strategies and Investment Planning Guidance and Monitoring in :Long term Business PlansAnnual Business PlanAnnual Operating PlansCapital Expenditure PlansCourse Correction & Exit strategies Preparation of Reports
3 Corporate Governance Guidance on Transactions in which Directors are interested
Practice of Transactions at “Arm’s Length”
Independence of Management
 
4 Working Capital Management Designing, implementing and monitoring of :Daily Dashboard of Key parameters for monitoringInventory ManagementReceivable ManagementCredit PoliciesForex Management Populating the Reports with DataPreparation of ReportsTimely CompletionInstruction to Rank and FileCorrespondence and discussions with third parties
5 Statutory Compliances Identification , Information & Alerts on all areas of statutory compliances under Income / Service / VAT laws and PF, ESI and Profession tax laws.
Keeping track and monitoring of periodical compliances
Timely alerts and information to management on defaults and consequences
Information on RBI / FEMA compliances
Registration Formalities
Preparation of Returns & Reports
Discussions/ correspondence with Regulatory Authorities
Certification
6 Tax Advice General Advice in Direct and Indirect Taxes
Advice on Tax Planning
Clarifications
Written Opinions
Compliance Reports
General Correspondence with Tax authorities and Appeals
Representations
Certification
7 Secretarial Compliance Monitoring  timely completion of  :Statutory RecordReturn Filing Company Formation
Upkeep and maintenance of Statutory records
Return Filing
Certification
8 Accounting Systems , Controls and Policies Designing of accounting systems under centralized / decentralized concepts
Internal control measures and implementation
Determination and defining the various policies
Guidance on Accounting Policies
Designing and implementation of accounting forms
Monitoring of timely closing of accounts
Accounting per-se
9 Cost Management Design and Implementation of integrated costing systems comprising of :Product CostingCost Monitoring & Control Populating the Reports with Data
Preparation of Reports
Timely Completion
Instruction to Rank & File
10 Audits Guidance in handling Internal Statutory audits
Help and guidance in answering of audit queries
Monitoring and Reporting timely completion of audits
Appointment of Auditors
Preparation of Annual Accounts and Notes
Conduct of Statutory / Internal / Tax audits
11 Administration Guidance in designing and implementation of HR and Administrative policies
Assistance in selection of Manpower