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Knowledge Process Outsourcing

Knowledge Process Outsourcing

Any kind of business needs to focus on core activities such as business development, product innovation & execution. Finance and accounting services are the non-core activities.

The non-core activities could be outsourced to experts in the field. Outsourcing leads to effective channeling of energies towards the core activities of the business.

Advantages of Outsourcing are:

  • More time for business development and product innovation.
  • All the procedural work required by the government departments shall be dealt with.
  • Professional presentation and submission of all Tax Returns.
  • Expert Advice will be available for all financial matters. Wide and varied industry experience at your disposal.
  • No need to maintain senior level in-house staff. No employee training or employee turnover issues.
  • Reduction in Costs.
  • Time Saving.
  • Deadlines are the highest priority.
  • Complete Confidentiality.

We offer the following KPO Services:

Setting up of Accounting System

It starts from defining the overall accounting framework to designing reports that are essential for conduct of business.

Book Keeping and general accounting services

This involves preparing and maintaining day to day accounts. The accounts are prepared as per the accounting standards. The accounts can also be structured as per individual client needs and requirements.

Preparation of Financial Statements

This involves preparing annual accounts (including quarterly and half yearly accounts) of an organization along with the appropriate schedules.

Cash Forecasting

This involves modeling of an organizationís future financial liquidity over a specific time frame. Forecast helps in smooth management of cash inflows and outflows.

Budgeting

Budgeting is the key to financial management. This service involves planning and anticipating the future operating costs and expenditure of the organization. Budgeting facilitates best allocation of resources.

Financial Reporting

This involves preparing all the key reports of the organization, viz Balance Sheet, Profit & Loss Account, Cash Flow Statement, etc. The profitability of an organization can be ascertained on the basis of these financial reports.

Financial Analysis

This involves assessing the profitability, stability and future viability of the business. Financial Analysis can be done using the following techniques:

  • Ratio Analysis
  • Break Even Analysis
  • Profitability analysis
  • Return on Investment (ROI)

Financial Analysis gives a clear picture of the overall performance of the business.

Monthly Management reporting (including exceptional reporting)/MIS

This is a process of transforming data into useful information for better decision making. We do an in depth analysis of your accounts to give you insights on profitability, cost and various trends in business. We offer detailed MIS in the following areas:

  • Debtors
  • Creditors
  • Stock
  • Profitability
  • Expenses and other balance sheet items

We offer MIS reports on a monthly basis which provides as a report card on the past month & a road map for the month to follow.

Vendor Reconciliation

This involves reconciling the outstanding balance in vendorís account with the accounts maintained at the vendors end. For example if we have purchased goods of Rs.50000/- out of which goods worth Rs. 10000/- have been returned. In the companyís account Rs.10000/- has been reversed by way of debit note resulting in a closing balance of Rs.40000/-. However in the books of the vendor, the effect of goods returned has not yet been given hence showing a difference of Rs.10000/-. There are many more reasons due to which difference may arise.

Tax Planning and Returns

The tax structure in India is very complex. Keeping track of the continuous amendments in tax laws is no common manís cup of tea. An expert in the field is required who shall be abreast with the recent amendments and shall give necessary assistance keeping in mind the effect of amendments on the clients business. We provide tax planning services to clients. These services are structured as per individual client needs. The corresponding Income Tax Returns and all related documentation are taken care of at our end.

Regulatory Compliances

There many regulatory authorities in India. Non compliance with any of the authorities can be a serious deterrent to the thriving business. It may cost the enterprise huge amount of money. We have a team of professionals who have an expertise of all regulatory compliances. Our experts shall assist in making strategic decisions by identifying and solving the regulatory issues that are critical to the functioning of the business.

Fixed Assets Management Systems/ asset accounting management

This involves an accounting process wherein fixed assets are tracked for the purposes of financial accounting, preventive maintenance, and theft deterrence.

Liaison with Financial Institutions/Banks.

We understand the requirements of banks on account of our professional experience and the knowledge of accounts and the knowledge of how the banking system works. The banks are happy when the companies are represented by professionals.

 

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Lakhani and Lakhani - Chartered  Accountants