ACCOUNTING
Day to Day Accounting
- Assist in day to day accounting of transactions in ERP (Purchase, Sales, Cash & Bank, Expenses)
- Preparation of Statement of Accounts (Vendor and Customers)
- Voucher and Bill Management for audit purposes
Compliance
- Know the Rules
- Accurate Records
- Tax Obligations
- Internal Controls
- Reporting & Audits
HR & Payroll
- Payroll Set Up - One time
- Employee Master Set Up
- Employee CTC File
- Employee Leave Balance File
- Payroll Processing Services Monthly
- Employee Pay Slip Generations
- Employee F&F Computation
Design
Benchmark
Reconcile & Align
Development of Accounting Manual / Policies and Procedures Benchmarking with Globally Accepted Accounting Practices and Principles Compliance Review of Accounting Manual and Policies
Revenue Recognition
Lease Accounting
Current Expected
Credit Loss
Hedge Accounting
Cloud Computing
Other Standards
Accounting Standard Applicability Assessment Development of Accounting Manual / Policies and Procedures Development of appropriate models for Initial Recognition, Subsequent Measurement, Presentation and Disclosure Requirements Review of Books of Accounts and accuracy of Accounting Entries passed Development of Digital Solutions and Automation Prospects for seamless accounting GAAP Conversion
Financial Statements Preparation
as per Existing GAAP Applicable
Determining Fit for Consolidation
time periodFinancial Statement Conversion
from existing GAAP to
Consolidation Entity GAAPAdherence to GAAP Conversion
Recognition, Measurement,
Presentation and Disclosure
Criteria’s GAAP Conversion Workings and
Impact Assessment Audit Readiness Experience
Pre Audit of Books of Accounts
for Statutory Audit purposes
Transactional Review
Obtaining Balance
Confirmations (Receivables ,
Payables, Bank)
Assistance to Statutory
Auditors from initiation to
Audit Closure
ESG Readiness Review
ESG Strategy Formulation
and Roadmap
ESG Gap Assessment &
Maturity Analysis
ESG Risk Assessment –
Development of Risk and
Opportunities Matrix
Governance – Development
of Policies and Procedures to Statutory
Auditors from initiation to
Audit Closure Statutory Reporting
Financial Statement Preparation as
per GAAP (IND AS, IFRS, US GAAP)ESG Strategy Formulation
and Roadmap
Determination of Accounting
Policies
Ensure adherence to Initial
Recognition, Subsequent
Measurement, Presentation and
Disclosure Requirements of
standards applicable
Preparation of Press Release and
SEBI mandated financial
information disclosures (Applicable
to Listed Entities) Interim Assistance
Operational Assistance
Financial Planning and Analysis
Preparation of Budgets and Forecast
MIS Preparation
Cash Flow Monitoring
Investment Proposal Analysis and Exploring Potential Investments
Treasury Management Services Zoho Books
Migration of books from
Existing ERP to Zoho Books
Report Customization for
Management Reporting and
Analyses
API
Accounting Support Services in
Zoho Books
Cash Burn Reporting
Pre Audit of Books of Accounts
for Statutory Audit purposes
Delve into categories like marketing,
payroll, and operations, pinpointing
cash drains.
Compare burn rate to achieved
milestones, highlighting areas for cost
optimization.
Forecast future cash needs based on
burn rate and growth plans, aiding
financial planning. CFO Dashboard
Leverage real-time data for immediate visibility
into cash flow, inventory, and operational
efficiency.
Track key performance indicators (KPIs) like
revenue, profitability, and liquidity to identify
improvement opportunities.
Customizable & Interactive.
Seamlessly navigate from high-level overviews to
granular details of transactions, customers, or
product lines.
Foster data-driven decision-making across the
organization by sharing key financial insights with
stakeholders. Accounting Services
Day to Day Accounting
Day-to-day accounting involves the routine tasks necessary for managing a company’s financial transactions and records on a daily basis. This includes activities such as bookkeeping, accounts payable and receivable management, bank reconciliation, payroll processing, expense tracking, financial reporting, tax compliance, audit preparation, and providing financial insights to support decision-making. It plays a crucial role in maintaining accurate financial records, ensuring regulatory compliance, controlling costs, and facilitating informed business decisions. By effectively managing day-to-day accounting tasks, businesses can maintain financial stability, transparency, and accountability in their operations.
General Bookkeeping and Accounting
- Transaction Recording: Documenting all financial transactions, including sales, purchases, receipts, and payments.
- Accounts Reconciliation: Matching the transactions in the company’s books with bank statements to ensure accuracy.
- Financial Statement Preparation: Creating key financial statements, including the balance sheet, income statement (profit and loss statement), and cash flow statement.
Accounts Receivable/Payable Management
- Invoice Processing: Issuing invoices to clients and ensuring timely payment collection.
- Vendor Payments: Managing payments due to suppliers, including scheduling and transaction processing.
- Cash Flow Management: Monitoring cash flow to ensure that the business can cover its short-term obligations.
Tax Preparation and Filing
- Tax Planning: Advising on tax-efficient strategies and planning for tax obligations.
- Tax Return Preparation: Preparing accurate tax returns for businesses and individuals to ensure compliance and maximize deductions.
- IRS Liaison: Acting as an intermediary between the business and the IRS for audits, inquiries, and other tax-related issues.
Budgeting and Forecasting
- Budget Creation: Developing a budget that reflects the strategic plan of the business.
- Financial Forecasting: Predicting future financial performance based on historical data and market analysis.
- Variance Analysis: Comparing actual financial performance with budgeted forecasts to identify and analyze discrepancies.
Financial Analysis and Reporting
- Key Performance Indicators (KPIs): Tracking and reporting on KPIs that are critical for business performance.
- Management Reports: Providing detailed reports to management that highlight financial performance, opportunities, and risks.
- Custom Financial Analysis: Conducting analyses tailored to specific business needs, such as cost-benefit analysis, profitability analysis, etc.
Software and Technology Integration
- Accounting Software Setup: Implementing and customizing accounting software solutions to fit the business’s needs.
- Data Migration and Integration: Transferring financial data between systems and ensuring that different business software (e.g., ERP, CRM) can share data seamlessly.
- Cloud-Based Bookkeeping: Offering secure, cloud-based accounting solutions for real-time financial monitoring and collaboration.
Bank and Credit Card Reconciliation
- Description: We reconcile your bank and credit card accounts, ensuring all transactions are accurately recorded and reflected in your financial statements. This meticulous process helps identify and resolve discrepancies, prevent fraud, and ensure compliance with financial policies and regulations.
- Transaction Matching: We meticulously compare the transactions in your bank and credit card statements with those recorded in your bookkeeping system. This includes checks, deposits, withdrawals, and charges, ensuring every entry matches perfectly.
- Identifying Discrepancies: Should there be any discrepancies, such as unmatched transactions or differences in amounts, we promptly identify them. This could include bank fees not recorded in your books or payments not yet processed by the bank.
- Adjustments and Corrections: We make necessary adjustments to rectify any discrepancies. This includes recording missing transactions, correcting errors, and reconciling any differences between your internal records and bank statements.
- Reporting: Once the reconciliation process is complete, we provide detailed reports that summarize the reconciliation process, highlight any issues encountered, and outline the adjustments made. This transparency ensures you have a clear understanding of your financial status.
Employee Expense Management
- Expense Report Processing: We offer comprehensive management of expense reports from submission to approval, ensuring accuracy, compliance with company policy, and timely processing. This includes verification of receipts, categorization of expenses, and resolution of discrepancies.
- Policy Development and Implementation: Our team assists in developing clear and concise expense policies tailored to your business needs. We ensure these policies are effectively communicated and implemented across your organization, promoting compliance and preventing misuse of funds.
- Reimbursement Processing: We streamline the reimbursement process to ensure employees receive timely and accurate reimbursements for their out-of-pocket expenses. Our system is designed for efficiency, reducing the turnaround time from submission to payment.
- Credit Card Management: For businesses that use corporate credit cards, we offer management services that include monitoring card usage, reconciling statements, and ensuring expenses are properly authorized and recorded.
- Advanced Reporting and Analytics: Gain insights into your company’s spending patterns with our advanced reporting and analytics. We provide detailed reports on employee expenses, highlighting trends, potential savings, and areas for policy improvement.
- Fraud Detection and Prevention: Our system includes checks and balances to detect and prevent fraudulent expense claims. By closely monitoring expense submissions and enforcing policies, we help protect your business from unnecessary losses.
- Integration with Accounting Software: We ensure seamless integration of our expense management system with your existing accounting software, allowing for real-time expense tracking and easier financial reporting.
SPR facilitates the utilization of these Day to Day Accounting processing software platforms
HR & Payroll
Payroll processing involves the systematic calculation, management, and distribution of employee compensation, including salaries, wages, bonuses, and deductions. This encompasses tasks such as calculating hours worked, withholding taxes, processing direct deposits or issuing paper checks, and ensuring compliance with federal, state, and local regulations. Employers are responsible for accurately recording employee hours, calculating earnings, and deducting taxes and other withholdings. Payroll processing also involves managing benefits, such as health insurance and retirement contributions, and ensuring timely payment to employees. Accurate payroll processing is critical for maintaining employee satisfaction, compliance, and financial stability within organizations.
Journalizing Payroll
- Recording total wages earned
- Computing payroll expenses
- Logging deductions from payroll
- Handling payroll transactions
Post Entries & Reconciliation
- Generate accurate financial records
- Assist in business decision-making
- Enhance operational effectiveness
- Ensure bifurcation of tax expense accounts
Managing Flexible Benefits
- Adding and removing employees
- Holiday calculation
- Corresponding with service providers
- Reducing paperwork
- Assisting HR teams in prioritizing essential tasks
Time Sheet Consolidation
- Evaluate and compute payroll obligations
- Verify the precision of calculations
- Guarantee precise disbursements
- Determine compensation for each employee
- Manage business timesheets
401(K) Support
- Examine the actual figures of the chosen 401(k) plan
- Verify the completeness of employee eligibility
- Calculate deductions accurately
- Review baseline checks for employee contributions
- Evaluate the calculated employer contributions
- Conduct regular adjustments to ensure accuracy in 401(k) contributions”
Technology Integration
Application Set Up – One time
- Employee Master Set Up
- Employee Cost to Company
- Employee Leave Master
- Other Master Data
SPR facilitates the utilization of these HR and payroll processing software platforms
Incorporation services - USA
Incorporation services offer assistance to individuals and businesses looking to establish a legal entity, typically a corporation or LLC (Limited Liability Company). These services streamline the process of forming a business entity by handling paperwork, filing requirements, and other legal procedures necessary for registration with state authorities. Here’s a description of common services provided by incorporation companies
Entity Selection
Guidance in choosing the appropriate business structure based on factors such as liability protection, tax implications, and management preferences. This may include forming a corporation, LLC, partnership, or sole proprietorship.
Name Availability Check
Verification of the proposed business name’s availability in the chosen state’s database to ensure it’s not already in use by another entity.
Preparation and Filing of Documents
Assistance with preparing and filing necessary formation documents with the appropriate state agency, such as articles of incorporation or articles of organization for LLCs.
Registered Agent Service
Provision of a registered agent who accepts legal documents and official notices on behalf of the business and ensures timely delivery to the company.
Articles of Incorporation
Drafting and filing articles of incorporation, which outline the basic details of the corporation, including its name, purpose, registered agent, and share structure.
Operating Agreement or Bylaws
Preparation of operating agreements (for LLCs) or corporate bylaws (for corporations), which establish the internal rules and regulations governing the company’s operations and management structure.
EIN (Employer Identification Number) Acquisition
Assistance with obtaining an EIN, a unique nine-digit number assigned by the IRS to identify a business entity for tax purposes.
Compliance Support
Guidance on compliance requirements, such as annual filings, taxes, and other ongoing obligations to maintain good standing with state authorities.
Document Retrieval Services
Retrieval of copies of official documents, such as certificates of good standing or articles of organization, for legal or administrative purposes.
Additional Services
Some incorporation services may offer additional services such as business license assistance, obtaining permits, trademark registration, or even virtual office solutions.
Design
Benchmark
Reconcile & Align
- Development of Accounting Manual / Policies and Procedures
- Benchmarking with Globally Accepted Accounting Practices and Principles
- Compliance Review of Accounting Manual and Policies
Revenue Recognition
Lease Accounting
Current Expected Credit Loss
Hedge Accounting
Cloud Computing
Other Standards
- Accounting Standard Applicability Assessment Development of Accounting Manual / Policies and Procedures
- Development of appropriate models for Initial Recognition, Subsequent Measurement, Presentation and Disclosure Requirements
- Review of Books of Accounts and accuracy of Accounting Entries passed
- Development of Digital Solutions and Automation Prospects for seamless accounting
GAAP Conversion
- Financial Statements Preparation as per Existing GAAP Applicable
- Determining Fit for Consolidation time period
- Financial Statement Conversion from existing GAAP to Consolidation Entity GAAP
- Adherence to GAAP Conversion Recognition, Measurement, Presentation and Disclosure Criteria’s
- GAAP Conversion Workings and Impact Assessment
Audit Readiness Experience
- Pre Audit of Books of Accounts for Statutory Audit purposes
- Transactional Review
- Obtaining Balance Confirmations (Receivables , Payables, Bank)
- Assistance to Statutory Auditors from initiation to Audit Closure
ESG Readiness Review
- ESG Strategy Formulation and Roadmap
- ESG Gap Assessment & Maturity Analysis
- ESG Risk Assessment – Development of Risk and Opportunities Matrix
- Governance – Development of Policies and Procedures to Statutory Auditors from initiation to Audit Closure
Interim Assistance
Operational Assistance
- Financial Planning and Analysis
- Preparation of Budgets and Forecast
- MIS Preparation
- Cash Flow Monitoring
- Investment Proposal Analysis and Exploring Potential Investments
- Treasury Management Services
Liquidity Monitoring and Analysis
This service involves monitoring and analyzing liquidity metrics such as cash flow projections, funding sources, liquidity ratios, and stress testing results. It helps organizations identify potential liquidity risks and develop strategies to mitigate them.
Regulatory Reporting Compliance
Financial institutions are required to comply with regulatory reporting requirements related to liquidity, such as Basel III liquidity ratios, liquidity coverage ratio (LCR), and net stable funding ratio (NSFR). Liquidity reporting services assist organizations in gathering, organizing, and submitting the necessary data to regulatory authorities in compliance with these requirements.
Cash Flow Forecasting
Cash flow forecasting services help organizations predict future cash inflows and outflows with accuracy. By leveraging historical data, market trends, and scenario analysis, these services provide insights into potential liquidity gaps and enable proactive liquidity management.
Stress Testing and Scenario Analysis
Stress testing and scenario analysis services simulate adverse market conditions and evaluate their impact on an organization’s liquidity position. By conducting stress tests under various scenarios, organizations can assess their resilience to financial shocks and adjust their liquidity strategies accordingly.
Our Experts
VIGNARAJAN RAMASWAMY
Partner
PRIYA ANAND
Partner
CATHERINE KALPANA
Partner
