ACCOUNTING

Accounting Services

Day to Day Accounting

Compliance

HR & Payroll

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

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 Consultech 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

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