Financial Accounting Outsourcing
Financial Accounting Outsourcing
SBS Global has been at the forefront of delivering the benefits of best in class domestic Financial Accounting Outsourcing in Bangalore, over the past one decade.
Our experience across industries help us to devise innovative ways to optimize processes, manage risks, align IT and capture the economic benefits. A comprehensive Financial Accounting services bouquet, coupled with technology adoption, equips us to support you, as a new-age one stop solutions provider in this domain.
SBS Global addresses the bookkeeping needs through the ensuing services and helps you to budget, plan and make informed decisions. We provide:
o General Ledger Accounting
o Fixed Assets Accounting
o Accounts Payable (vendor payments, reconciliations and ageing reports)
o Accounts Receivable (invoice allocation, reconciliations and ageing reports)
o Bank Reconciliations and Reports
Accurate and timely reports help to make the right business decisions and Financial Reports are among the most crucial reports that any business require. SBS Global expert team of Financial Accounting professionals ensures that various financial reports are presented by applying the Generally Accepted Accounting Principles (GAAPs) applicable to the reporting entity, thus allowing them to make the appropriate decisions. Our team can help you with the following financial reports:
o Monthly Reports
o Profit & Loss Account
o Balance Sheet
o Cash Flow Statement
o Financial Statements as per IFRS requirements
What is CFO Services?
The Concept of CFO Services secures high calibre Finance Professionals, deliver high quality finance skills at a fraction of cost of a Full Time CFO. Virtual CFO’s with their deep functional expertise & large professional experience, possess the necessary understanding to work with growth stage businesses, expand business, ensure sustained growth & development , in line with the Entreprenuer’s Vision and Plans.
Why CFO Service?
Growing businesses often reach a point where they need professional financial advice. To manage modern day complex business challenges, organisations need to avail services of experienced & matured finance professional, but can’t afford a full-time CFO or Controller. To retain good talent also is a big challenge for an organisation.CFO services addresses this gap by offering skilled, need based services, at affordable cost on a consistant basis. A Virtual CFO helps Management Team chennelise their focus and energy on Core Business Functions and saves theirtime getting consumed in non core operational and compliance matters. A CFO helps find quality solutions faster, help and manage growth with higher clarity in decision making. CFO Services enables Startups/ SMB’s/ Mid-Corporates set-up systems and processes, formulate and implement strategies to help Organisations scale-up and create value to its stakeholders.
Who Gets Benefited?
Every business at growth stage looking for efficiencies around Growth, Process, Cost and Profitability will derive the benefits of CFO services. However following categories of businesses have potential to derive higher benefits:
o Entities planning for strategic growth/acquisition
o Entities on revival path
o Growth/scale-up stage businesses – for efficiency improvement
o Entities Funded/looking for funding
o Matured start-ups and SMBs with headcount over 50
o Mid-size corporates – turnover in excess of INR 10 Cr p.a
o Multi-division/multi-unit businesses – process efficiency
What Solutions are Offered?
Focus of CFO service will be to help businesses achieve financial effectiveness and compliance. We focus to work with businesses as an advisor & practical implementation agency. We endeavour to take complete ownership of results agreed and deliver. We add significant value to the clients’ strategic and operational capability and efficiency by enabling them with qualitative inputs for effective decision making.
Core Solutions Include:
o Business Planning and Strategy Implementation
A structured business plan is a valuable tool for managing and growing business, as it provides an insight into an Organisation’s strengths and weaknesses. Businesses having a business plan are more likely to achieve their financial goals. The Virtual CFO with full understanding of the business and its operating procedures, will function closely with business team to develop Business Plan and its Implementation Program.
o Business Risk Analysis and Solution
Business Risk Analysis is an integral part of Business Plan Process. Not knowing the business risks, can expose the business to unprecedented challenges. The Virtual CFO in close co-ordination with business team, identifies potential business risks and developes cost effective and realistic mitigation strategies.
o Strategic Support –Capital Funding, Valuations & Structuring
Funding is often the catalyst for taking your business to the next level. The Virtual CFO helps businesses in identifying the need , when,how and where to source the fund. The Virtual CFO also assists in evaluating the Enterprise Value of the business, Structuring the Capital Table, Design and guide on Due Diligence during Strategic Investments.
o Cash Flow Planning & Management
Poorly planned Cash management system can cause huge problems to even profitable companies. The business is at risk if it does not have a firm control on its cash management. The Virtual CFO helps business identify right mix and source of funds, design effective utilisation plan to match inflow of funds with outflow and avoid cash out situation.
o Internal Controls – Design, Establish, Review,Upgrade
Internal Controls are procedures and methods which help business achieve its goals by limiting internal and external risks it is likely to encounter. Implementing Internal controls on a phased manner, help manage the risks associated with growth in business. The Virtual CFO will help create a robust control framework with appropriate review systems to mitigate such risks.
o Compliance Management – Accounting/Tax/Legal/Secretarial
With Compliance becoming more complex and cost of non-compliance proving to be a higher burden, CFO Services offer a effective solution to manage Compliance requirements. The Virtual CFO with his expertise, can bridge the gap between cost and risk and effectively manage the compliance issues to reduce the risk.
o Management Reporting – Business & Financial Performance
Well constructed business reports will reveal how your business is performing and how far you are from reaching your goal. The Virtual CFO will facilitate recording relevant data and present in a appropriate manner for effective analysis and planning.
o Profit Maximisation
Profit is a return on the Owner’s investment, is a reflection of business performance & vital for Company’s growth. The Virtual CFO will help business identify the ways and means of improving profitability, i.e., selling more, selling more frequently, decreasing cost and increasing prices without losing customers.
o Outsourcing Solutions
Outsourcing some of the support functions is a wise decision for a business to effectively reduce costs & focus on its core activities. Outsourcing is cost effective, more efficient and more flexible than hiring in-house staff for certain functions. The Virtual CFO will help businesses leverage outsourcing, allowing to operate a leaner and more efficient business and generate more surplus for growth.
o Business Setup – Registrations/Licenses/Agreements
Setting up a business with right compliances will save the entrepreneur of serious complexities later. CFO services will provide right advice and support in terms of registrations, licenses, approvals, agreements etc., at very affordable costs.
o Core HR & Payroll
o Employee self On-boarding
o Employee Self Service (ESS): Online portal for employees to view salary slip, submit IT declaration, decide FBP and submit query
o Online Access to View/print Salary Slip and Form 16
o Automated Attendance, Leave Import/Export Solution
o Web-based Processing of Payroll, F&F, Reports Generation and E-challan Generation
o Filing of returns such as PF, PT, ESI and eTDS
o Letters & Document Management
o Mobile App
In a fast-changing regulatory environment, ensuring diligent compliance with statutory regulations proves to be an important task. Our Payroll Compliance team supports you in meeting this challenge through the following services:
o Income Tax payment
o Registration of the company with Employee Provident Fund Organization (EPFO)
o Registration of the company with Employees State Insurance Corporation (ESIC)
o Professional Tax payment
Direct Taxes, GST & Other Compliances
Under the Indian Income Tax Act, 1961, both Indian as well as foreign organizations are liable to pay taxes to the government. The corporate tax is levied on the net profit of domestic firms. The various types of Direct Taxes that are levied on companies include the following.
I. Corporate Tax
o Minimum Alternative Tax (MAT)
o Dividend Distribution Tax (DDT)
II. Income Tax
The income tax rate depends on the net taxable income or the tax bracket. Income tax may be deducted in the form of TDS (tax deducted at source) in case of salaried employees. However, in case of self-employed individuals, the tax is payable on the basis of declared income as per their Income Tax Return submission.
III. Capital Gains Tax
The capital gains tax is imposed on the income derived from the sale of investments or assets – anything that can be used for more than a year and is not intended to be sold or liquidated during the course of business operation. On the basis of the holding period, capital tax is categorized under short-term gains and long-term gains.
GOODS & SERVICES TAX
The Goods and Services Tax (GST), which was rolled out on 1st July 2017, was the biggest business reform in India, post-Independence.
Businesses are becoming increasingly affected by GST and other fast-paced legislative developments. A company’s understanding of the tax impact on its business operations is essential for its success and growth. At SBS Global, our GST services Bangalore team has professionals experienced to help you to recognize, analyze, focus and address various challenges related to GST and Indirect Tax. Our GST consultants work closely with your team to ensure appropriate remittances and compliances.
Company Secretarial Services
SBS Global renders a bouquet of professional Company Secretarial Services. The premium compliance services offered for you under this category are:
o Incorporation of a corporate entity: Private Limited Company, One Person Company, Public Limited Company, Nor for Profit company, Limited Liability partnership, Guarantee Company, NBFC, Government Company, Limited Liability Partnerships, Trust Etc.
o Filling and filing of various forms and returns with the Registrar of Companies (ROC).
o Maintenance of various statutory registers and records, including minute books of Board & Shareholders meetings, preparation of agenda, notice of Board meetings, notice of shareholder meetings, reports.
o Assisting in holding and conducting board meetings and shareholders meetings.
o Preparation of share certificates, debentures/bond certificates, proxies, share transfer documents, notices, resolutions and minutes of meetings.
o Drafting of Risk Management Policies.
o Drafting of Corporate Social Responsibility (CSR) policies and related compliance.
o Alterations, modifications and changes with respect to the objects, share capital, situation of registered office, names of companies, amendments and alterations in the Memorandum and Articles of Association.
o Allotment of shares, share transfer and transmission, conversion of shares into stocks or warrants, issue of shares certificates, buyback of shares etc.
o Changes with respect to appointment, re-appointment, regularization, resignations, fixation and revisions of the remunerations of Directors, Managers, Company Secretary, auditors, cost auditors etc.
o Procedural requirements for creation, modification and satisfaction of charges and registration thereof by ROC
o Procedures and compliances related to making inter-company loans, investments, guarantees, and providing of securities.
o Filing of the documents including the forms and the returns with ROC
o Registration of branch and representative office.
o Any other matter related to working and administration of company law
o Permanent Account Number (PAN)
o Tax Deduction and Collection Account Number (TAN)
o Registration of Partnership Deed/Trust
o Shops and Establishment License
o Import and Export Code
The Registers that are to be maintained by companies in India:
o Register of the Company
o Register of the Members
o Register of Directors and Key Managerial Personnel
o Register of Charges
o Register of Renewed and Duplicate Share Certificates
o Register of Employee Stock Options
o Register of Shares/Other Securities Bought Back
o Consultancy and Compliance Management in relation to Foreign Direct Investment, External Commercial Borrowings, Joint Venture/Wholly Owned Subsidiaries in India and abroad.
o Consultancy on Foreign Exchange Management related approvals and compliances.
o Setting up of Business of Foreign Entity in India, including and setting up of Branch Office, Liaison Office etc.
o Obtaining of prior approvals in case of ECB and advising thereof for compliance under FEMA, rules and regulations.
o Obtaining approvals from the foreign Investment and promotion Board (FIPB).
Foreign Collaborations & Joint Ventures
o Advising on Foreign Collaborations.
o Advising on setting up of subsidiaries in India.
o Advising on setting up of joint ventures abroad or setting up of subsidiaries abroad.
o Drafting of Memorandum of Understanding, Promoters’ Agreement, Shareholders’ Agreement and Commercial Agreements.
o Conducting corporate legal due diligence
o Documentation and check list compliances under various Corporate Laws
o Issuing Due Diligence Reports
o Assist in Negotiations
o Assist in drafting, preparation and finalization of Shareholders and Share Subscription Agreements.
o Commencement of new business by an existing company
o Execution of pre completion and post completion transactions
o Reserve Bank of India
o Regional Director
o National Company Law Tribunal
o Registrar of Companies
o Tax Tribunals and
o Software Technology Park of India
o Official Liquidator
o Other quasi-judicial bodies and Tribunals
Financial Accounting Staffing
Temporary Staffing has been a practice in Financial Accounting domain for many decades now. It offers some significant advantages for both the employers and the employees.
Benefits for Employers:
o Bring in skilled accounting and finance professionals for peak workloads or to cover when core employees are out of the office.
o Bring good resources in on a temporary basis to make sure it is a good fit for both sides prior to moving forward with a full-time hire.
Benefits for Employees:
o Great resource for building their resumes and gaining new skills by being exposed to different industries, software and areas of accounting. There are a lot of temp work myths around that do not reflect today’s realities. This is work that can help candidates become more marketable for other positions.
o Great networking opportunity that could lead to a full-time job offer.
o It allows flexibility while conducting a job search or taking university courses, with the opportunity to earn money while looking for the right fit for the long term.
We have extended our service line to help you in the highly competitive and specialized activity of Financial Accounting Staffing. Our ability to foresee the trends, ingenuity, good people engagement skills and swift actions can increase our capability to serve you.
You may be facing challenges in terms of staffing to meet project timeline and growth. In such a scenario, it makes sense to adopt optimum staffing strategies including project staffing. Our Project Staffing services helps you cut cost, maintain quality and achieve the particular goals. Some of the key benefits for you from our Project Staffing Services in Financial Accounting are:
● Get the (project) specific skill sets
● Prevent burnouts of your regular employees
● Pick the best resources, who like the flexibility and therefore prefer to work on project basis