Accounts
Book keeping is the process of recording your company’s financial transaction into certain organized form of accounts which are maintained on daily basis. It is an first stage of accounting process in which we maintain a transaction records updated, by this you can generate accurate financial reports that helps in measuring business performance.
A payroll service is a service provided by the company which will assist you with all aspects of payroll on behalf of another business. This type of services is often beneficial for employers who value their time and want to ensure that their employees and taxes are paid accurately. Business owners may also save money when they consider that a payroll service provider can help them eliminate expensive tax penalties
The preparation of financial statements involves the process of aggregating accounting information into a standardized set of financials in a statement form. The completed financial statements are then distributed to management, lenders, creditors, and investors, who need to evaluate the performance, liquidity, and cash flows of a business.
The balance sheet is a financial statement that provides a snapshot of what a company owns and owes, as well as the amount invested by shareholders. Schedule-VI Balance Sheet provides the representation of company’s financial position at any point of time in the Schedule VI format of Companies Act .The Balance Sheet consists of Equity and Liabilities, Non-Current Liabilities, Current Liabilities & Assets comprising of Non-Current Assets and Current Assets.
A Cash Flow Statement is a statement which is prepared by acquiring Cash from different sources and the application of the same for different payments throughout the year. Whereas the funds flow statement is a statement that explains the working capital changes in a company. It depicts the monetary outflow and inflow of the sources and the applications of funds during a particular period.
Credit Monitoring Arrangement (CMA) data is a very important area which deals with finances in an organization. It is a critical analysis of current & projected financial statements of a loan applicant by the banker. CMA data is a systematic analysis of working capital management of a borrower and objective of this statement is to ensure the usage of long term and short term fund have been used for the given purpose.
Accounts payable refers to an account within the general ledger that represents a company’s obligation to pay off a short-term debt. Accounts payable are the amounts due to vendors or suppliers for goods or services received that have not yet been paid. The sum of all outstanding amounts owed to vendors is shown as the accounts payable balance on the company’s balance sheet.
Accounts receivable is the balance of money due to a firm for goods or services delivered or used but not yet paid for by customers. Accounts receivables are created when a company lets a buyer purchase their goods or services on credit. Accounts receivables are listed on the balance sheet as a current asset.
MIS stands for management information system. MIS report provides a complete view of different verticals that are required to be monitored for the proper functioning of your business. The primary use of this report is to take set parameters and compare them to the performance of business operations. Executives and the top tier management from all departments, refer to the MIS reports to analyze data related to daily tasks and overall business processes.
Accounting reports are compilations of financial information that are derived from the accounting records of a business. These are custom-made reports that are intended for specific purposes, such as a detailed analysis of sales by region, or the profitability of a specific product line. More commonly, accounting reports are considered to be equivalent to the financial statements. These statements include Income Statement, Balance Sheet, Statement of the cash-flows.
Audit
Internal audit evaluate a company’s internal controls, including its corporate governance and accounting processes. These types of audits ensure compliance with laws and regulations and help to maintain accurate and timely financial reporting and data collection. Internal auditors are hired by companies who work on behalf of their management teams. These audits also provide management with the tools necessary to attain operational efficiency by identifying problems and correcting lapses before they are discovered in an external audit.
Physical verification of fixed assets is a procedure used by auditors to ensure that the assets listed in an entity’s books of account exist. The management’s major role is asset verification. Any firm must complete this process after each financial year. Physical asset verification is a crucial part of auditing. The fixed asset audit procedures are for those assets that are expected to last more than just a year such as land, buildings, assets, and equipment. Fixed assets are primary resources for the business. Asset audit is necessary to do once a year to update all the records of assets in a proper manner.
A business process audit is a series of steps to follow when auditing and analyzing a business process in an organization. Unlike certification standards, most business processes follow a common method of function. Any employee who understands and has access to the entire process can conduct a process audit. A business process audit may seem complicated and intimidating, but a modern business must consider this as an ally in the search for more efficiency and effectiveness in the organization’s value chain processes.
An Auditor’s certificate is a written confirmation of the accuracy of the facts relating to the accounts for a particular time or to a specific matter, which does not involve any estimate or opinion. An auditor’s certificate represents that he has verified certain precise figures and is in a position to vouchsafe their accuracy as per an examination of documents and books of accounts. Certification of the statutory report, certification of share transfer, certification of the value of imports and exports of a company, etc., are some of the examples of auditor’s certificate
The GSTR 9 is a document or statement that has to be filed once a year by a registered taxpayer. This document will contain the details of all supplies made and received under various tax heads (CGST, SGST and IGST) during the entire year along with turnover and audit details for the same. The government has introduced a GSTR 9C audit form, which is to be filed annually by taxpayers who have a turnover of more than Rs.2crores. It is basically a reconciliation statement between the annual returns filed in GSTR 9, and the audited annual financial statements of the taxpayer.
A tax audit is the process of verification and inspection of the accounts of a taxpayer to confirm their adherence to the provisions of the Income Tax law. Section 44AB of the Income Tax Act, 1961 deals with the Audit of the Accounts of a certain category of persons carrying on a business or engaged in a profession. The CA will check and verify that these accounts comply with the various provisions of the Income Tax law. Simply put, the audit that is required as per Section 44AB of the Income Tax Act, 1961 is called a tax audit. The outcome of the audit is an audit report. This report is drawn by the Chartered Accountant where he or she gives his findings and observations about the compliance of the person under audit.
Under the provisions of the Companies Act, 2013, every company must have its annual accounts audited, irrespective of its nature of business or turnover. The directors and shareholders of the company will appoint an auditor for this purpose. The audit of a company is a systematic and independent process where the books of accounts and the statutory books are examined to determine if the financial and non-financial disclosures of the company are true and fair. Once the audit is complete, the opinion of the auditor is expressed in an Auditor’s Report.
A stock audit is a process that refers to physical verification of the inventory which includes evaluation of inventory items based on the reference of the assignment. The stock audit process is necessary to reduce the avoidable investment on stocks or inventory to ensure proper balance in the process. The high levels of stock result in the poor value of cash flows and financial losses. The auditor’s task is to check the statements during the process of examination. If he/she comes across with any fraud or discrepancy by the management of the company, then the auditor should mention those in his report. The auditor cannot perform an audit on assumption that management of the company might have committed fraud.
A statutory audit is a mandatory audit of a company’s financial records by an external entity. This audit is mandated by statute or law that governs an organization’s principles and ethics. In general, a statutory audit is conducted by examining bank accounts, financial statements, transactions, bookkeeping records, ledgers, and other critical documents that are submitted for tax purposes and Government requirements. But it can also include business operations-related documents such as invoices, purchase orders, bills, challans and more.
