Accounting Services and Payroll Accounting :
1. Book Keeping: accounting data feeding on TALLY under Indian GAAP
Accounts Payable Management
Collecting all the vendor invoices as per agreed process;
Verification of Vendor invoices with Purchase orders/contracts/agreements;
Receiving confirmation of goods/services from process owners;
Checking for with-holding tax applicability;
Verification of arithmetical accuracy of vendor invoice;
Analyse vendor invoice for Revenue or Capital expenditure;
Accounting of supplier invoice in the accounting package based on the Company’s chart of accounts;
Preparation & accounting of payment vouchers for invoice payments (domestic and foreign);
Preparation of Vendor payment advise subject to with-holding taxes and forward to the Company for further processing;
Check employee travel and expense claims and revert back to employees for clarification or additional documentations;
Monitoring employee travel advance and claims;
Accounts Receivable Management
Assistance in raising invoices to the customer as per the agreed terms;
Accounting of Revenue in the books of accounts; and
Accounting for receipt of funds against invoices raised.
Fixed Asset Management
Checking for Capital Asset request and authorizations for purchase of Fixed Assets;
Capitalization of assets as per Company policy;
Checking for any additional cost incurred for bringing up the asset into use;
Checking for installation date; and
Computation of Depreciation as per Company’s Depreciation Policy.
General Ledger and others
Data entry, voucher booking and maintenance of accounts in accounting package including Cash Book, Bank book, Purchase Register, Journals, Ledgers and Trial Balance;
Maintenance of General ledger as per Company’s Chart of Accounts;
Preparation of Bank Reconciliation Statement;
Preparation of schedules for ledger accounts wherever necessary;
Preparation of Monthly reports which includes the following
a) Generation of updated month-end Trial Balance
b) Preparation of SAP TB upload file as per IFRS requirement
c) Cost centre reporting
d) Intercompany reconciliation/confirmation
e) Monthly closing for statutory purposes (India GAAP)
Note: Preparation of monthly report based on guidelines and reporting format provided by SMA for the IFRS reporting
Responding to queries of auditors and ensuring smooth completion of audit;
Annual Preparation of Statutory Accounts and Tax accounts (including 3CD tax audit schedules) in line with India GAAP with all necessary disclosure statements;
Monthly payroll processing
Preparation of monthly payroll providing employee wise analysis of basic salary, perquisites and other allowances, deductions and net amount payable;
Uploading salary on bank website after due review and approved by client for effecting salary transfer to employees;
Maintaining records and keeping track of various payroll related benefits (medical reimbursement, Leave travel expense reimbursement, etc.,) provided to employees based upon individual entitlements and limits;
Providing employee self-service options for online access of their payroll pay slip and tax calculations. Access to update investment declarations, proofs and reimbursement claims;
Preparation of Challans for statutory payments like income tax & profession tax; and
Employee query management through e-mails with a turnaround time of 24 – 48 hours.
Update employee's new compensation data on the payroll master based on information provided by client;
Update employee's previous employer data (for mid-year joiners having past employment history) to correctly calculate payroll with-holding; and
Receive completed savings and investment declaration online1 from employee, review for completeness and update payroll withholding calculations.
Receive details from client regarding the last date of employment and deductions or recoveries to be made on account of advances, notice period etc;
Inform SMA about pending documentation (investment proofs etc) from employee, receive from client the same and update employee's final tax with-holding calculations to reflect the same; and
Process out of turn payroll (full and final settlement) for the employee if termination date does not coincide with normal payroll cycle.
Profession Tax (PAN India)
Computing the amount of Profession tax to be deducted from the employees;
Preparation of the Profession Tax challan (deposit slip) for deposit of tax by client with the Profession Tax authorities; and
Preparation of the monthly and the annual returns to be filed with the Profession Tax authorities (after review and signature by SMA).
LWF (PAN India)
Computing the amount of LWF amount to be deducted from the employees;
Preparation of the LWF challan (deposit slip) for deposit of tax by SMA with the authorities.
Assistance in renewal of S&E registration (PAN India level) and
Maintenance of register as per S&E compliance
Statutory Compliances pertaining to employee with-holding tax and Provident Fund.
Preparation of employee’s annual with-holding tax certificate (Form 16)Vendor query management
TDS (With-holding Taxes) related services
TDS on vendor payments & salary Based on the payments made to vendors, to compute the amount of monthly TDS and advice client for the remittance with the tax authorities.
Based on the compensation information provided by client, to compute the amount of monthly TDS for each individual based on the salary, perquisites / benefits, allowances and reimbursements provided to the individual. Ordinarily this would mean one calculation per individual per month.
Preparation of TDS certificates (Form 16 & 12BA for employees & Form 16A for vendors)
To prepare draft TDS certificates for other than salary on a quarterly basis immediately after filing the eTDS returns for further approval & signature from client.
To prepare draft TDS certificates for salary at the end of the fiscal year. These TDS certificates will be approved and signed by client after which they shall be made available to the employees either at the end of the fiscal year.
Preparation of quarterly e-TDS returns After the end of each quarter, to proceed to prepare the draft quarterly and annual e-TDS return (Form 24Q, 26Q& 27Q) to be filed with the Income-tax department before the due dates of filing the returns. The TDS return will be approved and signed by client after which they shall be filed with the Income-tax department.