Indian SME and MSME businesses are flourishing at an astonishing pace, with the ever-evolving Regulatory environment there is an ever increasing compliances and reporting to be performed by a business enterprise. This results in a vacuum and chances for non-compliances of statutory requirements, unavailability of reliable information, changes in the human resources, lack of internal competencies to deal with External agencies/ Auditors and so on.
We at SPARKS & Co. understand the requirement of the Promoters and with the help of highly experienced team of Accountants provide our Virtual CFO services.
This typically goes beyond assistance and advisory in managing the day-to-day accounting and includes (i.) performing Key Financial Management (a typical skill set of a CFO), (ii.) assistance in carrying out all tax and regulatory compliances; (iii.) Promoter Advisory on funding and other strategic aspects like business and group Structuring; (iv.) assistance in building optimum financials (balance sheet) and handholding with respect to value unlocking process (including valuations).
We take charge of your Finance & Accounting function, with more than 10 years of professional experience in field of Accountancy & Auditing and Industry experienced domain experts, our team is competent to deal with dynamic and ever changing business needs with respect to these areas as referred above.
We help you decide what functions can be outsourced successfully, and work with you to develop and implement a measurable outsourcing solution that aligns with your key business goals.
Our key offerings in the Business Outsourcing include:
Finance Controller
Particular business with immense potential and growing at a fast pace still faces certain key constraints like budget, new location, lack of dedicated Finance & Accounts Team, attrition of employees etc. which limits the ability to employ an experienced full time CFO.
This may cost company very dearly from the perspective of Tax & Regulatory authorities, financial management, building optimum financials etc. Team SPARKS & Co. with its highly experienced pool of talent in different areas like Accounting, Tax, Regulatory, Corporate Finance, M&A etc. would ensure continual support and assist the management in its journey to growth path.
We shall take charge of Finance & Accounts support and carry out key functions which may include accounting and book keeping support, Financial Management including preparation of financial statements, audit closure support, presentation to the Board of Directors, regulatory compliances for direct and indirect taxes, internal control reviews and process optimization.
Accounting & Periodic MIS
Team at SPARKS & Co. is experienced in understanding the requirements of day to day accounting and periodic account closure and periodic MIS reporting so that the financial accounting can help assist business in better decision making. We work with clients to setup various periodic information exchange for better AR, Aging reviews, timely AP Payments, Balance confirmation process with third parties, Monthly/ Quarterly Profitability statements, etc. A smooth information exchange post taking control of entity data helps the Promoters review financial information and take informed decisions.
Payroll Services
At SPARKS & Co., we also assist clients in outsourcing their Payroll Function and its regulatory compliances. The function works closely with the Human Resource function of the entity to obtain timely leave data and company policies to process the monthly payroll of the entity. This also includes in the review and compliance of the Payroll withholding taxes of the employees to filing of their Indian tax compliance returns.
We offer a full payroll compliance service. Some examples of our payroll management outsourcing services include:
- Payroll management and processing
- Employee full and final processing support
- Processing timesheets and generating pay slips
- Generating periodic reports
- Computation and deposit of withholding tax along with associated return filings
- Provident fund related support
- Dealing with joining and leaving policies
- Payroll administration- Calculation, Payment and Compliance
Regulatory Compliances
Our team of Chartered Accountants, Company Secretaries and Legal consultants help the clients in many ways in attaining regulatory compliances with respect to Income Tax Act (say Withholding Taxes, Advance Tax, etc.), to Employee Taxes (such as Provident Fund, Professional tax, etc.) to Companies Act secretarial compliances in maintenance of various registers and form filling.
Preparation of Financial Statements & Audit Closure Support
With the fast changing accounting regulatory, it is becoming increasingly difficult to handle accounting, audits and the auditors. These issues if not dealt with at earlier stage either due to lack of understanding on accounting staff or understanding the statutory requirement may cost dearly to the business houses. Our 38 years in assurance domain and with help of experienced accountants, our team has the professional capability to deal with the financial preparation to dealing with the audit in the domain of auditing compliances, qualification and regulatory interpretation.
The services typically involves preparing financial statements in accordance with applicable GAAP (IFRS, Ind AS), preparing accounting schedules/ notes, providing audit requirements, liaising with auditors and advising on management on audit remarks or qualifications.
Structural Support
Our Advisory team also works closely with the Promoters to review the current business need and advice on upcoming business transactions and venture. Advisory typically includes advisory on holding structure, holding vehicles, advisory on intangibles, transaction support etc. The purpose of the Structure support is that the Promoters are strategically supported by our teams.
Book-keeping
Book keeping is one of the most essential components of running a professionally managed company. It is a series of processes which records the transactions carried out by a company in its ordinary course of business. The essence of book keeping should be such that not only all the transactions carried out by the company are reflected in their books of accounts, but the books should qualitatively and quantitatively depict the position of the business and its core competence and high productivity avenues.
Our bookkeeping outsourcing services include:
- Preparation and Maintenance of books of accounts
- Providing monthly or quarterly management accounts
- Preparation of annual statutory accounts
- Recording and reconciling all bank, cash and credit card transactions
- Accounts payable / receivable processing
- Support for managing working capital
- General ledger maintenance
- Monthly and year-end closing assistance
- Accounting systems design
- Depreciation schedules
We believe that timely information with skilled analysis of financial ratios and trends of transactions ensures effective and prompt decision making.
Budgeting and Forecasting
Budgeting and forecasting is an integral business activity leading to the achievement of various business objectives. Budgeting is the process of quantifying costs attributable to a specific department or cost center. It deals with the estimation and deployment of specific funds available to the business unit. A budget should typically be created in an integrated and phased manner in such a way that the department or business unit does not feel short- changed in comparison with its scope and extent of activities.
Forecasting deals with the estimation of revenue or net proceeds from the sale of a company’s product or service. Forecasting plays an important role in establishing and estimating the cash flow of a company. A proper forecasting process would take into consideration the factors which would create a ‘cash-crunch’ situation for the company and the solutions which could be employed to ensure that this eventuality does not take place.
Budgeting and Forecasting can lead to various benefits like:
- Creation of a Budget for each department and cost center as well as the creation of a Forecast for determining the expected revenue and its effect upon the company’s cash flow.
- Comparison of the budget with the actual figures and subsequent analysis of the same
- Identifying the reasons for the under absorption/over absorption as compared to the budgeted figures.
- Effect of the deviation on the company’s P&L.
- Suggestions/ Recommendations for remedial measures.