Accounting, Audit and Statutory Compliances
Corporate Leaps is backed by an able team of qualified and experienced accounting professionals, providing complete assistance to foreign entities setting up their businesses in India. It offers cost-effective, quality, and timely services, right from the first registration to a complete account-book handling for clients worldwide.
What do you get when we handle your accounting?
- Complete Account Book Maintenance
- Banking Solutions - Cash/Credit, Debtors/Creditors Reconciliations
- Accounts Payable & Accounts Receivable Management
- Stock/Inventory Management & Reconciliation
- Standard Compliance Accounting
- Cost Centre/Profit Centre wise Accounting and Reporting
- Financial Ratios and Variance Analysis
- Consolidation of Accounts
- Any Additional accounting-related solution
Why should you outsource your accounting services?
- Efficiency: It is more time & cost-efficient than in-house accounting (especially at the early stages of the business), allowing the management to focus primarily on core business functions.
- One-Stop Solution: Our experts in all relevant fields - such as Taxation (Direct & Indirect), Inventory Management, International Accounting, Banking etc. - coordinate within the team and with the clients, providing instant consultation for all accounting fields.
- Uninterrupted Services: Our responsibility is to make sure that the financial functions are never halted due to any changes in your in-house workforce.
- Complete 360 Coverage: Sometimes, Management/Promoters may not be fully aware of existing rules and compliances, paving the way for unintentional defaults. With us, you have complete coverage. We are well-versed with all existing rules and regulations, ensuring that there's no hindrance in your business.
- Dynamic: Outsourced accounting services are dynamic in nature. If you feel a certain team isn't handling your requests efficiently, you can always opt-out. You can also downgrade or upgrade the services as per your requirements.
- Optimized Internal Controls: With better internal controls, management can ensure better accuracy and reliability across all accounting reports.
What does our Standard Package include?
- Monthly business accounting in Tally with access to Tally Cloud.
- Computation of Tax Deducted at Source (TDS) and Payments
- Filing of TDS returns and issuance of certificates 16A and 16
- Tax calculations for employees to determine TDS and filing of annual Income Tax Returns (ITR)
- Monthly Payroll Calculations
- Payment and Quarterly assessment of Income Tax liability
- Annual assessment of Income Tax liability and filing of returns
- Monthly/Quarterly/Annual GST compliances
- Management/MIS accounts preparation periodically, and as per the requirements
- Company accounts preparation as per Indian GAAP (Schedule VI), Ind-AS or IFRS on an annual basis for audit and filing with regulatory authorities
- Group Consolidation
Our Systems and Processes
a) We study, analyze and strategize accounting policies and procedures.
Keeping your current requirements in mind and planning for future business scenarios, we draft your accounting policies and set up systems and procedures. Our goal is to design accounting solutions tailored to your requirements so that you receive the optimum benefits while keeping your growth in mind.
b) We optimize your internal controls.
We help you define your internal control systems to minimize errors, prevent fraud, monitor progress, and take corrective actions, whenever required. Accurate and reliable financial data will enable you to formulate business plans, minimize risks and provide sustenance to an effective decision-making process for your organization's growth.
c) We review and evaluate financial strategies.
We identify weaknesses, inconsistencies and risks, and work with you to redesign financial strategies while remaining fully compliant with statutory regulations. We also strive towards enhancing your company's trust, reliability and reputation to help you in the funding process.
What Are Internal Controls?
The management uses defined Internal controls/systems and processes to ensure accuracy and reliability across accounting reports. Accurate financial data is vital to formulate Business Plans, Cash Flow Statements, and ultimately the company's decision-making. In the absence of robust and optimized internal controls in place, there is always a possibility of error, fraud, or miscalculation, proving fatal as a bottleneck in operational efficiency and growth. According to popular perception, internal control systems are only designed for larger organizations. However, the fact is that an optimized internal control system is crucial for all levels of entities irrespective of size and constitution.
Good internal controls:
- Prevent fraud
- Minimize risks proactively
- Generate accurate information/reports on a real-time basis
- Monitor company's goals and progress and take corrective actions, wherever required
- Remain fully compliant with statutory regulations
- Enhances the company's trust, reliability and reputation which helps in securing funding
We can review and evaluate your current approach, identify weaknesses, inconsistencies and risks, then work with you to redesign and improve.