Chartered Accountant
Our expertise spans each industry and problem, which provides us a novel perspective that we carry to each client relationship. We enable you to see the world in another way, discover alternatives you could never have imagined and obtain results that bridge what’s with what could be.
When we say CFO services or Virtual CFO services, we do not restrict ourselves to the Financial Management only rather we also expand our services on a holistic manner in almost 100% of the activity/process. In the CFO services we provide all the Accounting, Operational and Financial Management services. Having said that we Just put ourselves into the CFO shoes who is overall responsible for the Company’s accounts, Finance, Internal Control etc. Our Services starts from the start-up of the organizations and it continues over the life of the organizations.
We have also solutions to those who cannot afford full time CFO, we provide them Virtual CFO services. This service is equal to the service provided by the full time CFO with a difference in daily physical presence in the office by your full time CFO which is not available in case of Virtual CFO. In case of Virtual CFO, our team would be visiting to the client’s office based on the agreed upon requirements.
We provide our services Digitally, therefore, Specific Digital platform will be created for the client’s and proper access to the system and server right will be given the clients. Also, client do have option to use their own server or purchase their own cloud space to store their data.
Payroll processing and HR Management is one of most important aspect of any business entity as it is a very complex task and require knowledge of various fields from accounting, inter personal skills, statutes, practices specific to the particular sector. Hence, for most small businesses due to the various compliance requirements in India. Most start-ups and small businesses in absence of well-established HR systems and processes leading to challenges in hiring top talents, retaining good employees and building a productive workplace culture.
Problems faced
For a small and medium size entity it is very tough to maintain a dedicated Human Resource department for the following reasons or in its absence it may face following challenges:
Providing Solutions:
By outsourcing payroll and HR management to SGA, you can enjoy stress and error-free payroll cycle every month as our HR Experts can help you implement world-class HR processes in your organisation from day one to support the growth of the business. Which will provide following services:
In today’s era, where there is cut throat competition between the companies, it is essential for the companies to leverage their resources to maximize their return. In such a situation it seems very difficult for most of the businesses these days to devote their time and resources properly to manage the time and cost carrying debt over the time.
For an organization to effectively meet their expectation they will need a partner to who they can trust and rely upon to improve their net cash flow by enhancing the capabilities of their company‘s internal accounts receivable department Like Book Keeping.
Its expectation in terms of net cash flow it will require productive Accounts Receivables process which will ensure that companies can get back their payments in a very short span of time, can improve their collection rates and also ensures faster processing of invoices which will contribute towards the cash flow.
End-to-End Accounts Receivables Services from SGA
The genuineness of cash flow of your entity completely depends on the time management and accurate billing you provide to your customer. An Invoicing is a list of product and services you send to the customer or client which contains the costs they owe to your business.
We will give you a solution by designing a seamless workflow to ensure accurate and timely submission of invoices to your customers.
Customer Accounts Reconciliation
We by sending periodically a statement of accounts and by working in close co-ordination with customer’s point of contact ensure to avoid any hassles on payments and reconcile our customers frequently. At the same time, we will update the same
Business to Business Collections
We will be in frequent touch with your customer for product feedback, charges/services etc. help build a rapport. Our team discusses the statement of accounts, share aging of invoice, identifies the cause of the delay, fixes it and creates a process flow with control checks to avoid delays. In order to facilitate them and define a strategy to avoid unfavorable situations.
We will maintain required details and tax certificates from your customers while initial set up and keep them updating frequently year after year. We also address the customer requests and update their information whenever they want their details to be updated like a change in name, taxability, nature of business and contact information. A correctly updated and managed customer database helps in managing day to day transactions smoothly as well as ensures accuracy taxability as per the applicable taxes in different states.
Redressal of all kind of concerns is very important to manage our customers. We can make an unhappy customer a happy customer by mitigating their concerns in a timely fashion.
In the event, a customer delays payment due to any lack of information/returns or breaches the terms of the contract which in turn results in no payment our team of an expert would help resolve the issue mutually and provide all required documentation/backup for clarification and rectification.
Cash applications is an important aspect and need to be taken care of with all due care. Your customers try to pay invoices in due time to avoid any late fees and thus the money received shall be applied to the correct invoices.
We do ensure that we have a system in place that a remittance advice is received for all customer payments. We do track all payments received in bank via ACH, wire or Check and apply them to the correct invoices.
It is very hectic task for the company to handle a large number of invoices and other accounts payable documentation in a row and at the same time it has become extremely time consuming and costly for the Accounts payable department.
The accounts payable outsourcing service helps in streamline the multiple tasks, including scanning, matching, validation, and approval. It also enables staff to concentrate on core business tasks, generating faster processing times and quick payments.
Pre-defined Workflow is required for Accounts Payables Processing
Digitizing your invoices and creating a workflow can help the business to organize the flow of vendor invoices through various approval and quality check process very easily. It also ensures the same by suggesting small technical changes in the existing system and creates a workflow with required control points for accuracy and timeliness of the payable cycle.
Invoice Indexing
We index your PO and Non-PO invoices/expenses to go through the required approval authority. The workflow allows us to get a complete MIS for visibility of invoice status in real time and also maintain all your geographies.
Our team of professionals has extensive knowledge of the Accounts Payable process that handles all kind of invoices i.e. PO based Invoice, Non-PO Invoices, Service or Material Invoice, Work Orders with a high level of accuracy on applicable taxes, helping your business to update payable in a timely manner. Because An invoice correctly processed leads to hassle-free clearance of payable and take discounts on early payments as well.
Credit period is an important aspect to manage by the organization as it directly affects the cash flow in the business. On one hand, paying early gives additional discounts thus saving money for the business and on the other hand paying on due dates allows the business to enjoy complete credit period and maintain working capital available all the time.
All payments are in your controls. Our team prepares an aging of payables, highlights the critical invoices, enlists the top vendors, creates a payment proposal in the accounting ERP system and makes available for your approval and submitting payment file to Bank. Whether you pay daily or weekly we make all the required data available for you to take a decision on your payables.
GRIR Reconciliation before making payments to the vendor?
We reconcile at the unit level of Purchase Order receiving with the invoices being sent by the vendors and report/clear any variation at frequent intervals. We coordinate with the procurement and the Accounts Payable team to take required action and float a regular MIS for you.
Vendor Statement Reconciliation
We will reconcile all vendor invoices and the payments issued to them considering all applicable discounts/returns and update the vendor periodically for any difference in the ledger. We coordinate with the vendor’s Accounts Receivable team for any required correction.
We will get the required details and tax certificates from your vendors while initial set up and keep them updated frequently year after year. We also address the vendor requests whenever they want their details updated like a change in name, tax ability, nature of business and contact information.
Hence, the correctly updated and managed vendor databases help in managing the day to day transactions smoothly as well as ensure accuracy tax ability at the end of the year.
We will set up a dedicated Mailbox and Desk Number for your vendors of so that your vendors can reach you. We maintain log of all queries received on the shared mailbox and the help desk number and address them in a sophisticated and timely manner. We also share an analysis of queries and design a solution plan so that such queries are minimized. We create such a team who makes the query resolution a pleasant experience for your vendors.
A company’s inventory is one of its most valuable assets. In retail, manufacturing, food service and other inventory-intensive sectors, a company’s inputs and finished products are the core of its business. A shortage of inventory when and where it’s needed can be extremely detrimental.
Inventory management refers to the process of ordering, storing and using a company’s inventory. This includes the management of raw materials, components and finished products, as well as warehousing and processing such items. Appropriate inventory management strategies vary depending on the industry.
For companies with complex supply chains and manufacturing processes, balancing the risks of inventory gluts and shortages is especially difficult.
We at SGA depending on the type of business or product being analysed, a company will use various inventory management methods. Some of these management methods include just-in-time (JIT) manufacturing, materials requirement planning (MRP), economic order quantity (EOQ), and days sales of inventory (DSI).
The method allows companies to save significant amounts of money and reduce waste by keeping only the inventory they need to produce and sell products. This approach reduces storage and insurance costs, as well as the cost of liquidating or discarding excess inventory.
The materials requirement planning (MRP) inventory management method is sales-forecast dependent, meaning we depending on the past sell records and best estimates and after consultation with key personnel determine the expected quantity of inventory and will keep the stocks accordingly.
The economic order quantity (EOQ) model is used in inventory management by calculating the number of units a company should add to its inventory with each batch order to reduce the total costs of its inventory while assuming constant consumer demand. The costs of inventory in the model include holding and setup costs.
Days sales of inventory (DSI) is a financial ratio that indicates the average time in days that a company takes to turn its inventory, including goods that are a work in progress, into sales.
DSI is also known as the average age of inventory, days inventory outstanding (DIO), days in inventory (DII), days sales in inventory or days inventory and is interpreted in multiple ways. Indicating the liquidity of the inventory, the figure represents how many days a company’s current stock of inventory will last. Generally, a lower DSI is preferred as it indicates a shorter duration to clear off the inventory, though the average DSI varies from one industry to another.
Tracking and management of fixed asset is one of the key concerns for business owners. It is very crucial for the business to track and manage fixed assets specially when businesses grow and evolve, given the dynamic nature of businesses irrespective of the industry. Properly managed fixed assets yield better returns. However, this requires proper planning, skills, and active management to make sure you have a track of all your fixed assets. If a business grows consistently managing Fixed asset can get more complex. This is when working with a fixed asset management service providing company can help ease the burden for you. Fixed asset management operations like monitoring the procedures and controls, calculation of depreciation for the fixed assets, and making required reviews and updates require specialized knowledge and skills.
SGA offers a range of fixed asset management services that can help you track and maintain your fixed assets with complete professional assistance from experts. With our fixed asset management services, you can get acquainted with best business practices that improve your ROI and lead to significant cost savings while you focus on your core competencies, leaving the rest to us. Following are the fixed management services that we offer –
Asset auditing helps you to understand your fixed assets better. With the right fixed asset auditing team in place, we help you in effectively managing your fixed assets while recommending approaches that help in cleansing and strengthening your assets. Auditing is aimed at analysing the fixed assets and reviewing them to eliminate the risk of non-compliance with financial policies and regulations.
Our team makes a physical check to assess your fixed assets and tag them using RFID and barcodes for asset tracking. While tagging your fixed assets, we ensure that the tags used to comply with the regulations about asset tagging as per various authorities depending on your industry type and location.
Asset tracking is the process of identifying the real-time location of the fixed assets. This is one of the crucial operations that are a part of the fixed management process. We help our clients in tracking their fixed assets using the latest systems so that the assets can be organized properly. There are a variety of ways in which asset tracking can be done. Some of the asset tracking solutions we offer are barcode and RFID among others.
We fulfil your comprehensive fixed asset management services with the help of systems and software like QuickBooks that helps in efficiently tracking and managing fixed assets as well as inventories. While fixed assets are object possessions, inventories are generally raw materials and consumables, which is why fixed assets and inventories are managed separately.
RFID is a technology that helps in auto-identifying different objects. It uses the advanced technology of radiofrequency. We can help tag your fixed assets like office objects, cubicles, etc. with RFID. Once it is tagged, it can be tracked and identified using the RFID reader. We can also tag your fixed assets using barcodes. Using all these means can help you in tracking, locating, and grouping your fixed assets based on location.