Accounting
The outsourcing of accounting can be exercised as an option but only when there is an expert solution available for the same. The Firm Factory, together with it´s Indian partner, has developed a seamless and customized solution to ensure that your administrative back office runs smoothly, enabling you to focus on what matters most. You will be given a single point of contact to answer all your questions as well as a dashboard allowing you to see where your business stands at any time. We serve accounting firms and businesses of any size.
Preparing and maintaining day-to-day, monthly or quarterly bookkeeping:
Accounts Payable Service
Accounts Payable outsourcing helps our clients function at their very best, providing them full information about their working capital with invoice processing and disbursements, vendor management and accounts payable aging reports. Here is the scope of work for our offshore accounts payable outsourcing services:
Accounts Receivable Service
Accounts Receivable services helps clients to optimize operational performance with effective financial management, through services like order management, cash management, and debt analysis. The scope of work for accounts receivable services includes:
Accounts Review and Management Reporting
With our Accounts Review and Management Information services, we ensure that your month-end reviews, P&L reports and compliance processes will be timely, efficient, and accurate. Furthermore, make your business decisions with confidence based on solid data and business intelligence through our MIS reports. Scope of services:
Bank Reconciliations
Auditing Outsourcing Service for Accounting Firms
Accounting Firms are always bound by the deadline to complete all the tasks whether it is Accounting, Catchup or Cleanup, Tax Filling or Audit. As Auditors are responsible to check and verify all the documents and authenticate them based on financial statements, the process becomes time consuming and requires the involvement of highly qualified resources. Our partner provides Audit Support Services to Accounting Firms and dispose of an efficient and expert team of auditors who manage and execute Accounting Audit Services with a quick turnaround time and take the burden off of your team. Giving you the extra time that you can focus on to ensure that your audits are executed smoothly, effectively, and on time.
The Audit Outsourcing Service includes:
Execution
For a smooth execution, our expert audit team considers the following tasks:
Finalization
At the final stage, the following taks will be completed:
Virtual Chief Financial Officer and Controllership Services
Operating without business metrics and an intelligent dashboard that simplifies data can cause you to make blind financial decisions, and lose visibility of cash flow management cycles. Our CFO and Controller Services are designed to address all your financial intelligence needs, providing you with timely advice, reports, and metrics. Navigate business risks with confidence, and never miss business opportunities due to a lack of data or financial insights again. Scope of services:
Forensic Accounting
The forensic accounting procedure generally involves the following steps:
Business & Tax Restructuring
Business and tax restructuring refers to the process of making changes to a business's organizational structure, ownership, or tax structure to achieve specific goals. This could include improving efficiency, reducing costs, maximizing profits, or addressing other business needs or challenges. Business restructuring can involve a range of activities, such as merging with or acquiring another business, divesting or spinning off a business unit, changing the legal structure of the business, or reorganizing operations to optimize efficiency. Tax restructuring, on the other hand, involves modifying the tax structure of a business to reduce its tax liability. This could include restructuring debt, reorganizing legal entities, shifting income to lower tax jurisdictions, or taking advantage of tax incentives or deductions. Here are some benefits of business and tax restructuring:
Engagement Models
The outsourcing of accounting can be exercised as an option but only when there is an expert solution available for the same. The Firm Factory, together with it´s Indian partner, has developed a seamless and customized solution to ensure that your administrative back office runs smoothly, enabling you to focus on what matters most. You will be given a single point of contact to answer all your questions as well as a dashboard allowing you to see where your business stands at any time. We serve accounting firms and businesses of any size.
Preparing and maintaining day-to-day, monthly or quarterly bookkeeping:
- Setting Up Account Charts
- Preparing and sending Invoices to customers
- Recording receipts from customers
- Verifying and recording bills from suppliers
- Payments to suppliers
- Recording depreciation and other adjusting entries
- Entering Bank Transactions
- Allocating the account entries
- Value-added bookkeeping
- Month-end or year-end closing entries
Accounts Payable Service
Accounts Payable outsourcing helps our clients function at their very best, providing them full information about their working capital with invoice processing and disbursements, vendor management and accounts payable aging reports. Here is the scope of work for our offshore accounts payable outsourcing services:
- Receiving/downloading vendor invoices on behalf of clients
- Validating the invoices against Purchase Order
- Sharing mismatched/ disputed invoices with vendors for correction
- Issuing matching invoices for approval as per Approval Matrix
- Following up for approvals
- Booking duly approved invoices in the AP System / Books of accounts
- Issuing AP payment list as per vendor credit period
- Liaising with vendors and attending to vendor queries, if any.
Accounts Receivable Service
Accounts Receivable services helps clients to optimize operational performance with effective financial management, through services like order management, cash management, and debt analysis. The scope of work for accounts receivable services includes:
- Preparation of sales invoices on behalf of clients
- Issuing of invoices to clients
- Follow up with clients for invoice payments
- Updating books of accounts for inward receipts
- Resolving invoice related issues with clients, if any
- Flagging long outstanding or stuck-up cases with management
- Sharing AR report and dashboard at agreed time intervals
Accounts Review and Management Reporting
With our Accounts Review and Management Information services, we ensure that your month-end reviews, P&L reports and compliance processes will be timely, efficient, and accurate. Furthermore, make your business decisions with confidence based on solid data and business intelligence through our MIS reports. Scope of services:
- Accounting data Review
- Monthly closing of financial data
- Management Information Reports
- Management Information System review calls
Bank Reconciliations
- Bank book reconciliation with your bank statement
- Credit card reconciliation with your statement records
- Sequencing of checks
- Balance sheet reconciliation
Auditing Outsourcing Service for Accounting Firms
Accounting Firms are always bound by the deadline to complete all the tasks whether it is Accounting, Catchup or Cleanup, Tax Filling or Audit. As Auditors are responsible to check and verify all the documents and authenticate them based on financial statements, the process becomes time consuming and requires the involvement of highly qualified resources. Our partner provides Audit Support Services to Accounting Firms and dispose of an efficient and expert team of auditors who manage and execute Accounting Audit Services with a quick turnaround time and take the burden off of your team. Giving you the extra time that you can focus on to ensure that your audits are executed smoothly, effectively, and on time.
The Audit Outsourcing Service includes:
- Planning (we make sure to give proper attention at the planning stage to ensure all areas and work are properly coordinated among the team member)
- Preparing the document and details requirement list to carry out the audit
- Roll forward of the previous year’s electronic audit file on audit software
- Migration from traditional excel audit file to an electronic file
- Proper Mapping and tallying of the trial balance
- Preliminary analytical review of the previous year’s audit file
- Performing and documenting guidance for internal controls
- Checking opening balances
- Sample selection & materiality calculation
- Checking books of accounts for their compliance with GAAP
Execution
For a smooth execution, our expert audit team considers the following tasks:
- Assistance in preparing, verifying, and reviewing the working papers
- Testing internal controls and obtaining audit evidence
- Verifying the audit evidence and indexing them
- Summarizing audit observations, Cross-referencing the documents, and submitting recommendations to make the review process easier
- Performing casting procedures on accounts for internal consistency, mathematical accuracy and agreeing onlead schedules with final accounts
- Substantive testing and Risk Assessment
- Assistance in circulating balance confirmations
- Conducting end-to-end audits
Finalization
At the final stage, the following taks will be completed:
- Quality review and preparation of financial statements
- Independent review of audit files to ensure completeness
- Preparation of management letter points,
- Preparation of draft memo on auditing or accounting issues
- Preparation of risk-based internal audit reports
- Preparation of Accounting policy and procedure
- Internal control procedure development and implementation
- Preparation and review of GAAP compliance checklist
- Preparing notes to maintain proper disclosures
- Prepare checklists to report errors to the onshore audit team to make necessary changes to the financial statements and future accounts.
Virtual Chief Financial Officer and Controllership Services
Operating without business metrics and an intelligent dashboard that simplifies data can cause you to make blind financial decisions, and lose visibility of cash flow management cycles. Our CFO and Controller Services are designed to address all your financial intelligence needs, providing you with timely advice, reports, and metrics. Navigate business risks with confidence, and never miss business opportunities due to a lack of data or financial insights again. Scope of services:
- Business-aligned Management Information Systems
- Financial statement analysis
- Cash flow reports
- Monthly board pack report
- Monthly calls with the Chief Financial Officer
- Business and finance consultation
Forensic Accounting
The forensic accounting procedure generally involves the following steps:
- Investigative Planning: This involves defining the scope of the investigation, gathering relevant information, identifying potential sources of evidence, and developing a strategy for the investigation.
- Collection of Data: This step involves gathering financial and non-financial data from various sources, such as bank statements, tax returns, contracts, emails, and other relevant documents.
- Analysis of Data: This step involves analyzing the collected data to identify patterns, trends and inconsistencies that may indicate fraudulent activity or other financial irregularities.
- Reporting of Findings: The forensic accountant prepares a report summarizing the findings of the investigation, including the evidence gathered, the analysis conducted, and the conclusions reached.
Business & Tax Restructuring
Business and tax restructuring refers to the process of making changes to a business's organizational structure, ownership, or tax structure to achieve specific goals. This could include improving efficiency, reducing costs, maximizing profits, or addressing other business needs or challenges. Business restructuring can involve a range of activities, such as merging with or acquiring another business, divesting or spinning off a business unit, changing the legal structure of the business, or reorganizing operations to optimize efficiency. Tax restructuring, on the other hand, involves modifying the tax structure of a business to reduce its tax liability. This could include restructuring debt, reorganizing legal entities, shifting income to lower tax jurisdictions, or taking advantage of tax incentives or deductions. Here are some benefits of business and tax restructuring:
- Improved Efficiency: business restructuring can help streamline operations, eliminate redundancies, and optimize the use of resources, which can lead to improved efficiency and productivity.
- Cost Reduction: business restructuring can help reduce costs associated with redundancies, underperforming business units, and unnecessary expenses.
- Increased Profitability: business and tax restructuring can help increase profitability by improving operational efficiency, reducing costs, and maximizing tax savings.
- Enhanced Flexibility: business and tax restructuring can provide greater flexibility to adapt to changing market conditions, regulatory requirements, or business needs.
Engagement Models
Hourly |
Dedicated FTE Model |
Block of Hours Per Month Model |
With this model, you will pay only for the number of hours we worked for you. We will send you invoices at the end of each month. This model allows you to scale up or scale down your work as per your requirements. |
Under this model, you will get a dedicated accounting team or individual to work exclusively on your project. Each FTE sends regular reports on a daily, weekly, monthly and annual basis, providing full time support to your business accounting operations. |
This model is similar to the Hourly Model but here you can buy pre-paid block of hours (30, 60 or 100) with smart price for a period of three months. |