Business Support Services
Internal Auditing
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.
Scope of Internal Auditing
The scope of internal auditing within an organization is broad and may involve topics such as an organization's governance, risk management and management controls over: efficiency/effectiveness of operations (including safeguarding of assets), the reliability of financial and management reporting, and compliance with laws and regulations.
Internal auditing may also involve conducting proactive fraud audits to identify potentially fraudulent acts; participating in fraud investigations under the direction of fraud investigation professionals, and conducting post investigation fraud audits to identify control breakdowns and establish financial loss.
Walkthroughs to understand current process and Internal controls.
Review Of Accounts, Operations and Statutory Compliance – GST & TDS
Sampled transactions review and data analysis to validate process understanding.
Documentation and identification of risks inherent to the current processes.
Test effectiveness of existing controls and identify control / efficiency gaps for risk mitigation.
Discuss recommendations to address control / efficiency gaps in addressing key risks.
Role of Internal Audit
Verify the existence of assets and recommend proper safeguards for their protection
Evaluate the adequacy of the system of internal controls
Recommend improvements in controls
Assess compliance with policies and procedures and sound business practices
Assess compliance with statutory requirements
Review operations / programs to ascertain whether results are consistent with established objectives and whether the operations / programs are being carried out as planned
Sop (Standard Operating Procedures)
A Standard operating procedure (SOP) is a set of step-by-step instructions compiled by an organization to help workers carry out complex routine operations.SOP's aim to achieve efficiency, quality output and uniformity of performance, while reducing miscommunication and failure to comply with industry regulations.
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Key Performance Indicator (Kpi)
Key Performance Indicator (Kpi)
A Key Performance Indicator (KPI) is `a measurable value that demonstrates how effectively a company is achieving key business objectives. Organizations use KPIs to evaluate their success at reaching targets. Each department will use different KPI types to measure success based on specific business goals and targets.
4 Key Performance Indicators
Financial Metrics
Customer Metrics
Process Metrics
People Metrics
Annual Budgeting
Annual budget for an organization is prepared for a year and is a comprehensive plan, a coordinated set of detailed financial statement of operating plans and schedule. Annual budget is the best document for understanding the micro economics of the organization for the forthcoming budgeted period.
To set up of the fiscal targets and level of expenditures compatible with targets.
Formulation of the expenditure policies
Allocating resources in conformity with both policies and fiscal targets.
Addressing operational efficiency and performance issues
Annual budget helps the management in followings
Planning for the future and setting of the goals
Motivating the employees of the organization
Coordinating the activities between the departments of the organization
Identification of the problem areas with performance evaluation
Taking corrective actions in the areas where difficulties are expected
Cost Management
Cost management is the process of planning and controlling the budget of a business. Cost management is a form of management accountingthat allows a business to predict impending expenditures to help reduce the chance of going over budget.
Cost management involves different cost accounting methods that have the goal of improving business cost efficiency by reducing costs or atleast having measures in place to restrict the growth of costs.
Cost can be managed by
Cost estimation
Cost budgeting and
Cost Control
Advantages Of Cost Management
It helps in controlling the project specific cost, in turn also the overall business cost
One can predict the future expenses and costs and accordingly work towards the expected revenues
Predefined costs can be maintained as records for the business
It helps in taking those actions that are necessary to assure that the resources and business operations aim at attaining the chalked objectives and goals
It helps in analysing the long term trends of the business
The actual cost incurred can be compared to the budgeted to see if any component of the business is spending more than expected
It helps in analysing the business positioning in terms of making an acquisition factoring the cost component involved
Accounts Assistant
An accounts assistant plays a critical role in any accounting or business firm. They work as part of the team that is responsible for maintaining finances within the company, they typically report directly to the accountant or the finance manager. On a typical day, an accounts assistant's work includes balancing books to ensure that records and payments are correct and working with the sales team on current and future forecasting of Revenue and estimation of expenditures. There are many other tasks they might encounter such as Payroll Processing, bill processing and ensuring the payments as per payment cycle, Ensuring statutory compliances been met, etc. Sales order processing, preparing statutory accounts, and processing invoices. This job typically takes place during normal business hours, but there may be special cases in which the accounts assistant is needed to help the accountant or the financial manager to meet critical task on deadline.
Accounts Assistant Tasks
Receive and process payments, invoices, employee reimbursements, bills, and other accounting information
Batch and prepare payments, payroll, or other outgoing financial data
Enter data into databases and accounting software, balancing accounts
Review transactions for errors and accuracy and make corrections
Analysis of Variances with respect to budgeting, MIS, etc
Ensuring statutory compliances been met on time.
Bookkeeping Service
Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business. Transactions include purchases, sales, receipts, and payments by an individual person or an organization / corporation.
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