Accounting and Compliance Service, Direct Tax Compliance Service.

Bookkeeping and Accounting Compliance

Whether you own small or medium-sized business or have franchise across various locations in India, bookkeeping, accounting and compliance are stressful tasks to handle. At the same time, you need to manage various tasks of the company for business growth, which can cost you a lot in the business. SPD Consulting Pvt Ltd is one of those few companies that include a team of professionals to keep your books. From obtaining monthly financial reports, to tracking the payrolls, taxes, and various other aspects of accounting, we make sure that your company follows the codes and standards. Our professional services can assist you in saving time that you need to devote for keeping the books and manage the operations of the company productively and do all those things that lets your business make more profits eventually.

Accounting is one of those functions that is vital for any organisation and helps in running a business efficiently to make more profits. The services we offer caters to versatile clients across different industry verticals and we follow all the four accounting procedures, whether it is recording financial transactions in the business books, segmentation of transactions into organised and meaningful aspects., summarising the accounts data, an interpretation of financial data to assist in decision making. Last but not the least, our accounting and bookkeeping services help the clients to create a record of financial transactions. The following are the list of services we offer.

Entry of transactions and journals
Maintaining a ledger of expenses and general ledger
Accounts payable and accounts receivable services
Payroll management services
Reconciliation of bank accounts and credit cards
Maintaining a ledger of assets and equipment

Why choose us?

Your business requires a lot of time and efforts to manage the tasks and spending valuable time for bookkeeping and managing taxes can make things messy. So, what you need is to hire an accounting specialist. Our experts of accounting have several years of experience in managing everything related to accounts and that makes us one of the leading accounting services in India. Besides, we offer you a host of affordable solutions in accounting to let you keep track of payments and taxes, which helps in safeguarding the legal aspects of the business. With us, you will save the revenue of your firm as you can focus on more productive tasks.

When bookkeeping and accounting are those tasks that taking up a lot of time of your business, you need a reliable accounting firm to streamline the procedures without any errors or spending a huge amount of money, we can help you meet the business objectives. Thanks to the technology-driven approach of our company that helps you in automating the accounting procedures. We also maintain the payments and taxes consistently with the accounting software and help you stay updated with the accounting work. Moreover, the high level of accuracy in accounting work helps you in saving money and the tax preparation fees. You can connect with us to eliminate the burden of work and make sure that all your bookkeeping and accounting tasks stay updated and allow you to run the business smoothly.

Direct tax compliance

Direct tax compliance involves result-driven strategies that form an integral part of important business decisions. At SPD Consulting Pvt Ltd, we provide realistic solutions to national, multinational, residential and non-residential companies. We are likely to get assistance in this process from the taxation experts who follow the best industry practices and procedures. Te following are some of the ways we can help.

Preparation, review, and filing of corporate and non-corporate returns and e-returns.
Managing and representation of income tax search, survey and seizure related to income tax.
Withholding TDS and compliance services
Appearing before the income tax authorities
Helping in preparing for submission
Representation before the judicial authorities during appeals and assessments.
Support for availing exemption approval and certificates
Coordination with the legal counsels and conducting the review of tax compliance

Direct tax advisory services to customers.

Evolution of strategies for taxation which includes optimisation of tax incidence through the application of tax incentives, benefits, using intermediate companies, issues of transfer pricing, tax planning, double tax treaty networks, and tax holidays.
We offer advice on tax and exchange control mechanisms for investments in India and setting operations or having investments abroad.
Offering advice to the clients on effective compensation structure for employees.

Our multi-disciplinary team of experts have expertise in the field of direct taxation and are aware of the best practices and methodologies to help companies to deal with the issues of taxation and accounting. With tax laws changing every day, it is significant for businesses to stay at par with the challenges of compliance that can create a threat, resulting in penalties. We design effective tax structures for businesses and ensure realistic compliances. Our service portfolio includes a range of compliance and advisory services, such as income tax, advance tax, TDS, and wealth tax.

Monthly Bookkeeping Services

For small business owners, monthly bookkeeping is one of the vital aspects of business to maintain the accuracy of financial records and the financial projections. With the growth of business, the monthly bookkeeping task or the generation of a monthly expense report is one of the tasks of accounting that requires attention. SPD Consulting Pvt Ltd has certified accounting professionals to manage your daily, monthly, or weekly requirements of bookkeeping. The following are a few services we provide for the customers who require monthly bookkeeping services.

Setting up software for bookkeeping
Reconciliation of bank and credit card
Accounts payable and accounts receivable
General accounting work
Reporting to CPA and business owners
Payroll processing services
Audit support

We ensure that all the monthly bookkeeping tasks are completed at the right time to allow every business to stay on track. Our processes and procedures help the clients in meeting their deadlines. The monthly statements we prepare allow you to figure out those issues that projects the dangers of your business. When companies view the monthly bookkeeping statements, it helps them in the prevention of fraudulent activities and those investments or projects that work in their favour.

Statutory reporting services

Statutory reporting is a requirement according to regulation, which deserves attention from the management, auditors, and investors. The accuracy and the time frame for completing the reporting are significant for every organisation. However, the following are a few challenges that companies face with statutory reporting task.

Events that cause disruption to the business operation.
Availability and cost of maintaining quality accounting staff that focuses on the preparation of reports.

The following are some of the ways in which SPD Consulting Pvt Ltd helps companies to meet their obligations of statutory reporting task.

Development of templates containing financial report and tallying them with the auditors of respective entities and management before the end of financial year.
Assisting the staff of various organisations to produce reporting that meets the parameters of auditors, such as the reconciliations that support the disclosures of financial report.
Updating the templates of financial report every year to understand the changes in the standard of accounting.
Carrying out technical review by senior personnel of the accounting services.
Creation of a devoted and secure website, making it easy for all parties to upload and download the information they need.
Changes made are present in the relevant reports and reduces the time that goes for multiple edits.
The user-friendly editors help in customising the tables and allow you to gain control over the information that you are keen to disclose.
Maintaining the quality and continuity of the reports across the company through the control of reports and updates.

Our team comprises specialists of the industry that will assist your organisation in making the reporting processes smooth.

Reasons: you need to hire our services.

Save time and enhance accuracy with note or page numbering, referencing, automatic rounding, and roll forward process.
Updating the functionalities and pre-defined disclosures on various requirements under local GAAP and IFRS.
Maintaining the consistency of the corporate reports by controlling the updates present in the common notes and disclosures across various groups.
Flexibility of making necessary changes in the report from disclosure, wording, and layout to meet your requirements.
Full audit trial of standard papers to authenticate the report.
Cost efficiency driven by larges economies that exist within the company.

Posting to the general ledger

For every small business owner, it is necessary to stay at par with the transactions of the company, and the transactions in the journal and ledger accounts needs to be recorded. Making ledger entry is an important aspect of accounting. Before posting to the general ledger accounts, the transactions are to be recorded in the journal. Every time a business records a transaction, it is necessary to record it. The first step is recording the transactions in the journal, which in turn is used for figuring the transactions and the entries included here depict the dates, the number if items sold or brought and other descriptions.

To make the journals more organised, it is necessary to separate the journals into different accounts. Obviously, the five main accounts include expenses, assets, liabilities, revenue, and equity. The main accounts are divided into smaller versions. With double-entry bookkeeping system, the inclusion of debit or credit card is normal, which represent opposite entries. Once the recording of transactions in the journal becomes ready, it is necessary to post them from the journal to the ledger.

Final book of entering transactions

The ledger is the final book for entering the transactions and assist in segmenting them. Each entry in the journal also moves to the individual account and the line of items is described as ledger entries. The debit and credit amounts should also move from the journal to the ledger account. Once the entries move to the general ledger, it is necessary to compute the balance of each account.

The calculation of the balance of an expense or asset account comes after the subtraction of the total credit from the debits.
Similarly, Calculation of the balance of liabilities and the equity account comes through the subtraction of total debits from the entire credits.

Without posting to the general ledger, every company will only have list of transactions from which finding the individual entries make it challenging and take a lot of time. Posting in the general ledger helps in the classification of transactions and allow companies to view their financial status and check the review patterns in expenses and sales. At SPD Consulting Pvt Ltd, we make it easy for organisations to post in the ledger in order to detect the errors and aim in making the financial transactions more accurate. Our aim is to assist companies in keeping the ledger entries up-to-date and prevents the occurrence of penalties.

Up keeping of fixed assets register

A fixed assets register refers to a statutory register according to the Companies Act of 1956 which requires companies to maintain the necessary details related to the assets that are part of the entire set of fixed assets. Without maintaining this register may attract penalty and imprisonment in various cases. The following are a few reasons why companies should maintain fixed assets register.

Complying with the statutory requirements
Ensuring the security of the asset to prevent the occurrences of theft.
Tracking and identifying the asset
Calculation of annual value of depreciation and tracking the net value of assets and the gross book value.
Provides the necessary assistance for conducting the audit of assets and verification of assets.
Helps in estimating the maintenance cost and repair.
Helps in the estimation of fixed assets and future capital investment.
Finding the business valuations.

The fixed assets register also assist in the following ways.

Injury to assets

The business enterprises need to maintain an account for the losses that occur due to the harm to assets. With the help of a well-maintained asset register, it is possible to comply with this requirement.

Recording the expense

The maintenance of fixed assets register allows the businesses to get information about the efficiency and output of other assets and machines, which also assists in allocation of cost control and overheads.

Insurance

Every organisation needs to know the correct value of assets through the fixed assets register to avoid the occurrence of over and underinsuring.

Statutory audits

The cost and the excise audit requires fixed assets register for helping in the cost and excise audit, and the audit procedure becomes easy with a properly-maintained assets register.

Monitoring the assets

Maintenance of fixed assets registers in preserving the assets of the company.

The following are the elements of the fixed assets register.

Purchase date and price
Description and location of the asset
User and owner of the asset
Insurance coverage for the assets
Serial number and barcode of the assets
Current value of the asset and the depreciation method
Warranty and maintenance information
Life of the asset and the approximate resale value

At SPD Consulting Pvt Ltd, we help organisations to overcome the challenge of keeping the fixed assets register accurate and help them know the total value and the status of the assets.

Maintenance of all other ledgers in the accounting software

At SPD Consulting Pvt Ltd, we help our clients to maintain the work of general ledger with software to reduce the time needed to spend for complicated accounting tasks and enhancing the control of the financials of the company. When entries from various applications flow into the ledger, companies can get the necessary financial information at the right time and boost the decision-making of the company.

Therefore, every business organisation can stay updated with the accounts receivables, payables, transaction history, and budget information, and the history of transaction through the system. The accounting software helps in maintaining the journal, generation of audit trails, and creation of customised financial statements, and reporting for latest information on the activities of the company.

Benefits of maintaining ledger in the accounting software

The following are the benefits of maintaining ledger in the accounting software.

Choosing from a wide range of pre-configured statements of finance for the creation of custom statements by using the flexible tools for reporting.
Printing the financial statements and other reports for the past years.
Printing and exporting financial statements and viewing them whenever needed for substantiating and supporting the information.
Importing or copying transactions from excel and entering or modifying the number until satisfaction.
Using unlimited forecasts and budgets for inquiry and reporting and creation of appropriate budgets to compare between the original and the revised budget.
Copying from previous budgets
Storing information related to posting and printing them.
Keeping the data of various years open during the posting of transactions and copying the chart of accounts from one department to another and one company to another.

At SPD Consulting Pvt Ltd, we assist in innovating business success with the maintenance of general ledger in the accounting software and automating the tasks. We provide all the assistance that organisations require to stay competitive and strive for obtaining success in the business. The dedicated staff and the enthusiastic employees help businesses achieve their goals by maintaining the general ledger in the software.

Account reconciliations / Intercompany reconciliations

The account reconciliation can be utilised by the accountants to make sure that the account balances are correct between the accounts during the end of the accounting period. Due to reconciliation of huge amounts of data, the task is tiring for the in-house staff working in the accounts and finance departments. The work of reconciliation requires expertise in finance. At SPD Consulting Pvt Ltd we offer excellent services to make your financial accounting tasks accurate. We offer the following during the process of account reconciliation.

Compare the account balances between several independent systems.
Verification of the statements and reports to maintain accuracy and detect the discrepancies.
Taking suitable action to figure out the discrepancies.
The process is important as far as internal control is concerned, and the public companies need to undergo this process to close their financial activities at the year end.

The services we offer include the following.

Bank reconciliation services
Customer reconciliation services
Vendor reconciliation services
Inventory reconciliation services

Accounting Procedures:

We maintain the highest standard of quality by including the following in our accounting procedures.

Establishment of a benchmark in lieu of account reconciliation
Setting up a team of quality control to supervise the task of account reconciliation
Creation of criteria that are based on risks to suit the timing of the process of account reconciliation.
Performing separate reconciliation procedures for each balance sheet account
Creation of action plans for all the items of reconciliation.
Providing the document of approval for account reconciliation.
Performing reviews of account reconciliation techniques.
Highlighting the timely problems related to the existing system and processes.
Improvement of cash flow with detection of mistakes and correcting them.
Allow businesses to focus on significant business functions.

SPD Consulting Pvt Ltd is one of those companies that provide excellent account reconciliation services to customers.

Intercompany reconciliation

Intercompany reconciliation is the reconciling that takes place within two branches of the same company situated in various locations and one branch of the company plays the role of a seller to the other. It is essential to reconcile the business between these branches to ensure that right figures should be present in the financial statements. At SPD Consulting Pvt Ltd, we will help you automate the process of financial reporting, vendor, transfer of inventory, cash management, and intercompany transfers across the multiple locations of the same company.

Our aim is to allow the company to track the financials and establish reports for unlimited companies within the organisation. The companies that are related to each other can share the charts of accounts, currencies, calendars, and all the non-financial data. We offer the following benefits with reconciliation of intercompany accounts.

1. Centralising the accounts

Coordination of cash management, payment to the vendors, and preparing invoices of customers while maintaining the income and expense schedule of the initial company.

2. Access based on roles

Controlling access to various companies and the transactions related to them, based on groups of users and roles they play. Users who can access various companies can change views without logging again.

3. Customising the reports and enquiries

Delivering customised reports across a single, chosen or all the companies with similar queries and tools of reporting. The financial tools of reporting can eradicate intercompany transactions based on company reports.

4. Managing financial priods

Managing the financial periods of each company separately and closing books or each company separately.

5. Choosing company and branch

Finding companies and branches with same or different legal framework is another essence of intercompany reconciliation.

With us, you can prevent the potential intercompany reconciliation issues for specific accounts.

Monthly bank reconciliation

Bank reconciliation is then process wherein verification and integration of data between an organisation and the bank records takes place. In this process, it is necessary to match the balances in the accounting records of the entity or a cash account that corresponds with the information on the bank statement. Reconciliation should taken place every month with the arrival of the bank statement as it helps in reviewing the income and expenses to compare the record of the bank and to keep a track of the accounts. Monthly bank reconciliation streamlines the work at the yearend during the closure of books. The following are the reasons of mismatch between a bank and the company.

Not presenting the cheques
Dishonouring the cheques
Unclear cheques
Mistakes in recording transactions
Direct debit
Cheques older than six months
Credit transfer

SPD Consulting Pvt Ltd performs bank reconciliation procedures for customers and prevents the mismatch of statements.

Draft payments to suppliers and authorities

Drafts are common in commercial transactions and involve the supplier and customer for agreeing to pay an amount on a specific date. Drafts refer to payments at a future date and we at SPD Consulting Pvt Ltd support the supplier-initiated draft and enable organisations to process and manage the draft payments effectively. Before the due date of the draft, the system produces a draft with the identification number, amount and the date of maturity. Organisations can send the draft to the supplier and about a few days before the maturity, the supplier can deposit the draft in the bank and it can ask the bank of the company to honour it. As soon as the verification of finds arrives from the bank, it pays the money. We check those drafts that are matured for payment and change their status after payment.

Assistance with the issuing of sales invoices

The issue of sales invoice is one of the most crucial tasks for very business and following are the things that must be included in the sales invoice.

Invoice number
Name, address and contact information of the company
The name and address of the company to which the invoice is to be sent
Description of the charges
The date on which the goods and services were provided
Date of the invoice and the amount
Total amount
Taxes
Including the logo of your business
Due date and the terms of payment
Mode of payment

At SPD Consulting Pvt Ltd we use accounting software for the generation of sales invoice and make the work easier and streamlined.

Travel expense calculations

Travel expenses are the necessary expenses that incur or carrying out business or trade. Different amounts or percentages can be calculated towards travel expenses and it belongs to the category of business tax deductions and reported on business tax returns. The tax and the laws related to business travel expenses are not seamless. The accounting professionals of SPD Consulting Pvt Ltd can help companies to deal with this cumbersome task to make it look easy.

Preparation of reports

Management reporting is one of those tasks that companies with expertise in accounting, finance, ad management should handle. The analysis presented in the report must be clear and cogent and make the reporting readable and effective. Following are the things that must be present in the report that needs to reach the management.

Reporting requires detailed plan of the flow of paper work and analyse it properly and it should be a realistic outcome of accounting operations.
Mechanisation and codification is essential for processing the accounting data.
Duplication of work should not happen and the records of accounting should be laid down in such a manner so as to acquire control data without the need of additional analysis.
Closing of accounting records before time so as to facilitate the preparation of reports at the right time.
Without the availability of actual data, the estimated data can be used to avoid unusual delay in report preparation.

The system of reporting allows the management to understand the functioning of the undertaking and helps in identifying the weaknesses.

At SPD Consulting Pvt Ltd, we have experts to prepare reports that help in predicting the actual business conditions accurately.

Cost accounting as per company’s requirements

SPD Consulting Pvt Ltd is one of those firms that operate in professional environment and caters to the highest level of technical knowledge when it comes to cost accounting according to the requirements of the company. The following are the services we provide to our clients.

Management of cost and profit
Reduction of cost and improvement programme for more profits
Implementation of according to ERP system
Ascertaining cost and analysing the profits
Studying cost data and system under ERP environment
Consulting for transfer pricing, target costing, life cycle costing, and costing based on activities.
Risk management
Total cost management with operational and strategic cost
Initiation of training programmes on management and cost accounting techniques

Ad-hoc advice and additional assistance

Due to the complexity of local financial issues, the experts of SPD Consulting Pvt Ltd can provide the support needed as tax advisors related to direct and indirect taxes. If you have complex business operations and require regular attention, we will let you benefit from a preferred fixed price under certain hours of consultancy every month in the following areas.

Direct taxes such as corporate and withholding taxes
Local taxes such as preparation of tax returns and modifying the tax position
Indirect taxes
Regulatory issues related to taxes
Providing the necessary advice on day-to-day activities and specific transactions
Helping companies to deal with the queries of tax authorities and dispute resolution

We help companies to deal with the entire issues of taxes on ad-hoc basis.