TaurusQuest  

ACCOUNTING - MAINTANCE OF BOOKS

Overview

We offer full spectrum of financial accounting services to small and medium enterprises including:

Maintenance of:
  • books of accounts
  • receivables and payables ledger
  • cash/bank book
  • inventory

  • Complete accounting services for a large service provider in New York

  • Complete accounting services for a chemicals manufacturer in Chicago

  • Complete accounting services for an architect practice in Atlanta

  • Complete accounting service for a chain of gas station franchises in Tucson

  • Maintenance of General Ledger for a non government charity organization in Phoenix

  • Supplier invoices processing and payables for a manufacturer of industrial products in Chicago

  • Branch accounting for a US software services business in Chicago

  • Preparation of financial statements for professional clients of a CPA in Princeton





Processing of:
  • sales invoices; monitoring collections
  • supplier invoices; coordinating payments
  • payroll

Preparation of:
  • financial statements
  • analytical reports
  • reconciliations

Support in pricing/resourcing decisions

accounting gamut, General Ledger, Financial Statements, Supplier Invoices payables, Sales Invoices and receivables,  Inventory, Payroll, Cash and Bank Books

We have expertise in:

  • Aligning accounting systems to business requirements (right granular level of profit centers, cost centers for recording income/expense etc)
  • Operating business controls (evolution of and compliance with business rules, authority; and validation of evidence)
  • Accounting standards (we have expertise in US GAAP as well as IFRS)
  • Operating a variety of accounting systems including Microsoft Great Plains, Quick books, SAP, Oracle Financials etc

Our style of operation is geared toward meeting the requirements of small and mid-market enterprises. For example:

  • We have clusters of small teams, led by professional accountants, dedicated to not more than three or four enterprises to develop and sustain a personal touch with the owners/controllers of the enterprise
  • We have ability to operate with several accounting applications. You don't need to change your accounting system to outsource your accounting work to us
  • We bring the "discipline" of large scale accounting operations to small and mid-market enterprises. The Accounting Services would be able to scale up easily when the enterprise grows big

Services

Invoicing &
Accounts Receivable

Accounting and payment of
supplier bills

 Customer contracts
 Invoicing
 Service terms
 Tax leviable
 Credit period
 Receipting
 Itemization set off
 Customer Statements & Reconciliations
 Customer query support
 Accounts Receivable reports
 Age analysis
 Collection forecast
 Provisions
 Reconciliation with Inventory outflow
 Reconciliation with GL

 Vendors database
 Orders database
 Supplier invoices
 Way matching
 Tax claims
 Credit period
 Error handling
 Payments
 Itemisation set off
 Vendor statements & Reconciliations
 Accounts Payable reports
 Payment forecasts
 Vendor queries
 Reconciliation with Inventory Inflow
 Reconciliation with GL

Payroll

Employee claims

 Employees database
 Time accounting
 Performance measurement
 Pay/Incentive computation
 Benefits administration
 Deductions administration
 Payroll validation
 Pay slips
 Disbursements/holds
 Tax certificates (W2)
 Departure settlements
 Stock compensation administration
 Accounting Compliance with law

 Entitlements Policy
 Administration of Self service system
 Claims
 Preparation
 Validation
 Authentication
 Approval
 Disbursements
 Error handling
 Employee statements
 Employee queries
 Accounting

Inventory

Assets

 Stock items database
 Supplier performance
 Stock arrivals
 Stock departures
 Valuation of arrivals
 Valuation of production
 Valuation of issues
 Stock verification
 Taxes (Claim of input credits and levy
    on output)
 Administration (Bill of materials,
    standard costs)
 Reconciliation with GL
 Capital expenditure budget
 Tracking progress
 Capitalization & inventory
 Depreciation accounting
 Current cost accounting
    (where necessary)
 Location/transfer administration
 Physical verification
 Claims on taxes paid
 Claims of tax concessions
 Periodic physical verification

Cash and Bank

General Ledger

 Accounting Receipts
 Direct credits
 Checks
 Card payments
 Funneling funds to Central accounts
 Accounting Payments
 Direct transfers
 Checks
 Card payments
 Direct debits
 Dynamic Real time Bank reconciliation
 Cash flow summary
 Cash flow forecasts
 Short term funds management
 Tracking old unpaid invoices
 Process inputs
 From subsystems
 Direct updates
 Review/reconcile balances
 Review GAAP compliance
 End of period routines
 Revenue recognition
 Comprehensiveness of costs/
    provisions
 Translations
 Extraction of Trial Balance
 Financial statements
 For internal use
 For external use
 Traction vs plan
 Audit liaison
 Statutory filings

Treasury/funding

 
 Control over working capital
 Accounts Receivable
 Credit policy
 Credit rating
 Security administration
 Overdue debts review
 Collections
 Accounts Payable
 Credit policy
 Supplier rating
 Supplier performance review
 Efficient use of credit terms

 

A Word

About our accountants:

Our managers are all professional accountants with an ACA or AICWA certification. Our accountants have at least an undergraduate degree from an accredited University in finance, accounting or commerce.

The ACA program (of the Institute of Chartered Accountants of India) involves three years of training in a public accounting firm, mandatory class room training and successful completion of two levels of a country wide examination program. The course emphasizes on financial accounting, finance management and business management.

The AICWA program (of the Institute of Cost and Works Accountants of India) involves mandatory class room training, successful completion of two levels of a country wide examination program and accredited work experience for three years. The course emphasizes on management accounting, decision support, planning and business management.

Our team of managers and accountants are provided continuing training in US GAAP, business/reporting control requirements unique to United States (such as the Sarbanes Oxley legislation), SEC disclosure requirements and US income tax law and in working with our technology infrastructure, safety/confidentiality practices, redundancy assurance practices and quality monitoring practices.

About small and mid size enterprises:

Fortune 500 companies have already outsourced thousands of accounting seats so far to acquire quality and cost competitiveness. Small and mid-market enterprises are the next wave of businesses choosing to outsource Accounting Services offshore. CEOs of mid market enterprises are looking at outsourcing of back office processes as a strategy to remain competitive (against larger players and peers) and protect their margins.

If you are a mid market enterprise, you need to be twice careful in the choice of your vendor for outsourced services.  The vendor should understand the need for the enterprise to be flexible and nimble footed in managing the processes and provide an entrepreneurial understanding of any opportunities.

We understand small and mid market enterprises better.  We recognize that upfront investments need to be small; value realization should be reasonably quick; processes may not necessarily be structured and disciplined.

We have a track record of success in growing with our customers in this segment.

We have been placed fourth worldwide for customer satisfaction and operational excellence in our most important business: providing accounting services to mid market enterprises by a US based publisher of global league tables based on independently conducted customer surveys.  We consider this a testimony to our credentials for “delighting” our customers.

About accounting software:

TaurusQuest's accounting professionals have a strong understanding of and training in accounting systems, accounting processes, accounting controls and accounting principles (including US GAAP). They are also familiar with various and in using accounting software such as: accounting softwares, ERP, CPA, CA, Professionals, Experts in accounting software,  ACA, AICWA
  • QuickBooks
  • Peachtree
  • Great Plains
  • MAS 90 / MAS 200 / MAS 500
  • Oracle Small Business Suite
  • SAP Business One