Given India’s complex and bureaucratic accounting, tax and regulatory environment, businesses face significant challenges in their attempts to establish operations here and then remain compliant. Companies are faced with the difficult task of bringing together a team of experts and coordinating their services, making it a tedious and expensive process while not guaranteeing the elimination of compliance risks.
If you are setting up operations in India, we can provide a back office for accounting, payroll, financial reporting, tax and other regulatory compliances. We have the capability of assisting a company of any size – we have helped reduce cost and improve efficiency by becoming the finance and accounting (F&A) team for small to large Indian companies as well as overseas companies.
If you are a small subsidiary of a foreign company in India, we can become your Chief Financial Officer and your in-house accounting team while you focus on your business. As your business grows and complications increase, you can retain us to support you. While you may hire your own financial controller, we would continue to handle all processes. In this way, we can support your business right from the start through the growth phase, for as long as you require.
We could also help you set up your own F&A team by helping you hire the right people and designing the necessary systems for you.
If you are an overseas business but want to manage your accounting and tax activities from India, we can assist you with that.
Our single point of contact will help simplify managing your company’s support functions by coordinating with the relevant teams at SKP. We aim to facilitate the smooth running of your business with improved efficiency by performing these routine functions for you in a cost-effective manner.
The SKP Tricor Corporate Services team offers subsidiaries of foreign companies in India the option of freeing themselves entirely from the burden of accounting, payroll, tax and regulatory compliances. Our processes are conducted methodically in line with globally accepted standards. Our team takes on all back-office functions, providing an integrated service, with a single point of contact. Thus, our clients can be assured of quality services that not only help reduce cost and free up managerial resources, but also offer peace of mind and the freedom to concentrate on core business functions.
We can manage your F&A processes by:
- Setting up complete accounting systems
- Managing the preparation and signing of cheques
- Liaising with banks
- Book-keeping and General Ledger management>
- Accounting and reporting>
- Preparing year-end financial statements
- Reporting to parent companies
Payroll processing, while a fairly mundane operation, requires to be conducted efficiently within the stipulated time frame. Often, companies find it difficult to recruit and retain suitable personnel. Our services include:
- Processing salaries
- Generating pay slips and reports
- Calculating tax deductions
- Handling other compliance matters
- Organising payments to employees through direct bank transfers
- Compiling year-end tax reports
Company Secretarial Services
Efficient secretarial services are essential for handling the numerous management tasks such as organising documents, gathering information, keeping track of deadlines, analysing reports, etc. Our services include:
- Keeping clients updated on the latest amendments
- Organising member meetings from sending meeting notices to the minutes
- Organising board meetings
- Maintaining statutory books and registers
- Arranging share allotments and transfers
- Ensuring a smooth change in company names/directors
- Managing amendments to the Memorandum and Articles of Association
- Filing statutory forms and annual returns
- Organising the certification and attestation of forms and documents
- Arranging for Director Identification Numbers (DIN)
- Arranging for Digital Signature Certificates (DSC)
Compliance with the plethora of regulations in India is made twice as complex due to the frequent amendments made by the government, quite often in an attempt to simplify the process. SKP Tricor brings together experts on various aspects of tax and regulatory compliance who work with perfect coordination to chalk out strategies to reduce compliance risk. In addition, clients also enjoy cost savings on account of management time saved and reduced litigation expenditure. Our team also keeps abreast with the dynamics of the business, tax and regulatory environment and educates clients about amendments and insights through a series of updates and alerts.
SKP provides effective and efficient management of accounts payable, accounts receivable, payroll and other business transactions. We not only process these transactions using best practices but take complete ownership, thus, reducing processing costs and saving time. Companies get timely and accurate reports without needing to hire or retain process staff.
We offer dependable accounts payable solutions from invoice processing to payment disbursement. This not only helps clients cut costs but also allows for higher efficiency and centralised control of payables across the company. A well-managed payables function can result in a significant competitive advantage as it positively impacts vendor relations, cash management, internal control and management reporting.
Our accounts receivable processing or credit control services diligently keep track of cash flows. Our services include cheque management, receipt accounting, customer claim processing, customer account reconciliation and order release. We make sure that the highest level of efficiency is maintained, avoiding discrepancies at the time of reconciliation of accounts.
We provide customised payroll processing services ensuring that our client’s employees get paid on time, thereby increasing employee satisfaction.
We ensure that employees are reimbursed for expenses incurred during the course of their work within the set time period. In doing so, we not only ensure employee satisfaction but also help mitigate any potential compliance risks by keeping track of various tax laws.