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Finance and Accounting

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.

Finance Controllership

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.

Accounting
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 Management
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)

 

Tax Compliance
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.

Business Process Management

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.

Accounts Payable
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.

Accounts Receivable
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.

Payroll Processing
We provide customised payroll processing services ensuring that our client’s employees get paid on time, thereby increasing employee satisfaction.

Expense Claims
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.

Business Function Support

Dealer Management
Dealers/distributors are critical business partners in your supply chain. Building lasting relationships with them is crucial in order to ensure business continuity and sales growth. At the same time, companies must implement effective controls to manage risk as well as prevent any revenue leakage.

Managing the administrative responsibilities of the distribution channel is a major challenge for many multinationals. Processing invoices, verifying and processing distributor claims, managing legal agreements, processing credit notes, etc. are activities that not only take up your finance executive’s valuable time, but also distract your sales personnel from the primary activities of sales and marketing.

SKP can help you by acting as a single hub for all such activities. Our innovative dealer management solution can bring a dramatic shift in your organisation’s sales cycle, contributing to overall profitability. Our services include:

  • Contract/agreement management
  • Dealer due diligence
  • Customer code creation and deactivation
  • Credit note processing
  • Advertising and sales promotion claim processing
  • Account reconciliations
  • Dealer helpdesk
  • Forensic/investigative audits
  • FCPA advisory

 

Sales Force Management
A company’s sales force is an expensive and critical resource whose focus should be on increasing sales by driving the proper execution of marketing strategies rather than managing support activities such as travel claims processing, collections and reimbursements.

We can provide a one-stop solution for all administrative activities such as document inwarding, processing and accounting for your sales force. Our services include:

  • Imprest/advance management
  • Expense claim processing
  • Incentive processing
  • Sales analytics
  • Institutional collections

 

General Ledger Management
General Ledger management is one of the most important aspects of your F&A operations. While many activities are strategic, independent items that can be handled by us include:

  • Project accounting
  • Fixed assets accounting
  • Inter-company accounting
  • Control accounts and sub-ledger integrity
  • Purchase and sales ledger hygiene
  • Period close procedures
  • Management accounts and reporting
  • Master creation and updating (General Ledger code master and product master)
Reporting and Analytics

We help design, build and implement your reporting framework in line with your business goals. On generating the reports, we also help interpret the results, providing you with insightful and actionable information that will help you manage your operations better.

  • Identify and define key performance indicators (KPIs) i.e. financial, operational and hybrid metrics
  • Identify and establish data sources for the metrics
  • Design and implement processes to generate data
  • Data cleansing
  • Deploy and maintain business intelligence tools to produce metrics and dashboards
  • Implement the solution and train users
Global Payroll and Taxation Services

If you have employees overseas, you are subject to regulations and compliances in both, home and foreign countries. Often, incorrect planning and analysis leads to cost leakages due to double taxation. Also, managing multiple relationships across time zones can create issues in resolving queries from a compliance aspect.

With a decade of experience, we provide a single hub for payroll processing, statutory and regulatory compliances and a helpdesk for employees across multiple countries. We currently provide services for operations in United Kingdom, South Africa and Australia. Our services include:

  • Statutory and regulatory compliances
    • Payroll tax returns
    • Payroll computation filing
    • Associated filing such as superfund remittance and information
  • Legal and statutory joiner/leaver compliances
    • Tax numbers/forms for joiners
    • Record of employment on completion of services
  • Monthly payroll processing
  • Associated services
    • Employee tax filing
    • Refund claims
  • Benefits management
Global VAT Processing

Managing compliance requirements by adhering to timelines and regulatory bodies across countries is a key issue for most Indian multinationals. If you have operations in multiple countries, we can help you with a one-stop solution for processing and filing taxes and managing compliance requirements, including indirect tax, withholding tax, branch financial statements, corporate income tax, and statutory and internal audit liaison.

With over 10 years of experience in serving some of the largest Indian IT companies across more than 25 countries, we have developed an optimised model of delivery. Our service architecture has been widely appreciated by our clients for its innovation and efficiency. We currently cater to companies in Europe, Asia Pacific, Middle East and Africa.