Rushabh Shah

Work Methodology for Accounts Outsourcing Process: Here is a methodology which we follow for virtual accounting for clients. Step 1: Document Requisition:  We have designed a checklist of documents which would be required from the client's end for Accounting function.  Client needs to follow the checklist and give all the required document. Step 2: Document Handling (Document Imaging) Physical Documents:  These documents comprises of physical invoices and all the physical paper which you would receive from them by paper. Client would make a bunch of the documents and send you the documents.  You can employ someone to just file the documents and scan each of them in a folder.  The scanned documents would be received by us through File transfer Protocol or via dropbox. Online Documents:  There are many documents which would come through the client by web such as bank statements and invoices which are received in email.  You can give us the documents through File transfer Protocol or via dropbox. Step 3 : Document Processing  In India we would sort the documents in relevant folders and have a naming convention for the documents in order to easily identify the documents. Like we can have BS_-_to_- for bank statement Step 4 : Data Entry of Documents: The documents would be entered into MYOB or Xero Accounting Platform We can store the scanned copy of the source document along with the entry to make it easily accessible and it leaves an audit trail for the entry. 1|P ag e Step 5 : Review of Entries: All the entries would be cross checked and reviewed with the source documents Step 6: Review of Accounts: I would personally review all the information and have a look at the entries in case any of them appears to be of abnormal nature. Step 7: Reporting:  We can have following reports for the clients and mail them in order to help them appreciate where their business is performing.  Some of the reports which we can provide are: 1. Timely receivables report with ageing analysis 2. Management information reports as required by you at timely intervals. 3. Monthly analysis of accounts to help you judge where your business goes. 4. Monthly Financial Statements including Profit and Loss Account and Balance Sheet 5. Timely updates and suggestions for effective management of working capital.  We can have customized reports based on client's needs and requirements.  We can have a standard Service Level Agreement with client in order to understand exactly what their reporting needs are. Step 8: Finalization: We would receive list of queries from your side and the tax consultant and resolve them. 2|P ag e