Account Payable and Account Receivable

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Accounts Payable

Processing and payment of business expenditures incurred on behalf of the client including taxation and management of statutory records. The process includes,

1.

Process for Registration of Vendors and classification of vendors

2.

Bill Passing as per the purchase order, inspection report and company policies

3.

Analysis of rate of TDS applicability and deduction of TDS

4.

Preparation of payable lists with aging analysis and classification and putting forward for approval

5.

Cheque printing for vendor payables

6.

Vendor Payable accounting

7.

Verification of statutory compliance of vendors such as PAN no. Sales Tax registrat- ion, Service Tax registration and PF compliance. Also, verification of periodic returns.

8.

Cost center wise summary

9.

Online display of vendor ledger accounts

10.

Handling of vendor queries

11.

Accounts Reconciliation

Accounts Receivable

Recording and tracking receivables from customers extending credit. The process includes,

1.

Maintenance of customer database

2.

Recording of payment received and its accounting

3.

Preparation of aging analysis

4.

Preparation of follow-up reminders

5.

Preparation of bill-wise receivables

6.

Analysis of credit limits of customers

7.

Reporting of dead accounts, bounced or dishonored cheques

8.

Maintaining Customer status and initiation of legal action

9.

Managing and accounting for credit notes

10.

Segment wise revenue reporting

11.

Support for bar-code tracking of bills for automated collections

12.

Online display of customer ledger accounts and statements

13.

Handling of customer queries

14.

Accounts Reconciliation

Billing

Documenting and issuing invoices for goods, services or utilities. The process includes,

1.

Maintenance of customer database

2.

Collection of the basic billing data i.e. Product and quantity sold in case of goods or the services quantification with base data

3.

Generation of invoices as per customer agreements

4.

Generation of bar-codes on invoices

5.

Dispatch of invoices

6.

Generation of duplicate bills

7.

Preparation of customers billing summary

8.

Segment wise reporting

9.

Revenue Accounting

10.

Service tax and Sales Tax Accounting


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