Bookkeeping Services / Outsourced Accounting

Our Accounts Payable Outsourcing Services in India offer international clients flexible solutions for their accounts payable needs, leveraging cutting-edge technology and skilled personnel. By outsourcing to us, clients avoid the need for costly software investments and maintenance while benefiting from industry best practices such as Sarbanes-Oxley compliance, enhancing financial control and profitability. Since our establishment, we've been a trusted provider of finance and accounting outsourcing, offering competitive rates and experienced specialists. Our teams excel in accounts payable and disbursement processes, aiming to streamline business account management through automation, including transaction and document management, while eliminating duplications for improved efficiency.

How do we deliver the Accounts Payable Services to our clients;

Step 1: Receipt of scanned invoices from the client (through shared folder)

Step 2: Documents Validation

Step 3: Coding the transaction in the respective books of accounts

Step 4: GL posting and validation

Step 5: Releasing the payment as per the agreed timelines

Step 6: Storing the complete softcopy documents in the folder

Accounts Payable Services works;

Capturing Data - We handle all aspects of paper-based payables documents: sorting, scanning, storage, retrieval, audit, reconciliation, batch preparation, indexing, incoming mail processing, and ensuring scanned invoice availability.

Data Processing Exception Management/Resolution – Resolution and proactive management of exception transactions. such as Approval and exception routing, documented audit trial and shortened month end closing process.

Suspect Duplicate Analysis – Through manual automated data entry, electronic invoice processing, and three-way database matching, audit and control procedures to prevent the risk of duplicate payments and assist recovery and reclamation

Disbursement Services – All aspects of payments in minimal time to reduce customers’ floating costs; Print and distribution of checks, Online check proofing, electronic payment handling, secure maintenance of check stocks, return check handling and special invoice mail handling.

Other Accounts Payable Services – Our Accounts Payable Services also include accounts payable reports, utility bill management, travel and expenses processing, tax reporting, supplier management, special project reports, and customer service.

Why Accounts Payable Services to be outsourced to KCORP?

Up-to-date information:

Our clients will have access to the most up-to-date information about their Accounts Payable, including due dates, approval status, aging, discrepancies, quantity discrepancies, and any existing liabilities for the company.

Response to Vendors:

We provide timely responses to facilitate prompt response and resolution to customer/vendor inquiries.

Highest level of security:

Our web-based reporting solution ensures the highest level of data protection while also providing customers with real-time tracking.

Assists Management in taking decisions:

Management will get the high level information in hand to take right decisions at the right time.

Reduced discrepancies:

It aids in the reduction of discrepancies in the accounts payable process, which strengthens vendor relationships.

Audit Trail:

Our process provides all support for the audits, it provides easy access and support for the audits.

Our Accounts Receivable Services are essential for maintaining robust cash flow and financial health. We offer comprehensive solutions, including continuous follow-up on outstanding bills and detailed account activity data, ensuring faster payments and increased cash flow for our clients. With the flexibility to outsource all or part of their accounts receivable processes, our global customers benefit from high-quality services at a reduced cost. By entrusting us with their accounts receivables, clients save valuable time and resources, allowing them to focus on core business activities.

ACCOUNTS RECEIVABLE SERVICES WE OFFER

We provide accounts receivable services to customers all over the globe, including customers in the USA and the UK. We offer a comprehensive range of end-to-end solutions, including –

Record and account for revenue

AR Aging Report Creation Services

Accounts Receivable Factoring Services

Billing preparation and mailing after customer approval

Entering receivable transactions into the accounting system

Preparing and delivering periodic statements

Issuing of credit memos and refund checks approved by the customer

Maintaining subsidiary receivables ledger

Carrying out process adjustments approved by the customer

Applying cash received to customer accounts and resolving short pays

Preparing accounts receivable reports

Accounts receivable deductions management (AR deductions management) services

We assist small and mid-sized enterprises in developing business plans, estimating sales and profitability, and developing operational budgets. We also provide a variety of financial and business analysis services to assist management in gaining insight and finding answers to pressing business issues. Owners and management can use our business plan formulation and projection services to predict cash flow, future expenditures, and revenue growth, among other things. Our financial analysts are proficient in financial analysis techniques and have extensive experience in a variety of industries, including Information Technology Services, commercial and residential real estate, retail, e-commerce, logistics, IT services and small-scale manufacturing.

Business Plan Formulation – Preparation of detailed business plans with market summary, product/service summary, SWOT analysis, financial projection and more;

Simple financial business plan formulation services covering,

We provide accounts receivable services to customers all over the globe, including customers in the USA and the UK. We offer a comprehensive range of end-to-end solutions, including –

Preparation of valuations

Revenue and expense projections

Balance sheets

Cash-Flow statements

Entering receivable transactions into the accounting system

Capital expenditure

Working capital schedules

KCORP is an example of a payroll compliance service provider that can easily handle all of your needs. We have some of the best financial and technical specialists who can meet all of your requirements. We use the most up-to-date tools and technology to provide high-quality services in a timely manner.

We take the time to learn about each client’s specific needs and tailor services to their specific needs. We can assist you with a variety of payroll and compliance management services, including:

Registrations under labor laws, renewals, and amendments

Filing statutory returns as per the timelines

Timely remittance of statutory contributions

Maintaining relevant statutory registers and records

Periodic review of the compliances and issuing of certificates

Wage data processing for generating contribution challans

Transfer-out, transfer-in, and settlement of EPF accounts

Helpdesk for payroll related compliances

Sustain coordination with diverse authorities

Assisting employees in processing applications

Payroll reporting compliance

Monthly bookkeeping is indispensable for business, offering vital financial insights and highlighting areas for improvement. Closing books monthly aids in sound financial decision-making, mitigates costly errors, and ensures readiness for tax obligations. This accounting practice involves concluding monthly records without new entries, crucial for accurate financial reporting. Activities include reconciliations, accrual entries, budget analysis, and report preparation, enabling timely detection of accounting or banking issues. Completing month-end closing is imperative for compiling precise financial statements and early problem detection, rather than waiting until year-end.

Closing in the Accounting Software

Foundation of every accounting is the “Software”, it is important to initially close the accounting period in the software on a specific closing date. This will stop everyone other than the accountant from making any changes in the accounting software in that month. This helps an accountant to have full control of the software to perform the month end closing process accurately. Most software now a days has a closing date option.

Journal entries and month end adjustments entries

A month-end closing checklist or comprehensive standard operating procedure handbook guides the entire process, encompassing predetermined schedules like prepaid amortization, accruals, accounts receivable, inter-company reconciliation, and bank reconciliation. These schedules are vital for tracking amortizations, accruals, and reconciling items. Accountants double-check all general ledger accounts, making necessary journal entries for missing income or costs, including reclassifications, concessions, and interest income. Cost entries may involve expense amortization and reconciliation. Intercompany transactions necessitate reconciliations and corresponding entries, particularly for shared expenses among properties, where receivables and payables are recorded accordingly. Customizations based on unique business features are also addressed in this process.

Reconciliations

Before a book can be considered closed for a month, multiple reconciliations must be accomplished. Merchant accounts, credit cards, operating bank accounts, and central checking accounts are just a few examples. All credit card and bank charges must be posted in the appropriate month, and most bank inconsistencies should be resolved within a reasonable time frame. This is critical from a collection standpoint, as long-standing discrepancies are difficult to settle. Every month, the lender reconciles the mortgage, replacement reserves, tax escrow, and insurance escrow to loan statements. Reconciling AP and AR balances to specific sub ledgers/aging reports, security deposit balances to individual tenants’ reports, and so on are examples of other reconciliations.

Variance Analysis

The majority of effective property management companies stick to operational budgets. The monthly close procedure includes tracking monthly expenses against budget and explaining notable discrepancies. To get an accurate picture of the company’s finances, a comparison of reality to budget should be done. Variance analysis can aid in the correction of errors and the posting of appropriate adjustments to prepaid and accrued charges. Our accountants are skilled in creating detailed variance remarks in a variety of formats.

Financial Statement Preparation

Only when all adjustment entries have been recorded into the accounting system can financial statements be prepared. Financial statement production is available in most accounting systems, minimizing the accountant’s job. The income statement and balance sheet are what most managers want to look at. Many businesses additionally provide a statement of cash flows and a variety of other data-rich reports in addition to these two.

Financial Review

Senior accountants evaluate the financial statements in detail and complete the monthly closure checklist. We also use a quality control accountant who evaluates the financials prepared by other accountants in specific processes. Following the creation of financial statements, accountants often answer to various questions from senior management in an organized and data-oriented manner. Financial analysis of the financial statements and information dashboards are generated as needed.

Financial statements are indispensable for organizations of all sizes, providing stakeholders with crucial insights into performance and comparisons over time. Issued monthly, quarterly, or annually, these reports include income statements, balance sheets, cash flow statements, and more, enabling swift decision-making and adaptation to market demands. At KCORP, our seasoned professionals boast over a decade of experience in financial statement preparation, ensuring high-quality and timely reporting tailored to businesses and investment funds. With adept technical skills and deep understanding, we deliver reliable financial reports to support informed decision-making and strategic planning.

We at KCORP recognize how time-consuming it is to compile a financial statement and in today’s competitive company environment, financial statements are prepared regularly to allow for quick choices. As a result, our financial statement preparation services are ideal for both small and large firms and can provide you with the following advantages. –

Better Financial Transparency

Even the tiniest number on your balance sheet can have a major influence on your total organization. Assets lose value after they are purchased, and depreciation must be deducted from their value. Our financial reports give you complete transparency because you’ll always know how much cash you have on hand and how much is in accounts receivable. This transparency will also assist your shareholders and management, allowing you to make better decisions without having to worry about the figures.

Calculate Your Tax Liability

Corporate tax rates generally never goes down and if your business grows in earnings, you’ll have to pay more taxes. When these taxes are reduced, you are frequently left with an unexpected sum. Because we have the know-how and experience in legally assisting clients in reducing tax liabilities, efficiently generated tax statements can greatly minimize this tax burden.

Reduce your opportunity cost by saving time and effort

A saved price is money earned. Time is valuable. Reduced effort saves you time and money.

Transparency

Our services and reports are completely transparent. You may keep track of our progress at any time.

Remove Errors

When it comes to financial statements, accuracy is critical in order to discover any wrongdoings or mistakes early on and correct them. Sometimes numbers are misplaced or incorrectly recorded, while other times it could be a deliberate attempt to mislead you. We spend a lot of time reconciling your books, so you don’t have to, and we double-check that everything is in order to assure perfect accuracy. This is especially true in investment banking, where misappropriation of funds is all too easy when dealing with huge, shifting quantities.

Improved Trust

Accurate financial accounts, as well as the transparency that comes with them, enable you to earn the trust of both customers and employees. When a corporation is profitable and transparent, its financial statements reflect this. We believe that helping you develop accurate and dependable financial statements will help you acquire this level of confidence.

Better Payment Cycles

Businesses must optimize their accounts payable and receivable in order to sustain a consistent cash flow. Salaries and daily wages must always be paid and dividends must be paid on schedule to stockholders. When your numbers are in order, everything gets lot easier. If a loan is past due, you’ll want to know how much interest is owed so you can follow up later. All of this is made possible by precise financial statements and reports.