Services.
As a cost management accounting and Management Information System (MIS) services provider, I understand the importance of accurate and efficient cost management and reporting for businesses. Our team of experienced professionals uses advanced tools and techniques to help companies to manage their costs effectively and provide timely and accurate management information.
In addition to budgeting, forecasting, variance analysis, and activity-based costing, we offer MIS services such as financial statement preparation, cash flow analysis, and performance reporting.
Practical cost management accounting and MIS techniques are essential for businesses that want to stay competitive and profitable. By identifying areas where costs can be reduced and monitoring financial performance, businesses can free up resources to invest in growth opportunities and improve their bottom line.
We help businesses improve their cost management processes, provide accurate and timely management information, and make more informed financial decisions. In addition, our services offer peace of mind to our clients, knowing that their costs are managed efficiently, and their financial performance is closely monitored.
We also provide cost record maintenance services under Section 148 of the Companies Act, help companies comply with regulatory requirements, and maintain accurate cost records.
If you're looking for a reliable cost management accounting and MIS services provider, look no further! Contact us today to know more about our pricing and how we can help you achieve your financial goals, and speak with one of our cost management accounting and MIS specialists. You can also click here to view our pricing details.
The Approach
Identify Business Goals: This will help determine the key performance indicators (KPIs) and financial metrics that need to be monitored.
Planning: This involves determining the scope of the work, identifying the objectives, and determining the resources required. Also, analyse the existing cost management and MIS processes to identify gaps and areas for improvement.
Strategizing: Define cost management and MIS strategy that aligns with the business goals. The strategy should include objectives, action plans, and timelines.
Data Collection: This involves collecting financial data, costing data, operational data, and any other data relevant to the project’s objectives.
Data Analysis: This involves using various tools and techniques to identify trends, patterns, and insights to help make informed decisions.
Reporting: The results of the data analysis are then reported to the relevant stakeholders. This includes preparing financial statements, management reports, and other relevant reports.
Recommendations: Based on the results of the data analysis, recommendations are made to help improve the cost management processes and decision-making. This may include identifying areas where costs can be reduced or opportunities for growth and investment.
Implementation: The recommendations are then implemented, and the necessary changes are made to the cost management processes and information systems. This may involve implementing new systems, procedures, and tools to improve cost management and MIS reporting accuracy and efficiency.
Monitor Performance: Monitor the performance of the cost management and MIS processes regularly to ensure they align with the business goals and deliver the expected results.
Continuous Improvement: Continuously improve the cost management and MIS processes to ensure they remain relevant and effective over time. This may involve periodically reviewing and updating the strategy and incorporating new technologies and best practices.
Reporting and Communication: Regularly report on the organisation’s financial performance and communicate the results to key stakeholders. This may include preparing financial statements, cash flow analysis, and performance reporting.
As a professional physical verification service provider, we understand the importance of ensuring the accuracy and reliability of a company's fixed asset/inventory records. Physical verification involves inspecting and counting assets to ensure they are correctly accounted for and accurately valued.
Our team of experienced professionals uses advanced tools and techniques to inspect fixed assets/inventories thoroughly. We check the condition of the assets, identify any signs of damage or wear and tear, and verify the asset tags and labels. This process helps identify discrepancies in the records and ensures that the assets are used efficiently and effectively.
Physical verification is essential for companies that own a significant number of fixed assets, such as land, buildings, machinery, and equipment.
Physical verification of inventory is essential for companies that want to prevent stock losses due to theft, mismanagement, or misreporting.
Accurate and up-to-date asset/inventory records are essential for tax reporting, insurance claims, and financial reporting. Additionally, physical verification can help prevent fraud and ensure the company complies with regulatory requirements.
As a professional physical verification service provider, we help companies stay compliant with regulatory requirements and ensure accurate record-keeping. Our services provide peace of mind to our clients, knowing that their fixed asset/inventory records are up-to-date and accurate. Contact us today to learn how we can help you with your physical verification needs.
The Approach
Planning: This involves identifying the fixed assets/inventories to be verified, setting a timeline, and assigning responsibilities. The planning phase should also consider any challenges or constraints impacting the verification process.
Physical counting: This involves verifying the assets' quantity, condition, and location against the records. Training personnel who can conduct the physical counting accurately is essential.
Tagging and labelling: It is important to label or tag each asset with a unique identifier during the physical counting process. This helps in identifying the asset during subsequent stages of the verification process.
Reconciliation: The next step is to reconcile the physical count with the records once the physical counting is complete. Any discrepancies between the physical count and the records must be identified and investigated.
Documentation: Accurate and detailed documentation of the physical verification process is crucial. This includes recording the physical count, tagging and labelling information, and any discrepancies found during the reconciliation process.
Reporting: Finally, a comprehensive report should be prepared to detail the results of the physical verification process. This report should include any discrepancies found, their causes, and recommendations for corrective action.
As a provider of cost audit services under Section 148 of the Companies Act, we understand the importance of ensuring that companies comply with the relevant regulations and maintain accurate cost records. Cost audit involves verifying the accuracy of cost records and ensuring that they are being maintained in accordance with regulatory requirements.
Our team of experienced professionals uses advanced tools and techniques to conduct a thorough cost audit. We check cost records’ accuracy, identify discrepancies, and verify compliance with regulatory requirements, i.e., conformance to Cost Auditing Standards (CAS), Standards on Cost Auditing (SCA) and Generally Accepted Cost Accounting Principles (GACAP).
Cost audit under Section 148 of the Companies Act is mandatory for certain classes of companies. Therefore, these companies must comply with the relevant regulations to avoid penalties and legal issues.
As a provider of cost audit services under Section 148 of the Companies Act, we help companies comply with regulatory requirements and ensure that they maintain accurate cost records. Our services provide our clients peace of mind, knowing they comply with the relevant regulations.
If you're looking for a reliable cost audit service provider under Section 148 of the Companies Act, look no further! Contact us today to learn more about how we can help you with your cost audit needs.
The Approach
Planning: The first step in conducting a cost audit is to plan the audit process. This includes understanding the company's business model, its cost structure, and the relevant regulatory requirements. The audit team should also determine the scope of the audit, the audit objectives, the audit timelines, and the audit approach.
Data Collection: The audit team will collect data once the planning is completed. This includes gathering information about the company's business and cost structure, such as the direct and indirect costs incurred. The team will also collect data on the company's operations, such as production processes, inventory levels, and material usage.
Verification: In the verification stage, the audit team will verify the accuracy and completeness of the data collected in the previous step. This includes verifying the accuracy of the company's costing records, invoices, and other relevant documentation. The team will also assess the effectiveness of the company's internal controls related to cost management.
Analysis: Once the verification is completed, the audit team will analyse the data collected to identify cost-saving opportunities and assess the company's cost performance. This includes comparing the company's actual costs to its budgeted costs, identifying cost variances, and determining the root causes of any significant variances.
Reporting: In the final stage, the audit team will prepare a detailed report summarising the cost audit findings. The report should include recommendations for cost-saving opportunities and areas where the company can improve its cost management practices. The audit team will also provide Form CRA-3 and its annexures to the company as per the regulatory requirement.
Documentation: Throughout the audit process, the audit team will document all steps taken, data collected, and findings. This documentation provides evidence of the audit work performed and supports the conclusions and recommendations made in the final report. In addition, the audit team will prepare work papers, which include audit programs, minutes of meetings (MoMs), checklists, supporting schedules, and other documentation as required by the regulatory authorities. We utilise a cloud-based tool to document the work carried out during the cost audit services.
As a dedicated provider of bookkeeping services, we understand the often-overlooked importance of the Accounts & Bookkeeping functions in every organisation. Even though it's commonly perceived as a cost centre, maintaining accurate financial records is crucial for taxation, decision-making, and performance analysis. Here at Chandra Wadhwa & Co., we specialize in alleviating the burden associated with these critical functions, providing you with accurate and meaningful numbers tailored to your specific needs.
Outsourcing your bookkeeping to our high-end professionals not only incurs less operational cost but also relieves you of unnecessary headaches. We recognize the significance of these numbers, and our commitment is to present them in a format best suited for your purpose. Whether it's for taxation compliance or supporting strategic decisions, our services are designed to provide you with the financial insights you need.
We work seamlessly on your PC, logging into your desktop, and we are proficient in working with various software, including but not limited to QuickBooks, SAP, XERO, TALLY, and SAGE. Our team is also well-equipped to adapt to custom or other software environments.
We adhere to a stringent Quality and Time-sensitive policy, ensuring a delicate balance between delivering high-quality bookkeeping services and meeting deadlines. Let us handle the numbers while you focus on steering your business toward success. Contact us today to discuss how our bookkeeping services can transform your financial management and decision-making processes.
The Approach
Understand Client Needs:
Initiate the process by conducting a thorough consultation with the client to comprehend their business, industry, and specific bookkeeping requirements. Also, identify the pain points, challenges, and any unique aspects of the client’s financial processes.
Scope Definition:
Clearly define the scope of bookkeeping services that will be provided. Outline the frequency of services (weekly, bi-weekly, monthly) and the specific tasks involved (e.g., invoicing, expense tracking, reconciliation).
Choose Bookkeeping Software:
Select a reliable and efficient bookkeeping software that suits the client's needs. Popular options include QuickBooks, Xero, etc. Customize the software settings to align with the client's business structure and requirements.
Receipt and Invoice Management:
Implement a system for tracking and organizing receipts and invoices. Encourage clients to provide electronic copies to streamline the process. Set up rules and procedures for managing receipts and invoices efficiently.
Bank Reconciliation:
Regularly reconcile bank and credit card statements to ensure accuracy and identify discrepancies. Investigate and resolve any discrepancies promptly.
Expense Tracking:
Categorize and track all business expenses accurately. Monitor spending against budgets and financial goals.
Invoicing and Accounts Receivable:
Issue invoices promptly and ensure timely follow-up on outstanding payments. Monitor accounts receivable and implement strategies to minimize overdue payments.
Financial Reporting:
Generate regular financial reports, including profit and loss statements, balance sheets, and cash flow statements. Review these reports with the client to provide insights into their financial health.
Tax Preparation:
Ensure compliance with tax regulations and deadlines. Work closely with the client to gather necessary documents and information for tax filing.
Communication and Client Education:
Maintain open communication with the client to address any concerns or changes in their business. Provide ongoing education on financial matters and best practices to improve their financial management.
Data Security and Confidentiality:
Implemented robust security measures to protect client financial data (like remote access to the client server). Adhere to strict confidentiality standards and sign NDAs to assure clients of the safety of their information.
Regular Review and Feedback:
Conduct periodic reviews of the bookkeeping processes to identify areas for improvement. Seek feedback from clients to ensure satisfaction and make necessary adjustments.
Scale and Grow:
As the client's business expands, adjust bookkeeping processes and systems accordingly. Explore additional services such as financial analysis or forecasting to provide more value.