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Accounting & BPO

We enable you to focus more time, energy, and resources on building your core business as we assume full responsibility for managing the bookkeeping & accounting function.

 

  • Some of the routine accounting functions we perform include:

    • General Bookkeeping

    • Accounting Assistance and Supervision

    • Accounts Receivable/Payable

    • Banking and petty cash

    • Maintenance and Operation of Banking Facilities

    • Accounting Reconciliation

    • Customer Invoicing

    • Fixed Assets Accounting

    • Customized MIS

    • Preparation of Annual Financial Statements

    • Audit coordination

 

We can either work on your premises on your existing software or receive the various input data/ books and records in our office and perform the work here. Either way, the work we do is similar. We take the raw data you provide and your business bills and receipts, record all the transactions on an accrual basis and produce the final accounts in a format that complies with legal requirements applicable to your organization. When working at our office, we use the latest and licensed version of proven accounting software.

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The most important part of our accounting service is a regular stream of management information reports. We discuss your requirements with you and provide you with tailored information and constructive advice on a regular basis. For the India operations of MNC Companies, we also produce GAAP/ International Accounting Standard compliant accounts. Furthermore, the periodic reports can be adapted to fit the requirements of the parent company or head office. Our outsourcing arrangement is flexible – it can contain as little or as much as you want. So if you would prefer us to handle only specific modules of the accounting, or phase out the outsourcing process, we can adapt to suit your needs. To find out more about our accounting service, contact us for a free preliminary consultation…

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Payroll & HR

Running the monthly payroll is a lot more than just signing the cheques….it can involve fairly complex tasks like computing TDS, keeping track of tax laws in order to achieve the right balance between flexible allowances, and so on. At the same time, meeting deadlines is crucial, and so is ensuring that each employee’s information is readily available in a user-friendly format.

 

  • The following services form part of Guitcom’s payroll service package:

    • Maintenance of employee master records

    • Computation of monthly gross and net pay

    • Calculation of incentives and other variable payments

    • Structuring of flexible allowance pay packages

    • Computation of various deductions such as PF, loan repayments, etc.

    • Computation of TDS on a monthly basis

    • Generation of customized payslips (content and format can be adapted and your business logo included)

    • Issuance of cheques/Bank transfer instruction in certain cases

    • Issuance of TDS certificates on an annual basis

    • Filing of TDS returns as applicable

    • Filing of PF and other returns

 

We run the payroll by dates agreed with you. Payslips are generated in the agreed format and mailed to you, along with the payroll list for the month. There is also an option of employee payroll information being made available through the dynamic section of our website. This way, each user is given a login ID and can access his/her personal information at any time.

We can also take on additional HR administration tasks on your behalf, such as maintenance of leave records, screening job applications, writing job descriptions and implementing appraisal systems.

Financial and Advisory

Other than the recurring functions of accounting and Payroll, Guitcom also provides some high-end management services, some of which are listed below:

 

Costing assignments:
We undertake both ongoing and one-time costing exercises not just for manufacturing and trading, but also for service units. This could include setting up of a costing system, point-in-time stock valuations, reconciliation of costing and accounting records, preparation of cost sheets, and so on.
(It is an established fact that a robust costing system is needed in the manufacturing segment. However, most service concerns fail to realize the benefits a costing mechanism can offer them in terms of ensuring appropriate billing for services rendered, measuring efficiencies, and comparing profitability.)

Budgeting exercises:

We can carry out, or provide full advisory support to your organization’s periodic budgeting exercise. We also undertake the measurement and analysis of variances from budgets, cost budgeting, etc.

Cash Flow Control:

Many highly profitable businesses find they are constantly hard strapped for cash – this is usually due to lack of planning and managing the cash flow. We at Guitcom can help you solve this problem with our working capital management service and cash flow estimation and management.

Preparation of Project Reports:

Our project reports are not about putting together a set of look-good figures to get you that bank finance…. We believe that a project report should be a realistic projection of where the business plans to be at the end of the given period. Our expert panel helps you plan, budget, and translate your ideas onto paper, and we put together a very professional and credible document that you can benchmark your business against. We can also refer you to lending institutions through our extensive network of contacts.

To find out more about these and other high-end management services we can provide, contact us at our Bangalore office.

Regulatory Compliance

Corporate Law:

  • Assistance in the incorporation of the Company under the Companies Act, 1956

    • Name application

    • Drafting of Memorandum & Articles of Association

    • Representation before the Registrar of Companies

  • Maintenance of Books of Account as per Indian GAAP

  • Maintenance of Statutory Registers & other documents

  • Preparation of Financial Statements as per Schedule VI

  • Compliance with the procedures to effect changes

  • Filing of various forms/documents with the Registrar of Companies

  • Filing of annual return with the Registrar of Companies

  • Liaison with Registrar of Companies

 
Employment/Labour Laws:

Applicable Laws

  • Federal/Central Legislations

    • The Employee’s Provident Fund Act, 1952

    • Employees State Insurance Act, 1948

    • Payment of Bonus Act, 1965

    • The Payment of Gratuity Act, 1972

  • State Legislations on

    • Shops & Commercial Establishments

    • Profession Tax

Services

  • Registration under the applicable Acts

  • Filing of required forms and returns (monthly/quarterly/annual)

  • Maintenance of applicable Registers

  • Determination of amounts payable by the entity to the Government

 
Foreign Exchange Regulation:

  • Setting up of Liaison/Representative offices, Project offices or Branch offices in India

  • Filing of documents with Reserve Bank of India (RBI) in case of Foreign Direct Investments (FDI)

  • Compliance of the provisions of Foreign Exchange Management Act, 1999

  • Liaison with the Reserve Bank of India.

 
Export/Import Related:

  • Application for IEC No / License / Certificate / Permission with the Directorate General of Foreign Trade

  • Registration under Software Technology Park Scheme

  • Filing of monthly/quarterly/annual returns with STPI

  • Compliance with respect to import/export procedures under STPI rules

 
Direct Tax Law:

  • Assistance in formulating a Transfer Pricing Policy and the basis/methodologies for determining the price of international transactions with associated enterprises

  • Application for PAN (Permanent Account Number) & TAN (Tax Deduction Account Number) with the Income Tax Department of India

  • Estimation of Advance Tax payable

  • Compliance of provisions relating to Withholding Taxes / TDS / TCS including assistance in deduction/collection of tax at source, e-filing of required forms/returns (quarterly/annual)

  • Computation of Fringe Benefits Tax (FBT) & filing of returns

  • Computation of Taxable Income and preparation of the Return of Income

  • Support in the Tax Audit Process

 
Indirect Tax Laws:

  • Registration of the entity under the Service Tax Act

  • Filing of Service Tax returns (quarterly/annual)

  • Registration under the Central Sales Tax Act, 1956

  • Filing of VAT Returns

Contact us to find out which statutes are applicable to your business and how we can help you comply.

Company Secretarial

One time services

  • Incorporation of a Company ( Private or Public Ltd.)

  • Drafting of Memorandum and Articles of Association of Companies

  • Registration of Changes with Registrar of Companies

  • Liaison with Registrar of Companies, Stock Exchanges, Company Law Board and Reserve Bank of India

 
Ongoing retainership services

  • Organizing and co-ordinating shareholders’ meetings on behalf of clients

  • Organizing and coordinating client companies’ Board meetings

  • Meeting related documentation like preparation and writing of Agenda, Minutes, drafting of resolutions, and related work.

  • Maintenance of various Registers and minute books under the Companies Act, 1956

  • Filing of returns with the Registrar of Companies

  • Share Transfer and other allied work

  • Other Secretarial Matters

Other services

Guitcom has a wide network of contacts across business and professional circles. We are able to refer clients to reputed and high caliber professional service providers in the following areas:

 

Professional Services Referral

  • Legal advisors

  • Chartered accountants

  • Tax specialist advisors

  • Webmasters and hosting services

  • Six Sigma specialist advisors

  • ISO/CMM Quality consultants

 
Financial Services and Products Referral

  • Banking services

  • Personal and business financial products

  • Venture Capital Lending Agencies

  • Portfolio Managers in India and overseas

  • Real Estate Consultants

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