At M S Chambyal and Associates, our bookkeeping services are designed to achieve cost reduction and efficient cost management for our clients. We have assembled a specialized team of accounting professionals dedicated to meeting our customers’ needs and ensuring streamlined processes.
Our Bookkeeping Services include:
- Accounts Receivable (AR) and Accounts Payable (AP) Services: Efficient management of receivables and payables to optimize cash flow.
- Bank Account Reconciliation: Regular reconciliation of bank accounts to ensure accuracy and transparency in financial transactions.
- Invoicing Processing Services: Timely and accurate processing of invoices to facilitate smooth business operations.
- Manual Journal Entry Services: Expert handling of manual journal entries to maintain accurate financial records.
- General Ledger Maintenance: Comprehensive maintenance of the general ledger to provide a clear overview of financial transactions.
- Expenses Ledger Maintenance: Detailed recording and tracking of expenses to support financial decision-making.
- Preparing Ageing Reports & Summaries: Analysis and reporting of outstanding receivables and payables to manage cash flow effectively.
- Trial Balance Services: Preparation of trial balances to ensure accuracy before finalizing financial statements.
- Preparing Income Statements (Profit & Loss): Compilation of income statements to assess profitability and financial performance.
At M S Chambyal and Associates, we understand the importance of meticulous bookkeeping in enhancing financial transparency and decision-making. Our dedicated team ensures that your financial records are accurate, up-to-date, and compliant with regulatory requirements, allowing you to focus on growing your business with confidence.
India Specific Services:
Fixed Asset Management
Fixed Asset Management (FAM) is crucial for financial accounting, asset maintenance, and theft prevention. At M S Chambyal and Associates, our specialized team of accounting professionals ensures meticulous management through activities such as Fixed Assets Verification (FAV) and maintaining the Fixed Assets Register (FAR). Our services include:
- Achieving regulatory compliance and identifying ghost assets.
- Dynamic inventory verification assistance.
- Accurate depreciation calculation.
- Proper movement and disposal of assets.
- Barcoding for efficient inventory verification.
- Centralized reconciliation of concurrent inventories.
- Fair valuation to optimize insurance and tax costs.
- Tracking asset transfers.
Our expertise in FAM enables us to provide comprehensive solutions across India, supporting clients in all sectors.
Transfer Pricing
Introduced in India in 2001, Transfer Pricing regulations prevent tax avoidance by establishing norms for international and specified domestic transactions based on the arm’s length principle. Our Transfer Pricing services include:
- Transfer Pricing Analysis and method selection.
- Benchmarking Analysis.
- Preparation of Transfer Pricing documentation and issuance of certificates.
- Representation in Transfer Pricing cases before authorities.
Income Computation and Disclosure Standards (ICDS)
ICDS, effective from April 1, 2015, significantly impact the computation of taxable income under Indian tax law. We assist clients by analyzing ICDS implications based on their business nature and transactions, ensuring compliance and managing tax implications effectively.
Virtual Chief Financial Officer (CFO)
Our Virtual CFO service provides experienced financial oversight without the full-time commitment. Services include:
- Monitoring budget compliance and business plans.
- Reviewing expenses and managing accounts.
- Providing periodic MIS to equity investors.
- Assisting in budgeting, forecasting, and financial process implementation.
- Ensuring compliance with direct and indirect taxes, Companies Act, and ROC filings.
Internal Control Over Financial Reporting (ICFR)
ICFR ensures reliable financial reporting and preparation of financial statements in accordance with accounting principles. Our services include establishing and evaluating internal controls to prevent unauthorized use or disposition of assets and ensure compliance with regulatory requirements.
CSR Audit
A CSR audit evaluates an organization’s adherence to socially responsible practices. We assess factors such as charitable contributions, environmental impact, and workplace conditions to gauge social responsibility impacts locally and globally.
At M S Chambyal and Associates, we provide specialized expertise and proactive solutions tailored to meet the diverse regulatory and compliance needs of businesses operating in India.
Business Incorporation Services
a) Proprietorship
Starting a Proprietorship firm is a straightforward process requiring no formal registration. An individual (or sole trader) intending to conduct business or profession can register under the GST Act, Shops and Establishment Act, or obtain Udyog Aadhar (MSME registration).
b) Partnership Firm
A partnership involves two or more persons collectively conducting business under a shared firm-name. It does not possess a separate legal entity like a company and is registered with the Registrar of Firms. Our services include:
- Registration of the partnership firm
- Amendments to partnership agreements
- Dissolution of partnership firm
- Income Tax returns filing for the firm and partners
- Tax consultation for both Income Tax and GST
c) One Person Company (OPC)
An OPC combines the benefits of sole proprietorship and company structures. It requires only one person as a member, who acts as both director and shareholder. Eligibility criteria include being an Indian citizen and resident in India.
d) Limited Liability Partnership (LLP)
An LLP offers the benefits of limited liability and partnership flexibility. It operates as a separate legal entity, shielding partners from each other’s liabilities arising from business decisions or misconduct.
e) Private Limited Company
A Private Limited Company registration is governed by the Companies Act, 2013. It requires a minimum of two directors and two shareholders, who can be individuals or corporate entities. Key steps include:
- Choosing a unique company name compliant with regulatory guidelines.
- Checking name availability and adherence to legal provisions.
- Filing an application for incorporation with the Registrar of Companies (ROC).
- Submitting Memorandum and Articles of Association, director details, etc.
- Obtaining digital signatures for all directors.
- Receiving an Incorporation Certificate with a Corporate Identity Number (CIN) upon approval.
At M S Chambyal and Associates, we offer comprehensive business incorporation services tailored to meet regulatory requirements and facilitate smooth establishment of various business entities in India.
