Soais Offshore Payroll And Accounting


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Soais Offshore Payroll And Accounting

  1. 1. SOAIS 2009 © All rights reserved Offshore Payroll and Accounting Your night shift partners
  2. 2. CORPORATE PROFILE SOATECH , the process arm of SOAIS is a full fledged service firm, offering services in the areas of Book Keeping, Accounting, Payroll, Finance, Budgeting, Compliance and Consulting . It was set up in the fall of 2007 and since inception has expanded smartly with offices in Chicago, Bangalore and Delhi . SOATECH has a cumulative experience of over 50 years in F&A services backed by Chartered Accountants, Cost Accountants and MBAs with domain expertise . <ul><li>Our Achievements </li></ul><ul><li>Managed the administrative set up and support of </li></ul><ul><li>a Nasdaq listed company in India and handled </li></ul><ul><li>their entire gamut of F&A services. </li></ul><ul><li>Provided back office US QuickBooks Accounting </li></ul><ul><li>services to a leading BPO firm in the US , resulting </li></ul><ul><li>in substantial process improvements and lower costs. </li></ul><ul><li>Managed the compliance reporting functions for </li></ul><ul><li>one of the largest airlines in India. </li></ul><ul><li>Managed the F&A functions of a large BPO which </li></ul><ul><li>was migrating to SAP, during the transition phase. </li></ul><ul><li>Managed the feasibility study for a large glass </li></ul><ul><li>manufacturer for setting up factories in India. </li></ul>Client Speak “ Everything that we could've ever asked for, SOAIS delivered . Their commitment to excellence and customer satisfaction is unmatched, and their final product speaks for itself.” – Large Manufacturing Firm Administration Payroll Book Keeping B Online A Overnight P
  3. 3. WHY US ? Team Structure CLIENT CLIENT CLIENT Delivery Manager Exec 1 Exec 2 Exec 3 Exec 4 Our team is structured in a manner which allows for maximum flexibility with minimum risk of disruption caused by attrition. Each delivery manager is assigned to 3-4 clients max. depending upon the scope and size of the engagement. Each delivery manager has 4-5 accounts executive reporting to him/her, at 80% utilization. This allows the team to adhere to the TAT norms laid out under the SLA agreements, even during peak months. The executives are also rotated and trained on a periodic basis to ensure that their skill sets are up to the mark. Employee Speak Vision to be a one-stop Solution provider in Finance & Accounting with exemplary service record Backed by Chartered Accountants, Cost Accountants and MBAs with over 50 years exp. in Consulting & implementation Verifiable client base with high percentage return customers “ SOAIS provides me the right set of tools and resources to carry out my duties well. Its emphasis on articulation, attention to detail and learning resources is what sets it apart from other organizations of similar size and stature. Its job rotation policy also aids in making the job interesting as there is always something new to learn” – Nihar S. Sahoo
  5. 5. SOLUTION – AP & AR <ul><ul><li>Account Payable </li></ul></ul><ul><ul><li>Code Invoices </li></ul></ul><ul><ul><li>Verify payment authorization </li></ul></ul><ul><ul><li>Verify invoice calculations and terms </li></ul></ul><ul><ul><li>Input invoices in accounts payable </li></ul></ul><ul><ul><li>Produce and distribute payable reports </li></ul></ul><ul><ul><li>Respond to vendor inquiries </li></ul></ul><ul><ul><li>Update approved vendors to master file </li></ul></ul><ul><ul><li>Produce and distribute 1099’s </li></ul></ul><ul><ul><li>Close accounts payable system monthly </li></ul></ul><ul><ul><li>Monthly accounts payable aging </li></ul></ul><ul><ul><li>Assist in prioritizing payment of accounts payable </li></ul></ul><ul><ul><li>in accordance with client policies </li></ul></ul><ul><ul><li>Input manual checks/vouchers into system </li></ul></ul><ul><ul><li>Accounts Receivable </li></ul></ul><ul><ul><li>Upload invoice summaries by customer </li></ul></ul><ul><ul><li>Apply cash receipts to appropriate funding source </li></ul></ul><ul><ul><li>Post cash receipts to GL and Bank Reconciliation </li></ul></ul><ul><ul><li>modules to streamline monthly reconciliation </li></ul></ul><ul><ul><li>process </li></ul></ul>
  6. 6. SOLUTION – Fixed Assets & Cash Management <ul><ul><li>Fixed Assets </li></ul></ul><ul><ul><li>Maintain/update fixed assets records and </li></ul></ul><ul><ul><li>reporting in FAS 2000 </li></ul></ul><ul><ul><li>Calculate/record depreciation expense </li></ul></ul><ul><ul><li>Process fixed assets additions/sales/retirements </li></ul></ul><ul><ul><li>Reconcile sub-ledger to general ledger </li></ul></ul><ul><ul><li>Account for lease transactions/capital projects </li></ul></ul><ul><ul><li>Issue fixed asset listing with monthly financial </li></ul></ul><ul><ul><li>package </li></ul></ul><ul><ul><li>Cash Management </li></ul></ul><ul><ul><li>Enter deposits to general ledger </li></ul></ul><ul><ul><li>Transfer cash between accounts </li></ul></ul><ul><ul><li>Verify and process debt service </li></ul></ul><ul><ul><li>Monitor compliance with debt covenants </li></ul></ul><ul><ul><li>Maintain endowment records </li></ul></ul><ul><ul><li>Make recommendations for investment of cash </li></ul></ul><ul><ul><li>Review investment positions </li></ul></ul>
  7. 7. SOLUTION – General Accounting <ul><ul><li>Prepare Use tax filings </li></ul></ul><ul><ul><li>Prepare manual journal entries </li></ul></ul><ul><ul><li>Input journal entries/vouchers </li></ul></ul><ul><ul><li>Complete monthly bank acct reconciliation(s) </li></ul></ul><ul><ul><li>Maintain the chart of accounts </li></ul></ul><ul><ul><li>Recommend general ledger system security </li></ul></ul><ul><ul><li>Schedule/coordinate month/year end closes </li></ul></ul><ul><ul><li>Close/reconcile subsidiary systems to G/L </li></ul></ul><ul><ul><li>Perform other SOFP/balance sheet account reconciliations </li></ul></ul><ul><ul><li>Produce & distribute trial balance & ledger reports </li></ul></ul><ul><ul><li>Track expenses against projected budget costs and </li></ul></ul><ul><ul><li>account for any variances </li></ul></ul><ul><ul><li>Account for spending related to specific grants </li></ul></ul><ul><ul><li>Fund Accounting </li></ul></ul><ul><ul><li>Reconcile temporarily and permanently restricted net </li></ul></ul><ul><ul><li>assets </li></ul></ul><ul><ul><li>Allocate overhead and indirect costs to related programs </li></ul></ul><ul><ul><li>Monitor accounting standards </li></ul></ul><ul><ul><li>Coordinate year end audit support and assist tax preparer </li></ul></ul><ul><ul><li>Support audit fieldwork (prepare year-end supporting </li></ul></ul><ul><ul><li>schedules and work papers) </li></ul></ul>
  8. 8. SOLUTION – Financial Reporting <ul><ul><li>Prepare/generate/submit agreed upon monthly </li></ul></ul><ul><ul><li>financial package </li></ul></ul><ul><ul><li>Assist in reviewing/analyzing financial results </li></ul></ul><ul><ul><li>Accounting records filing and retention </li></ul></ul><ul><ul><li>Recommend/implement accounting process </li></ul></ul><ul><ul><li>improvements </li></ul></ul><ul><ul><li>Assist with Client operations changes that impact </li></ul></ul><ul><ul><li>the accounting department </li></ul></ul><ul><ul><li>Manage policies and procedures documentation </li></ul></ul><ul><ul><li>process with accounting </li></ul></ul><ul><ul><li>Assist client in building annual budget model </li></ul></ul><ul><ul><li>Input prepared budget into G/L package for </li></ul></ul><ul><ul><li>financial reporting purposes </li></ul></ul><ul><ul><li>Assist in preparation of external financial </li></ul></ul><ul><ul><li>statements and schedules </li></ul></ul><ul><ul><li>Assist in preparation of external financial </li></ul></ul><ul><ul><li>disclosures and analysis </li></ul></ul><ul><ul><li>Assist in preparing Lease Summary Report </li></ul></ul>
  9. 9. SOLUTION – Payroll <ul><ul><li>Process payroll with an outsourced payroll provider </li></ul></ul><ul><ul><li>(i.e. – ADP/Paychex) </li></ul></ul><ul><ul><li>Summarize timesheets for entry </li></ul></ul><ul><ul><li>Process new hire/terminations </li></ul></ul><ul><ul><li>Calculation of gross pay </li></ul></ul><ul><ul><li>Maintain deductions for federal income taxes, </li></ul></ul><ul><ul><li>social security and medicare pay deductions, </li></ul></ul><ul><ul><li>state withholding and other deductions </li></ul></ul><ul><ul><li>Make payroll tax deposits on a semi weekely </li></ul></ul><ul><ul><li>or monthly basis </li></ul></ul><ul><ul><li>Making payment for federal unemployment </li></ul></ul><ul><ul><li>tax on regular basis </li></ul></ul><ul><ul><li>Making payments for local state deposits </li></ul></ul><ul><ul><li>Submission of quarterly form 941 showing </li></ul></ul><ul><ul><li>the amount of payroll tax outstanding/paid </li></ul></ul><ul><ul><li>Submission of annual unemployment tax </li></ul></ul><ul><ul><li>return (Form 940 or 940EZ) </li></ul></ul><ul><ul><li>Submission of other state unemployment </li></ul></ul><ul><ul><li>and workers compensation report </li></ul></ul><ul><ul><li>Submission of Annual return of withheld </li></ul></ul><ul><ul><li>federal income tax (Form 945) </li></ul></ul><ul><ul><li>Wage and tax statements (Form W2) </li></ul></ul><ul><ul><li>Setting up yearly payroll tax calender </li></ul></ul>
  10. 10. DELIVERY METHADOLOGY Due Diligence Identification of service requirements Development of an implementation frameowrk after identification of risks, training requirments and service level support Conducting pilot studies and test runs Process Documentation (Which includes Goals, milestones And support) SLAs and Agreement sign off Implementation And live run MNCs/Large Enterprises 1 st month 2 nd month 3 rd month SMEs/SMBs 1-2 weeks 2-3 weeks 4 th week
  11. 11. CASE STUDY Can the benefits be illustrated through an example ? <ul><li>Problem Areas: </li></ul><ul><li>Recession had a bad </li></ul><ul><li>impact on protitability </li></ul><ul><li>- Existing night shift team in </li></ul><ul><li>India not efficient enough </li></ul><ul><li>- On going problems with </li></ul><ul><li>coding and posting resulting </li></ul><ul><li>in unnecessary delays and </li></ul><ul><li>loss of face to customers. </li></ul><ul><li>- No commitment from the </li></ul><ul><li>exiting vendor to improve </li></ul><ul><li>upon deliverables and price. </li></ul><ul><li>No knowledge hub </li></ul><ul><li>maintained by existing </li></ul><ul><li>vendor resulting in </li></ul><ul><li>increased time on training. </li></ul><ul><li>Solutions offered & Impact: </li></ul><ul><li>Business transformation through </li></ul><ul><li>implementation of structured transition plan. </li></ul><ul><li>Initiatives include installation of dual </li></ul><ul><li>monitors, firewalls, back up ISP, net security </li></ul><ul><li>measures to ensure seamless delivery with </li></ul><ul><li>max security. </li></ul><ul><li>Creation of a knowledge hub, a portal for </li></ul><ul><li>sharing Information and on going training. </li></ul><ul><li>Acting as the night shift team for One Point </li></ul><ul><li>BPO for coding, accounting and posting data </li></ul><ul><li>on QuickBooks. </li></ul><ul><li>- Added quality checks to ensure accuracy is </li></ul><ul><li>maintained and improved. </li></ul><ul><li>Large improvements in error reporting and </li></ul><ul><li>efficiency. </li></ul>
  12. 12. COMPETENCY SOAIS Advantage
  13. 13. INFRASTRUCTURE AND SECURITY <ul><li>4000 sq. feet office space situated in the heart of Bangalore. </li></ul><ul><li>High speed broadband connectivity with dual ISP backup. </li></ul><ul><li>65 seater office space with modular furniture and workstations. </li></ul><ul><li>Individual access to dual monitors for employees engaged in projects </li></ul><ul><li>and laptops for managers. </li></ul><ul><li>Sufficient power back up through UPS </li></ul><ul><li>Modular work timings allow work load to increase without any </li></ul><ul><li>space or capacity constraints. </li></ul><ul><li>Stringent security measures for employees entering premises. </li></ul><ul><li>Employees not allowed any camera phones, USB sticks or any </li></ul><ul><li>storage device inside the work station area. </li></ul><ul><li>Different areas earmarked for different clients with restricted </li></ul><ul><li>entry to others. </li></ul><ul><li>Key account managers assigned for all accounts, overseeing </li></ul><ul><li>security measures and escalations if any. </li></ul><ul><li>Business mails tracked regularly to ensure there are no security </li></ul><ul><li>breaches. </li></ul><ul><li>Stringent confidentiality agreements signed by employees as well </li></ul><ul><li>as contracting parties. </li></ul><ul><li>Restricted access to sites through cyber roam online security </li></ul><ul><li>Paperless office, employees not allowed to carry papers to </li></ul><ul><li>workstations dedicated to clients. </li></ul>
  14. 14. NEXT IS WHAT ? We hope you have enjoyed browsing through our presentation and have a better understanding of our capabilities and services. To discuss how we can help you reduce your costs and improve your turnaround time, please drop us a mail at [email_address] with your contact details and nature of services desired by us. Following this, we would set up a date and time for an appointment to understand your requirements in more details. Thanks & Regards, Gururaja Upendra SOA IS Technology Driven Outsourcing Accounting - Payroll - Compliance Direct: +91 80 40494522 Cell: + 91 9880243025 Email: [email_address] Corporate Office: SOA Software Services Pvt. Ltd. Unit 9, Level 5, # 406, 2nd Floor, Navigator, I.T. Park, 9th Cross, 2nd Blck Whitefield Road, R.T. Nagar, Bangalore - 560066, Bangalore - 560032 India India Join the India Finance Community at: