If finance is the backbone of a firm, we are orthopedic surgeonsVirtual FinanceDepartmentA Complete Package for SMEs
We are a global service provider into International Accountingand Taxation. Our knowledge and expertise over accounting practices acrosscontinents helps us serve our clients, which includes Multi-national companies,CPA/CA firms in US, UK, Canada, Australia, South Africa, EU, New Zealand andIndia and various other Small and Medium Enterprises. Aggressive use oftechnology, well documented operational procedures and continuous focus onlearning & training has equipped us to undertake challenging assignments anddeliver them on time to the satisfaction of our clients Promoters of EruditeFinlop & Lawton are having rich exposure in managing accounting and taxationrelated outsourcing services. We are committed to quality and deliverable,which is its Hallmark. We provide combination of various outsourcing serviceunder one roof, which makes us “One complete stop shop for Accounting,Finance and Taxation outsourcing”.Our mission is to utilize our expertise in composite products to provide theabsolute best value as measured by quality, cost, delivery, and innovation. Weare firmly and sincerely committed to providing value-packed online services ofuncompromising quality to business and individuals. Our business will always beconducted with pride and the highest degree of ethics. We will always use themost appropriate means for accomplishing each goal depending on the clientsneeds.Our vision is to develop enduring relationships with clients across theglobe, by providing highly professional and streamlined services at cost effectiveand competitive prices. Maximizing customer satisfaction is our goal and it willalways be our top priority. Our pathway to all round success is developed basedon our principles of commitment, hard work and excellent quality of valueadded resources.
Outsourcing is becoming new again.There was a time when businesses even delivered their ownmail. Then they ‘outsourced’ it – first to the post office,then commercial couriers, and now the Internet. What’snew is the explosive outsourcing of services, increasinglydefined down to precise functions that can each beperformed in the most optimal location anywhere in theworld.Outsourcing is delivering results.A large majority of customers (87%) say that today’soutsourcing delivers the benefits projected in the originalbusiness case, whether partly or completely. 31% say theygot the benefits ‘completely’ – which is remarkable,considering the complexities and unknowns that areinvolved. In financial services, 46% completely met theirgoals.And 91% of respondents, whether happy or not, say theywill outsource again.
The top advantages of outsourcing accountingand payroll services can be enumerated as:Achieving high level of accuracy – Outsourcing accounting services and payrolloutsourcing can be quite beneficial when it comes to generating accurate resultsthat can be as high as 99.95%.Cost effective services – A major advantage associated with outsourcedaccounting services is the cost-effectiveness of the services. A huge amount canbe saved up on operational costs and channelized towards the funding of corebusiness processes.Fraud Check – Outsourcing payroll processing services to professional payrolloutsourcing companies can in fact help control any possible fraud by staff withinthe organization.Direct deposit through efficient payroll processing – On-time payroll processingenables quick and efficient staff payment through direct deposits. This keeps thestaff satisfied and productive leading to business augmentation.Avoiding penalties during tax processing – Inappropriate payroll managementcould lead to inaccurate tax filing resulting in tax penalties. Outsourcing payrollprocessing services to professionals can save companies these hassles andensure accurate payroll processing.Reaping benefits with up-to-date technology – The market is changingcontinuously due to technological advancement. Companies can avail suchprogressive technology through systematic outsourced accounting services.Saving up on processing time – Accounting and payroll processing is timeconsuming and companies tend to lose focus on core competencies while tryingto manage such a process.Gaining from the assistance of experts – Outsourced financial services providershire experienced professionals to perform accounting services and payrollprocessing services.Avoiding reconciliation worries related to financial institutions – Bankreconciliations can be quite tedious and an ongoing process consuming a lot ofeffort and time in terms of keeping track of all the payments through the bankduring the rolling out of pay checks.Staying informed with up-to-date accounting status – All possible accountingand payroll related information can be obtained regularly from professionalservice providers handling outsourced accounting services.
Saving money is important, but so isaccess to talent, capabilities – andbusiness flexibilityTop reasons firms outsource are to:• Lower costs (important or veryimportant for 76% of respondents).• Gain access to talent (70%).• Farm out activities that others cando better (63%).• Increase business model flexibility (56%).Other reasons are also important:• Improving customer relationships (42%).• Developing new products or services/market segment expansion (37% each).• Geographic expansion (33%).
Accounting And Bookkeeping SynopsisBookkeepingGL AccountingAP Bill EntrySupplier ReconciliationSuppliers’ Payment ProcessingAR Sales Invoice PreparationCustomer Receipts ProcessingCredit Card Receipt ProcessingPayroll AccountingTax PreparationsTax Return PreparationTax Consultancy ServicesPayroll and other Tax Return/Related ServicesTax Advisory ServicesFinalization of AccountsAnalytical Review of general Ledger/nominal ActivityPreparation of Year End JournalsFinalization of Profit and Loss account and related schedulesFinalization of Balance Sheet and related schedulesCorporate FinanceBudgetingInventory ManagementMergers & Acquisitions AnalysisCFO PositionForensic AccountingAuditsFinancial AnalysisThese are the accounting/finance services which companiesmajorly outsource
Virtual Finance DepartmentA Complete Package for SMEs
Many companies don’t want the hassle andexpense of staffing and managing a financedepartment.At EF&LWe have the necessary skill levels to offer avirtual finance department that can runindependently of your operation. This isespecially useful in a day and age where manyon-line companies don’t have an office tomaintain.
Accounting problems build over time and needsvisionary and intelligent analysis of facts and figures inorder to understand what lies ahead. Accordinglyaccounting problems too build up over time. When keptunchecked, accounting problems and misappropriationshave lead to bankruptcy of many companies as wasseen in the past.The top ten accounting problems are:1. Playing with numbersThere can be many irregularities done while maintaining the accounts for acompany such as the finance department may inflate the reported earnings of acompany or company officials asking the accounts department to change thefigures in order to show higher profits in business and gain personal benefits suchas promotions, bonuses etc.2. Not so clearThere is often lack of transparency in showcasing financial statements in anorganization. There is a need for developed and standard accounting methods tohave a clearer picture, both in private and public sector companies. Otherwise,this can misled the investors about the actual status of their investments andbusiness growth.3. Accounting methodsThere are often confusions as the finance department cannot judge which systemof accounting will be best suited for the smooth functioning of a company. Likethe finance department in a medical centre might be confused on how to accountfor patients coming with ailments that require long term treatment.4. Dealing with outside agenciesThe finance department often faces problems while dealing with outsideagencies such as government departments, including tax departments etc., whileseeking for sanctions or permissions etc. There is always a need for professionaland dynamic accountants who can handle this shortcoming with intelligence.
5. Lack of communicationIt is most often seen that there is a lack of intra-departmental communicationbetween the finance department handling accounting and the management bodyof an organization. This makes it difficult for the finance department to keep atrack of the business growth of the organization and even warn of possible threatsit can face in the future. An accountant handling the figures of an organization on adaily basis most often develops expertise in analyzing the business and even mayhelp in forming future strategies and contribute positively towards businessgrowth of the organization. But in most cases the finance department is notinvolved while taking major decisions for the organization.6. Reporting at grossIn some companies, the accounting is done based on reporting at gross. This led toinflating market share proportions. For e.g., eBay.com included the entire price ofauctioned items into its revenue even though it had no ownership or credit risk foritems auctioned online.7. Revenue issuesThe accountants may also face problems in determining what should beconsidered as revenues while accounting for an organization. There are oftenquestions whether what is billed is considered as revenue or should it get loggedonly when the company receives the payments.8. Human errorsThere can also be human errors such as typographical mistakes. Such mistakesmight lead to problems in the final tallying of the balance sheets.9. Lazy bonesThere can also be issues in accounting if the transactions are not updated on adaily basis. The accountant may forget to make entries of data of previous dates.This can lead to a faulty balance sheet.10. Keeping an eyeThe finance department might also face problems in the absence of a stronghierarchal administrative system. Such systems are highly recommended forkeeping a check on any kind of misappropriation, whether deliberate or done bymistake. These problems can be tackled in various ways. As the financial worldevolves in a borderless, technologically advanced era, effective regulation of theprofession through an interstate compact and the implementation of accountingacademies would better serve and protect the public. Our nation‘s physicalborders are no longer the only borders that require well-prepared and well-educated sentries.
In Erudite Finlop & Lawton, all theseproblems are taken care of both virtuallyand physically.A complete package for SMEs
We provide a complete package ofAccounting, Tax and Financial Services toensure time management, cost reductionand profit maximization for our clients. Thepackage includes.Bookkeeping & General Accountinga well versed and experienced accountant is assigned for the Client’s monthlybookkeeping work into a software of Client’s choice. The payables,receivables, ledger, invoicing and data entry is done with expertise and ondeadlines.Tax preparationsTaxes are prepared on the due dates of the year by an expert Tax Accountantto ensure the credibility and loyalty of the client towards the law of the Stateand Country.Financial Statement Preparations and Financial AnalysisFinancial statements are prepared on monthly, quarterly and annual basis withdue diligence and analysis of the financials is done to have a knowledge of thegrowth of productivity and how to improve it, if there is a downfall in financialperformance.Virtual CFOA Certified Accountant will be acting as a Virtual CFO. He will be handling alldecision making, handling issues and providing advisory service for betterperformance and growth of the firm.Inventory management & ERP solutionsIn case of manufacturing firms the ERP and inventory accounting is taken careof on popular ERP software.
Virtual Finance Department Servicesprovided by Erudite Finlop & Lawton isbeneficial for a SME, it can be provedby the following points.Expert Team – EF&L has a team of experts in the field of accounting, tax andfinance. Each and every team member if a qualified accountant and a softwareexpert supervised by a Certified Accountant to maintain the quality, speed andaccuracy of the work and to meet the deadlines.Cost Effective – Hiring a physical fully fledged finance department inside thefirm brings lots of expenses to pay off like salary, office expenses, setupexpense and other administrative expense. But outsourcing the whole financedepartment can save your cost and get best out bound services which can beseen with the performance of our team.Perfect communication – The virtual department is online 24x7 a week andeach and every question is answered within an hour and issues are solved assoon as possible. A person form our team working on you will be online toprovide you live support.Daily updates – Updates can be seen on the workspace created for the client inour online CRM system. Client can assign tasks, provide deadlines and getupdates on every work done.Eye for detail – the Accountant, tax accountant and CFO will always be keen tohave an eye for details on the past mistakes and errors in the books of accountsand financial performance of the firm.
Expert advises – the CFO will be acting as a part of the firm and will takecare of improving the firm’s financial performance and will provide advisesand suggestions on how to increase productivity, lower down costs andmaximizing profits.Data security - We do take care of the faith and honesty with the client. Inorder to provide that, we have a full secured system in our office.Confidential Non-disclosure Agreement is signed by Each Employee. Noaccess to e-mail and Internet use Apart From the Specific use. Disk Less PC,for making data on non-transferable. Restricted Printer access. ConfidentialNon-disclosure Agreement is signed by Each Employee. No access to e-mailand Internet use Apart From the Specific use. Security checks are performedregularly. All data is backed up on a regular basis on server to enableanytime viewing by the clients. Regular Virus checking thorough updatedAntivirus.