- Scope of Work for Indian Account Management
- 1. Account Creation and SetupOpening business or personal accounts with financial institutions in compliance with Indian regulations.
- Setting up GST (Goods and Services Tax) and PAN (Permanent Account Number) registrations for financial and tax purposes.
- Managing statutory compliance like TDS (Tax Deducted at Source), EPF (Employee Provident Fund), and ESI (Employees' State Insurance).
- 2. Financial ManagementMaintaining daily records of financial transactions.
- Preparing and reconciling monthly profit and loss statements.
- Budgeting and forecasting to optimize financial resources.
- Filing GST returns, income tax, and corporate tax in compliance with Indian tax laws.
- Liaising with financial auditors for periodic reviews.
- 3. Billing and InvoicingGenerating invoices as per Indian GST rules (with proper HSN/SAC codes).
- Tracking and ensuring timely payments from clients or vendors.
- Preparing e-way bills for goods transportation, if applicable.
- 4. Compliance and Regulatory UpdatesEnsuring adherence to RBI (Reserve Bank of India) guidelines for financial transactions.
- Staying updated with changes in Indian financial policies and adapting account strategies accordingly.
- Filing annual returns and managing company secretarial work (if applicable for corporate entities).
- 5. Payroll ManagementCalculating salaries, allowances, and bonuses in compliance with Indian labor laws.
- Deducting and depositing TDS, EPF, and ESI for employees.
- Issuing salary slips and Form 16 for income tax filing purposes.
- 6. Vendor and Client ManagementMonitoring vendor accounts for payments and reconciliation.
- Maintaining credit and debit balances with clients.
- Preparing detailed statements of account for vendors and clients.
- 7. Banking OperationsManaging cash flow statements and bank reconciliations.
- Coordinating with banks for account-related services such as loans, overdrafts, and forex transactions.
- 8. Reporting and AnalysisPreparing detailed MIS (Management Information System) reports for decision-making.
- Analyzing financial performance through ratio analysis, trends, and forecasts.
- Providing recommendations for cost optimization and revenue enhancement.
- 9. Automation and Software ManagementSetting up accounting software like Tally, Zoho Books, QuickBooks, or SAP, commonly used in India.
- Integrating online banking and payment systems with accounting platforms.
- Automating repetitive tasks to improve efficiency.
- 10. Legal and Statutory SupportAssisting with company incorporation and partnership deeds under the Companies Act, 2013.
- Providing support for audits, assessments, and legal proceedings related to account management.
- Ensuring compliance with SEBI (Securities and Exchange Board of India) for listed companies.
- 11. Periodic Audits and ReviewsPreparing records for internal and statutory audits.
- Conducting periodic financial health checks.
- Addressing audit observations and implementing corrective measures.