Statutory financial statements are your company’s official financial statements that are submitted to the regulatory authorities, across jurisdictions.

These statements cover:

• Income Statement: Includes revenue from operations, business expenses, profit or loss, income tax and earnings per share
• Balance Sheet: Includes details of your company’s assets, liabilities and shareholder equity
• Notes to Financial Statements: Accounting policies as well as the assumptions and methods of calculating key figures in the financial statements
• Report of the Statutory Auditor: An audit verification document by a statutory auditor

Considering the complexities involved in preparing the statutory accounts, one would need a good deal of knowledge and skills and not just the debits and credits of accounts to finalise an account. We at VAS LLP bring to you both.

Our team adheres to the accounting standards whilst preparing the financial statement of your entity based on its location. Whether it is a limited company, a sole trader, partnership or a limited liability partnership, we will prepare your accounts considering the best means and accounting standards applicable.

We will make sure to check as to when the statutory accounts are due for filing with the concerned authorities and can work together in a timely manner, thus avoiding last minute hassles and late filing penalties to your clients.

Since statutory accounts involves signing the reports by a local qualified accountant, we provide these services to our accountant clients only.

It is important to make quality and effective decisions for the organisation in this competitive business environment. To make better decision, the organisation need credible financial information. This is where management accounting comes into the spotlight.

Different businesses will have different management accounting needs, depending on the business areas that are important to them. There is no legal requirement to prepare management accounts, but most companies produce them regularly - eg monthly or quarterly.

Some of the management accounting reports includes:

• Profit and Loss Account – including comparisons with budget, if any.
• Balance Sheet
• Cashflow statement
• Budgeting & Forecasting
• Variance Analysis with comments or suggestions
• Accounts Receivable Management etc.

Our team specializes in providing management accounts information which includes the above-said reports and which is prepared after reviewing the actual figures for the period in concern. Our management accounts and reports reflects transparency and accuracy on the state of affairs of the company to its stake holders.

We provide Management Accounting services to our accountant client as well as SMEs who are small traders, manufacturers., private limited company and limited liability partnerships.

We differentiate ourselves from bookkeepers, and other outsourcing firms, by ensuring you quality on books and record keeping. This applies whether you are doing the work in-house or it is outsourced to us. Our bookkeeping service is familiar with many accounting systems and we aim to rely on technology to reduce costs to a minimum. This will enable you to focus on core areas of concern e.g. cost management.

Cloud accounting makes life easier for you, by saving time and putting decision-making information at your fingertips. We help our clients work with their chosen platform and also offer advice to those considering their first move to cloud-accounting.

Why use cloud accounting software?

• Create, manage and send professional looking invoices
• Seamless connection to your business bank account
• Digitally manage receipts
• Profit & loss reports at your fingertips
• Quickly review your cash-flow & balance sheet

Our team at VAS LLP is master at cloud-based accounting and are working on various softwares including Xero, QuickBooks Online, Freeagent and Sage One.

The order-to-cash, also known as the O2C or OTC, process, refers to a company’s business process for the entire order processing system. This is a set of business processes to manage from sales order right through to customer payments. For most companies, accounts receivable is one of the largest assets on the balance sheet. How can you effectively convert this asset to cash while minimizing bad debt? The answer lies in focusing on the order to cash process.

In nutshell the process is accomplished in following steps:

• Order Management
• Credit Management
• Shipping the Order
• Invoicing to customer
• Accounts Receivable
• Credit Control (Payment Collection)
• Reporting

For those companies already using their own ERP system to manage their O2C processes, our highly experienced team will make sure to follow the same whilst in transition without hampering the routine, if opting for our services. We make sure we understand our client needs first, based on your setup and subsequently advice on the process improvements wherever possible in order to save time and money for our client.

We also provide suggestions and help in implementing the O2C process for new entrants in the market based on their business setup and also provide resource to manage the whole process efficiently.

O2C is an important aspect of a business process as it directly affects the cash inflow of an organisation. Hence, loopholes in any department of the process may disturb the entire cycle badly. A better and efficient management of this process ensures the cash inflow of the company is never affected.

Also known as purchase-to-pay and P2P, procure-to-pay is the process of requisitioning, purchasing, receiving, paying for, and accounting for goods and services, covering the entire process from point of order right through to payment.

The P2P comprises of following steps to complete the process:

• Placing the Purchase Requisition
• Selecting the Vendor
• Issuing Purchase Order
• Material / Goods Receipt Note
• Receiving and Processing Invoice
• Accounts Payable
• P2P Reporting
• Supplier Helpdesk

Our dedicated team for this process knows exactly what to deal within the process and ensures smooth services to our client. A robust P2P process in place ensure smooth utilization of the funds in hand, ensuring unwarranted cash outflows from business.

VAS LLP can assist you with your monthly, quarterly and annually VAT, GST and Sales tax Returns and in doing so remove the weight from your shoulders. We will remind you when they are due, when to seek information from you and submit them electronically after confirming the liability due to the respective tax collection authorities.

We provide indirect taxation services to all our accountant clients as well as SMEs from various industries ranging from sole traders, partnerships and private limited entities.

For all our accountant clients, we usually provide corporation tax services along with statutory accounts which includes computation and submission of returns to respective authorities.