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WORK METHODOLOGY

Our work methodology ensures a maximum turnaround in the minimum period along with qualitative work.

What data will you give?

  • The data would be transferred via the FTP server to our centralized servers.
  • We would fetch the raw data and assimilate it, converting it into an accounting record and maintaining a file for future requirements.
  • We would process the data and return the data in accounting software within the prescribed time.

What Reports shall Rayvat Provide?

We would analyze the reporting requirements of the client at the start of the project and provide the reports on the decided timelines.

Some of the standard reports provided would be:

  • Accounts Receivable Report along with aging analysis.
  • Analysed Sales Report based on the key sales factor.
  • Accounts Payable Report along with aging analysis.
  • Bank Reconciliation statements.
  • Monthly Profit and Loss Statement.
  • Monthly Trial Balance.
  • Payroll and Wages Report.

Confidentiality of Information:

  • Rayvat Accounting is committed to the integrity of the information received from the client.
  • Rayvat Accounting would sign a Non Disclosure Agreement to assure the client of the safety of its accounting data.
  • For viewing the standard text of the Non-Disclosure Agreement, please click here.

Backup Papers:

We don’t fulfill your compliance and reporting requirements. We would prepare a proper backup of your papers for future referrals.

Step by Step Guidelines

  • Accounting is not just about entering the data into an accounting system. Hence we do not do Outsourcing, we believe in doing intelligent outsourcing for your organization.
  • There are many legal and taxation aspects that needs to be taken care of while making books of accounts for your business. That is the reason we have devised methods and policies to help business owners to maintain their books and records up to date.
  • Our guidelines on accounting would help you in appreciating the legal as well as compliance requirements for your Australian business.
  • You can avail Free Trial of our services for helping you to appreciate our services.
  • We do accounting taking care of the Income Tax Act, GST regulations, and other legislation while preparing books for you.

How to Outsource Your Accounts?

Here is a stepwise methodology for outsourcing your accounts to Rayvat Accounting.

Step 1: Document Requisition

  • We have designed a checklist of documents that would be required from the client’s end for the accounting

         function.

  • The client needs to follow the checklist and give all the required documents.
  • Click here for a checklist of information.

Step 2: Document Handling (Document Imaging)

Physical Documents:

  • These documents comprise of physical invoices and all the physical paper which you would receive from

           them by paper. Client would make a bunch of the documents and send you the documents.

  • You can employ someone to just file the documents and scan each of them in a folder.
  • The scanned documents would be received by us through File transfer Protocol or via Dropbox.

Online Documents:

  • There are many documents which would come through the client by web such as bank statements

          and invoices that are received in an email.

  • You can give us the documents through the File Transfer Protocol or via dropbox.

Step 3: Document Processing

  • In India, we would sort the documents in relevant folders and have a naming convention for the

         documents in order to easily identify the documents. Like we can have BS_01.01.2013_to_30.01.2013

         for bank statements.

Step 4: Data Entry of Documents

  • The documents would be entered into QuickBooks, MYOB or Xero Accounting Platform We can store

          the scanned copy of the source document along with the entry to make it easily accessible and it leaves

          an audit trail for the entry.

To view some of the tips on MYOB for your business click here.

Step 5: Review of Entries

  • All the entries would be cross-checked and reviewed with the source documents.

Step 6: Review of Accounts

  • We would personally review all the information and have a look at the entries in case any of them appears

          to be of abnormal nature.

Step 7: Reporting
  • We can have following reports for the clients and mail them in order to help them appreciate where their

          business is performing.

Some of the reports which we can provide are:
1.  Timely receivables report with aging analysis.
2. Management information reports as required by you at timely intervals.
3. Monthly analysis of accounts to help you judge where your business goes.
4. Monthly Financial Statements including Profit and Loss Account and Balance Sheet
5. Timely updates and suggestions for effective management of working capital.

  • We can have customized reports based on the client’s needs and requirements.
  • We can have a standard Service Level Agreement with the client in order to understand exactly what

their reporting needs are.


Step 8: Finalization

  • We would receive a list of queries from your side and your tax consultant.
  • We would resolve each of the queries and get back to you with complete work.
  • View our checklist on finalization.