Scope of Services – Accounting and MIS Services
1. Accounting Services
1.1 Bookkeeping & General Ledger Maintenance
- Record and classify all financial transactions in accordance with applicable accounting standards.
- Maintain the general ledger, chart of accounts, and periodic adjusting entries.
- Reconciliation of bank accounts, credit cards, cash accounts, and vendor/receivable balances.
1.2 Accounts Payable Management
- Process vendor invoices with proper verification and approvals.
- Maintain vendor records and monitor payment schedules.
- Prepare payment runs and aging reports.
1.3 Accounts Receivable Management
- Generate sales invoices and maintain customer account records.
- Track collections, follow up on outstanding receivables, and provide aging analysis.
- Record customer receipts and allocate them correctly.
1.4 Payroll & Statutory Compliance (if applicable)
- Process periodic payroll, maintain employee earnings records, and handle payroll adjustments.
- Prepare and submit statutory filings (e.g., payroll taxes, social security contributions, etc.), where required.
1.5 Periodic Financial Reporting
- Monthly/quarterly financial statements including:
- Statement of Financial Position (Balance Sheet)
- Statement of Profit & Loss (Income Statement)
- Cash Flow Statement
- Equity/Reserves Analysis
- Variance analysis vs. budget or prior periods.
- Custom management reports as required.
1.6 Year-End Support
- Assist with audit preparation, schedules, and supporting documentation.
- Liaise with auditors and tax consultants as needed.
MIS (Management Information System) Reporting
2.1 Design and Implementation of MIS Framework
- Assess management reporting needs and establish key KPIs.
- Develop reporting templates, dashboards, and scorecards.
- Configure reporting tools (Excel, BI tools, ERP modules, etc.).
2.2 Monthly/Periodic MIS Reporting
- Prepare management dashboards summarizing:
- Financial performance
- Operational metrics
- Sales and revenue trends
- Cost/expense analysis
- Profitability by segment/product/project
- Provide narrative analysis and recommendations.
2.3 Business Performance Analysis
- Break-even analysis, contribution margin, and profitability studies.
- Cost center and product line performance.
- Forecasting and trend analysis.
2.4 Budgeting & Forecasting Support
- Develop annual budgets in coordination with management.
- Prepare rolling forecasts (monthly/quarterly).
- Analyse variances and highlight key deviations.
3. Systems Support
- Support implementation or optimization of ERP/accounting systems.
- Establish internal controls, approval workflows, and financial policies.
- Provide training to client staff on accounting and MIS processes.
4. Deliverables
- Monthly financial statements.
- Monthly MIS dashboard and KPI report.
- Quarterly performance analysis.
- Year-end audit schedules and supporting reports.
- Custom reports as required by management.
5. Other Services
Tax advisory and filing services (unless explicitly added).
- Internal or statutory audits.
- Legal, HR, or procurement-related work.
- On-site staffing unless agreed separately.