If finance is the backbone of a firm, we are orthopedic surgeons

Virtual Finance Department A Complete Package for SMEs

We are a global service provider into International Accounting

and Taxation. Our knowledge and expertise over accounting practices across continents helps us serve our clients, which includes Multi-national companies, CPA/CA firms in US, UK, Canada, Australia, South Africa, EU, New Zealand and India and various other Small and Medium Enterprises. Aggressive use of technology, well documented operational procedures and continuous focus on learning & training has equipped us to undertake challenging assignments and deliver them on time to the satisfaction of our clients Promoters of Erudite Finlop & Lawton are having rich exposure in managing accounting and taxation related outsourcing services. We are committed to quality and deliverable, which is its Hallmark. We provide combination of various outsourcing service under 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 the

absolute best value as measured by quality, cost, delivery, and innovation. We are firmly and sincerely committed to providing value-packed online services of uncompromising quality to business and individuals. Our business will always be conducted with pride and the highest degree of ethics. We will always use the most appropriate means for accomplishing each goal depending on the clients' needs.

Our vision is to develop enduring relationships with clients across the

globe, by providing highly professional and streamlined services at cost effective and competitive prices. Maximizing customer satisfaction is our goal and it will always be our top priority. Our pathway to all round success is developed based on our principles of commitment, hard work and excellent quality of value added resources.

Why outsource?

Outsourcing is becoming new again. There was a time when businesses even delivered their own mail. Then they ‘outsourced’ it – first to the post office, then commercial couriers, and now the Internet. What’s new is the explosive outsourcing of services, increasingly defined down to precise functions that can each be performed in the most optimal location anywhere in the world.

Outsourcing is delivering results. A large majority of customers (87%) say that today’s outsourcing delivers the benefits projected in the original business case, whether partly or completely. 31% say they got the benefits ‘completely’ – which is remarkable, considering the complexities and unknowns that are involved. In financial services, 46% completely met their goals. And 91% of respondents, whether happy or not, say they will outsource again.

Advantages of outsourcing

The top advantages of outsourcing accounting and payroll services can be enumerated as:

Achieving high level of accuracy – Outsourcing accounting services and payroll outsourcing can be quite beneficial when it comes to generating accurate results that can be as high as 99.95%. Cost effective services – A major advantage associated with outsourced accounting services is the cost-effectiveness of the services. A huge amount can be saved up on operational costs and channelized towards the funding of core business processes. Fraud Check – Outsourcing payroll processing services to professional payroll outsourcing companies can in fact help control any possible fraud by staff within the organization. Direct deposit through efficient payroll processing – On-time payroll processing enables quick and efficient staff payment through direct deposits. This keeps the staff satisfied and productive leading to business augmentation. Avoiding penalties during tax processing – Inappropriate payroll management could lead to inaccurate tax filing resulting in tax penalties. Outsourcing payroll processing services to professionals can save companies these hassles and ensure accurate payroll processing. Reaping benefits with up-to-date technology – The market is changing continuously due to technological advancement. Companies can avail such progressive technology through systematic outsourced accounting services. Saving up on processing time – Accounting and payroll processing is time consuming and companies tend to lose focus on core competencies while trying to manage such a process. Gaining from the assistance of experts – Outsourced financial services providers hire experienced professionals to perform accounting services and payroll processing services. Avoiding reconciliation worries related to financial institutions – Bank reconciliations can be quite tedious and an ongoing process consuming a lot of effort and time in terms of keeping track of all the payments through the bank during the rolling out of pay checks. Staying informed with up-to-date accounting status – All possible accounting and payroll related information can be obtained regularly from professional service providers handling outsourced accounting services.

Accounting Projects outsourced by Companies

Saving money is important, but so is access to talent, capabilities – and business flexibility Top reasons firms outsource are to: • Lower costs (important or very important for 76% of respondents). • Gain access to talent (70%). • Farm out activities that others can do 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 Synopsis Bookkeeping GL Accounting AP Bill Entry Supplier Reconciliation Suppliers’ Payment Processing AR Sales Invoice Preparation Customer Receipts Processing Credit Card Receipt Processing Payroll Accounting

Tax Preparations Tax Return Preparation Tax Consultancy Services Payroll and other Tax Return/Related Services Tax Advisory Services

Finalization of Accounts Analytical Review of general Ledger/nominal Activity Preparation of Year End Journals Finalization of Profit and Loss account and related schedules Finalization of Balance Sheet and related schedules

Corporate Finance Budgeting Inventory Management Mergers & Acquisitions Analysis CFO Position Forensic Accounting Audits Financial Analysis

These are the accounting/finance services which companies majorly outsource

Virtual Finance Department A Complete Package for SMEs

Many companies don’t want the hassle and expense of staffing and managing a finance department. At EF&L We have the necessary skill levels to offer a virtual finance department that can run independently of your operation. This is especially useful in a day and age where many on-line companies don’t have an office to maintain.

Top 10 accounting problems in an organization

Accounting problems build over time and needs visionary and intelligent analysis of facts and figures in order to understand what lies ahead. Accordingly accounting problems too build up over time. When kept unchecked, accounting problems and misappropriations have lead to bankruptcy of many companies as was seen in the past. The top ten accounting problems are: 1. Playing with numbers There can be many irregularities done while maintaining the accounts for a company such as the finance department may inflate the reported earnings of a company or company officials asking the accounts department to change the figures in order to show higher profits in business and gain personal benefits such as promotions, bonuses etc. 2. Not so clear There is often lack of transparency in showcasing financial statements in an organization. There is a need for developed and standard accounting methods to have a clearer picture, both in private and public sector companies. Otherwise, this can misled the investors about the actual status of their investments and business growth. 3. Accounting methods There are often confusions as the finance department cannot judge which system of accounting will be best suited for the smooth functioning of a company. Like the finance department in a medical centre might be confused on how to account for patients coming with ailments that require long term treatment. 4. Dealing with outside agencies The finance department often faces problems while dealing with outside agencies such as government departments, including tax departments etc., while seeking for sanctions or permissions etc. There is always a need for professional and dynamic accountants who can handle this shortcoming with intelligence.

5. Lack of communication It is most often seen that there is a lack of intra-departmental communication between the finance department handling accounting and the management body of an organization. This makes it difficult for the finance department to keep a track of the business growth of the organization and even warn of possible threats it can face in the future. An accountant handling the figures of an organization on a daily basis most often develops expertise in analyzing the business and even may help in forming future strategies and contribute positively towards business growth of the organization. But in most cases the finance department is not involved while taking major decisions for the organization. 6. Reporting at gross In some companies, the accounting is done based on reporting at gross. This led to inflating market share proportions. For e.g., eBay.com included the entire price of auctioned items into its revenue even though it had no ownership or credit risk for items auctioned online. 7. Revenue issues The accountants may also face problems in determining what should be considered as revenues while accounting for an organization. There are often questions whether what is billed is considered as revenue or should it get logged only when the company receives the payments. 8. Human errors There can also be human errors such as typographical mistakes. Such mistakes might lead to problems in the final tallying of the balance sheets. 9. Lazy bones There can also be issues in accounting if the transactions are not updated on a daily basis. The accountant may forget to make entries of data of previous dates. This can lead to a faulty balance sheet. 10. Keeping an eye The finance department might also face problems in the absence of a strong hierarchal administrative system. Such systems are highly recommended for keeping a check on any kind of misappropriation, whether deliberate or done by mistake. These problems can be tackled in various ways. As the financial world evolves in a borderless, technologically advanced era, effective regulation of the profession through an interstate compact and the implementation of accounting academies would better serve and protect the public. Our nation‘s physical borders are no longer the only borders that require well-prepared and well-educated sentries.

In Erudite Finlop & Lawton, all these problems are taken care of both virtually and physically.

A complete package for SMEs

We provide a complete package of Accounting, Tax and Financial Services to ensure time management, cost reduction and profit maximization for our clients. The package includes. Bookkeeping & General Accounting a well versed and experienced accountant is assigned for the Client’s monthly bookkeeping work into a software of Client’s choice. The payables, receivables, ledger, invoicing and data entry is done with expertise and on deadlines. Tax preparations Taxes are prepared on the due dates of the year by an expert Tax Accountant to ensure the credibility and loyalty of the client towards the law of the State and Country. Financial Statement Preparations and Financial Analysis Financial statements are prepared on monthly, quarterly and annual basis with due diligence and analysis of the financials is done to have a knowledge of the growth of productivity and how to improve it, if there is a downfall in financial performance. Virtual CFO A Certified Accountant will be acting as a Virtual CFO. He will be handling all decision making, handling issues and providing advisory service for better performance and growth of the firm. Inventory management & ERP solutions In case of manufacturing firms the ERP and inventory accounting is taken care of on popular ERP software.

Benefits

Virtual Finance Department Services provided by Erudite Finlop & Lawton is beneficial for a SME, it can be proved by the following points. Expert Team – EF&L has a team of experts in the field of accounting, tax and finance. Each and every team member if a qualified accountant and a software expert supervised by a Certified Accountant to maintain the quality, speed and accuracy of the work and to meet the deadlines. Cost Effective – Hiring a physical fully fledged finance department inside the firm brings lots of expenses to pay off like salary, office expenses, setup expense and other administrative expense. But outsourcing the whole finance department can save your cost and get best out bound services which can be seen with the performance of our team. Perfect communication – The virtual department is online 24x7 a week and each and every question is answered within an hour and issues are solved as soon as possible. A person form our team working on you will be online to provide you live support. Daily updates – Updates can be seen on the workspace created for the client in our online CRM system. Client can assign tasks, provide deadlines and get updates on every work done. Eye for detail – the Accountant, tax accountant and CFO will always be keen to have an eye for details on the past mistakes and errors in the books of accounts and financial performance of the firm.

Expert advises – the CFO will be acting as a part of the firm and will take care of improving the firm’s financial performance and will provide advises and suggestions on how to increase productivity, lower down costs and maximizing profits. Data security - We do take care of the faith and honesty with the client. In order to provide that, we have a full secured system in our office. Confidential Non-disclosure Agreement is signed by Each Employee. No access to e-mail and Internet use Apart From the Specific use. Disk Less PC, for making data on non-transferable. Restricted Printer access. Confidential Non-disclosure Agreement is signed by Each Employee. No access to e-mail and Internet use Apart From the Specific use. Security checks are performed regularly. All data is backed up on a regular basis on server to enable anytime viewing by the clients. Regular Virus checking thorough updated Antivirus.

Contact us

Erudite Finlop & Lawton UG-1, E-21, Jawahar Park, Laxmi Nagar, Delhi,India-110092 shashank@finlopnlawton.com www.erufinlaw.com +91-8795102262