Financial Services

TransVisionary Solutions provides a wide range of financial outsourcing services, which conform to international standards that include the Bank Reconciliation, maintenance of books and records as well as the preparation of financial statements. We are familiar with accounting software of India & the USA like Tally and Quick Books.

What we offer?

General Accounting:

General accounting includes bookkeeping methods used for recording of financial transactions of a business or a company. Companies use the double entry book keeping system for recording all financial transactions.

It includes maintaining and keeping a record of various accounting day books including:

• Purchase book
• Sales book
• Cash book
• General ledger
• Supplier's ledger
• Customer ledger

A book keeper writes up and maintains various "Daybooks". He is responsible for making sure that correct transactions are recorded in the correct daybook. A trial balance is finally made with the help of these accounting books and ledgers.

Payroll Processing:

A company's payroll is a series of accounting transactions that includes financial records of salaries, wages, commissions, bonus, overtime pay, pay for holidays, vacations and sickness, payment for piece work, value of meals and lodging and other substitutes for money, etc. It includes disbursements of funds to management and employees for a particular time period.

Managing a company's payroll can be a cumbersome and time consuming job because of different types of employees in an organization, e.g.: full-time, part-time, salaried exempt, salaried non-exempt, contractual labor, etc.

Accounting consultancy and Chartered accountants make this task easier by providing professional services for making a company's payroll. Leading companies these days, outsource their payroll to accounting professionals for better management. Companies keep a record of payroll that is based on objective criteria including time cards/ time sheets, etc. and accountants can perform related calculations and issue pay checks to employees. Companies just need to update changes in pay rates and deductions of individual employees.

Tax Return Preparation:

A tax return is a filed form used for paying tax to the central or state government. The form is provided by the government (taxation authority) to citizens for filing in detail the:

• Income earned
• Expenses incurred
• Deductions & rebates

The form helps in computing the actual tax liability. It includes all the related paperwork that is required while making tax remittance to the government.

There are different tax return forms available for:

• Individuals
• Corporations
• Partnership firms
• Local authorities
• Co-operative

It is statutory liability that a tax return be duly filled and signed by the person concerned and in case of a company or partnership by authorized director or partner respectively.

Accounting firms help individuals, corporations, partnerships firms and other organizations in filing accurate tax returns and on time. These professionals also help the companies prepare their tax returns. Since the document should contain details on various Sources of Income, expenses incurred and other items, it is beneficial to outsource tax return preparation to them.

Bank Reconciliation Statement:

This statement is the most common tool used by organizations for reconciling the balance as per books of the company with the bank statement and is made at the end of every month. The main objective of reconciliation is to ascertain if the discrepancy is due to error rather than timing.

Bank Reconciliation Statement process is being outsourced to professional accounting firms by large organizations. This helps them have an accurate view and also ensure that the company's bookkeeping is good. Accounting firms make monthly reconciliation statements for clients and help them determine any discrepancy.