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FINANCE & ACCOUNTS OUTSOURCING SERVICES

scanning the enviroment

The global ecosystem has undergone a total metamorphosis in this century. Especially so in India, which is moving fast on its growth trajectory. Volatility in the dynamics of business has thrown up a fresh set of challenges. Adoption of technology and automation with speed has become a success formula for any business. This has warranted Business Owners to concentrate more on their core business operations. They opt to delegate non-core activities like Finance and Accounting to outsourcing Business Consulting Company- i.e a Third-Party Service Provider. Such Consultants leverage their skill, specialised experience for solid deliverables.

Are You Business Owner, Entrepreneur in MSME and SME Sector, in Manufacturing, Trade or Services and Anxious to Achieve Profit Maximization along with Cost Optimization?

CONNOTATION OF OUTSOURCING

Outsourcing connotes the practice of having a certain job function done outside a company through a
Third-Party Service Provider instead of having an in-house department or employees.

CORE AND NON-CORE FUNCTIONS

Core Functions of business revolve around revenue earning for the business. Non-Core Functions are outside the primary business function. However, they may reflect a substantial part of  health of business. More often than not, they represent a significant portion of the business expenses.

Business Owners do well to focus on their Core Functions and entrust Non-Core Functions
to the Professionals who have:

  • Specialised domain knowledge.
  • Relevant professional experience.
  • Requisite skill set.
  • Requisite infrastructure.

Under the model of Outsourcing, companies can generate better revenue and gain competitive advantage.

Are you Business owner, Entrepreneur in MSME and SME sector in manufacturing, trade or services.

anxious to achieve twin objectives of:
  • Profit maximization.
  • Cost optimization.
But still, suffering from recurring and disgusting Pains?

"Do WHAT YOU DO BEST, AND OUTSOURCE THE REST"

Peter Drucker (Managemnet Consultant)

Let's Work Together
provides remedial solutions to assist you
You may devote full time and energy to your core business operations and leave the rest to us for revenue growth and cost efficiency.
Holistique plays a critical but strategically positive role and offers remedial solutions to assist you in:
  • Reducing operating costs.
  • Boosting profit growth.
  • Ensuring compliance within the regulatory framework.
  • Placing you in the total comfort zone.
  • Enhancing ROI year-on-year.
 
The success of Outsourcing process entails
4 critical decision areas:
  • A concise definition of objectives.
  • Aim at realistic expectations.
  • Formulation of a workable plan.
  • Selection of right vendor i.e Outsourcing Business Consulting agency.
Outsourcing strategy essentially rests on 4 goal-oriented considerations.
  • To achieve greater focus on core business.
  • To increase flexibility to deal with ever-changing business conditions.
  • To gain access to services and emerging technologies.
  • To assign operational issues to the care of experts.
  • To have greater thrust on market positioning and new product development.
  • To redirect resources for non-core activities for greater focus on serving the customers.
  • To improve operating performance, quality, timeliness and productivity.
  • To obtain technologies which otherwise will not be available.
  • To improve management and control of operational processes including risk management.
  • To improve corporate credibility and image.
  • To eliminate the fixed cost of internal staff by moving the function to the Service Provider.

  • To reduce investment in assets.
  • To reduce invested capital funds in non-core business functions.
  • To expand operations to new geographical areas.
  • To reduce or control operating cost.
  • To access low cost, infrastructure of Third-Party Service Provider.
  • To achieve cost reduction with enhanced performance.
  • To handle varying demand more efficiently because of economies of scale.

  • To achieve aggressive growth objectives by gaining increased market access.
  • To leverage on service providers' best process, capacity and systems.
  • To expand the capacity to design, test and build new products and services.
  • To stretch its limits in handling the increased volume of business.
  • To manage demand efficiently through outsider’s automation, process maturity, and latest technologies.
  • To focus on enablers of business growth and strategies to fulfil them.

"IF YOU DEPRIVE YOURSELF OF OUTSOURCING AND COMPETITORS DO NOT, YOU ARE PUTTING YOURSELF OUT OF BUSINESS"

Lee Kuan Yew, Former Prime Minster of Singapore

  • Helps faster, stronger and sustainable growth of the company.
  • No loss of projects and new clients owing to lack of time.
  • Cut in overhead cost and expenses incurred only for actual work done.
  • Helps absorb shocks of sudden staff attrition.
  • Improvement in productivity and work quality.
  • Empowers you to introduce new services to clients.
  • Work Less and Earn More.
Holistique Outsourcing Finance and Accounting Process undergoes Stage-by-Stage Procedure to
ensure Timely Delivery at a Competitive Cost.

STAGE 1

Fill in Inquiry Form

  • Your name
  • Your business name and address
  • Your contact details
  • Nature of Outsourced Service required

Call/Email from Client Relationship Team

  • To understand the nature of your service requirement.
  • Workout best possible solution.

STAGE 2

Due Diligence to Learn Your Requirement.

Ballpark Estimate Based on the Requirement.

The Proposal, if required.

  • Detailed of Outsource Services.
  • Cost.
  • Timeline.

Approval to Proceed

  • Rules of engagement are stipulated.

STAGE 3

Pricing Confirmation

  • Submit pricing parameters.
  • Discuss and negotiate pricing to avoid any midstream ambiguity.

Contracting and SLA sign of.

STAGE 4

Resource Deployment and Training

  • Resource mobilization and deployment.
  • Identify experts to work with clients.
  • Embark upon training both the teams to work in unison.

Project Kick-off Meeting

-Familiarisation with :

  • Objectives.
  • Terms of engagement.
  • Communication channels.
  • Modus operandi for operations.

STAGE 5

Project Execution & Management

  • Proceed within the ambit of goals and objectives laid down.

Reporting Updates and Feedback.

  • Real-time reporting with identified channels of communication.

STAGE 6

Delivery

  • Client meeting.
  • Appraisal of project report in terms of objectives specified.
  • Checklist of tasks done.

Client Feedback and Review

  • To evaluate the satisfaction level of the client in terms of Project Framework.

Looking to generate better revenue and gain competitive advantage.

Don't Overestimate Your Competitor Nor Underestimate Yourself !

Holistique has designed Flexible Engagement management model in response to client-specific requirements.

A. FIXED PRICE MODEL

  • The Fixed Price Model is suitable for the well-defined requirements for the outsourcing work.
  • Fixed Fee is charged after the analysis of the scope of finance and accounting work.
  • This model works for outsourcing the fixed monthly tasks viz. Bookkeeping and Accounting because it is possible to identify the volume of activities on a monthly basis.

Benefits

  • Fixed charges-no extra cost.
  • Saving in overhead cost for maintaining minimum infrastructure.
  • Transparency-requirement is well-defined.
  • No risk of fluctuating rate.

B. DEDICATED RESOURCE MODEL

  • The Dedicated Resource Model reviews the business requirement of the clients t0 establish the scope and nature of work. The work is then, assigned to dedicated teams for the Projects.
  • Under this Model, dedicated individual or team  work exclusively on the project under the controlled environment of Holistique.
  • Each FTE ( Full Time Equivalent) account executive or team communicates with you to execute as per the requirements. You are directly updated on the progress of work by means of daily, weekly, monthly report.

Benefits

  • No risk of cost escalation owing to fixed monthly charges.
  • Flexibility in the selection of resources.
  • Can summon additional resources depending upon contingencies of work.
  • Value addition resulting from efficiency achieved over a period of time.
  • Suitable for medium to high volume of work.

C. TRANSACTION-BASED PRICING MODEL

  • Transaction-Based Pricing Model is based on the quantum of work. The client is charged on the basis of the number of transactions with the price-per transaction based on total volume. 
  • This model is suitable when there is fluctuation in the volume of work per month and there is no consistency in volume.

Benefits

  • Suitable in case of drastic fluctuations in the quantum of work.
  • Flexibility in the price structure.
  • Cost-saving with increased efficiency.
  • High visibility in staffing requirement and pricing.

"MASTER YOUR STRENGTH, OUTSOURCE YOUR WEAKNESSES"

Ryan Khan - Founder of The Hired Group

SILVER PACKAGE

BASIC SERVICES
  • Day-to-day transaction entry on the basis of documents/Invoice Billing for goods sold – Sales entry.
  • Receipt entries - received from Customer.
  • Purchase entries – on the basis of invoice received from the supplier.
  • Preparation entries.
  • Various payment entries
    • Expenses.
    • Payment to suppliers.
    • Employees’ payment.
    • Various tax payment entries.
  • Bank entries.
  • Journal entries.
  • Reconciliation of Bank Book & Bank Statement. prepare bank reconciliation statement for difference – on a monthly basis.
  • Credit card reconciliation with statement records – on a monthly basis.
  • Real-time track of every outstanding cheque as well as deposit in transit.
  • Review of cheques deposited, issued, cleared, cancelled.
  • Record maintenance of personal data of employee.
  • Record maintenance of transaction details of the employee like attendance, advances, statutory deduction etc.
  • Payroll calculation and finalisation of gross pay, net pay, a net deduction for each and every employee.
  • Preparation of payslip containing a detailed breakdown of Gross Pay and Net Pay.
  • Verification & approval of bills – matching of bills & services/goods receipt & P.O.
  • Escalation alerts for various instances:
    • P.O. without a proper budget.
    • P.O. – issued – without proper authority.
    • No goods/services received against bills.
  • Preparation of D.N./C.N. wherever required.
  • Recommendation for early payment – where attractive cash discount possible.
  • Analysis of supplier-wise price trend & purchase history.
  • Creation of invoice based on documentary evidence such as service/product delivery confirmation & sale order copies.
  • Statement – Total Cost per item.
  • Alert for short payments.
  • Preparing & sending Account Statements.
  • Preparing Accounts Receivable Reports based on Analysis of AR by age, business segment, the customer.
  • Using invoice raised to date to prepare a cash flow summary for past & future.
  • Year-end calculation for the following items.
  • Outstanding expenses.
    • Provision
    • Depreciation
    • Deferred tax calculation
    • Amortisation
  • Ledger Scrutiny.
  • Preparation of financial statements with required schedule and notes.

Preparation of Year-End Statements:

  • Financial Statements and Income Statement.
  • Cash Flow Statement.
  • Notes and Schedule to the Balance Sheet and Income Statement.
  • Consolidation of Financial Statements( if required).

Monthly preparation & calculation of Tax & Filing of Return for:

  • TDS
  • GST
  • INCOME TAX

GOLD PACKAGE

SILVER PACKAGE + BUSINESS INSIGHT ANALYSIS SERVICES
  • Cash Flow Management enables a company to estimate the amount of cash at a given point of time. Trends of Cash Inflow and Cash Outflow are projected. It is feasible to evaluate whether a shortfall or surplus in cash could potentially occur.
  • Working capital management plays a significant role in the success or failure of a business enterprise.
    • It is required for uninterrupted business operation on day-to-day basis.
    • It ensures the maximization of enterprise wealth.
    • It helps meet short-term cash obligation of entreprise.
    • It helps boost the profit of an enterprise over a period of time.
  • Contribution Analysis involves step-by-step approach designed to assist contribution a program has made to some particular goal. The internal and external factors are analysed.
  • Contribution Analysis estimates the direct variable cost and selling price of a range of products.
  • Contribution is the fixed amount of earnings remaining after all direct costs have been subtracted from revenue. The remainder is the amount available to pay for the fixed cost that a company incurs during the reporting period. Any access of contribution over a fixed cost equals the profit earned.

Trend analysis involves the collection of information for the multiple time period. Actionable patterns are spotted for information of a business enterprise. Trend Analysis has a typical application in two ways:

    • Revenue and Cost Analysis.
    • Investment Analysis.
  • Ratio Analysis involves an understanding of financial statements of enterprise based on ratios. The ratio shows a mathematical relationship between two or more items of financial statements. It entails the process of computation, determination and presentation of the relationship of the items. 
  • Ratio Analysis helps diagonise the financial health of an enterprise.
    Ratio Analysis helps in measurement of profitability, solvency, and activity of a business enterprise.

     

  • Liquidity Ratio:
    A Liquidity ratio is a financial ratio that indicates whether a company's current assets will be sufficient to meet the company's obligations when they become due.
    • Current Ratio: The current ratio is a financial ratio that shows the proportion of a company's current assets to its current liabilities.

      Current Ratio=Current Assets/ Current Liabilities

    • Quick Ratio:  The quick ratio is a financial ratio used to gauge a company's liquidity. Quick ratio is also known as the acid test ratio.

      Quick Ratio=Current Assets-Inventory/ Current Liabilities

  • Activity Ratio: 
    Activity Ratio is a financial ratio which measures the efficiency of utilization of assets of the company.
    • Total assets turnover ratio=sales or COGS/Total Assets.
    • Fixed assets turnover ratio=Sales or COGS/ Fixed Assets.
    • Current assets turnover ratio= Sales or COGS/Current Assets.
    • Working capital turnover ratio= Sales or COGS/ Working capital.

       

  • Profitability Ratio:
    Profitability Ratio is generally used to d    etermine how well the business is generating profit from its operation.
    • Gross Profit Margin=Gross Profit/ Sales
    • Operating Profit Margin=Earnings before Interest & Taxes/ Sales
    • Net Profit Margin= Net Income/ Sales
    • Return on Net sales=Net Income/Total Assets

CUSTOMIZED SERVICES

ADD-ONS
  • Developing a project plan.
  • Definition and confirmation of project goals and objectives.
  • Identification of tasks.
  • Roadmap for the achievement of goals.
  • Budget Formulation.
  • Timeline for completion.
  • Testing of business profitability.
  • Critical evaluation of estimated cost and projected revenue.
  • Preparation after determination of
    - investment opportunities.
    - evaluation and planning.
    - incorporating information regarding a gamut of parameters.

Accounts Manual to:

  • Design accounting policies and procedure manual.
  • Formulate guidelines to staff in Finance and Accounting in plan execution.
  • Provide a set of operating and reporting guidelines.
  • Ensure compliance with internal stipulations.
  • Prepare a roadmap for system and approach for good corporate governance code.
  • SOP framework lays down target ranges and makes the assessment for individual performance.
  • Compliance with SOP helps in adherence to work schedules.
  • SOP helps the achievement of goals with efficiency.
  • Performance appraisal system and a mechanism are built for quality control and consistency of services.
  • SOP grants protection from knowledge loss.
  • SOP saves training cost.
  • SOP makes the company ready and alert for future growth.
  • Internal Control Mechanism is designed to provide reasonable assurance for the achievement of objectives viz.
    - effective and efficient operations.
    - reliability of financial reporting.
    - compliance with applicable laws and regulations
  • Sources of the channel of fundraising for clients are established.
  • Detailed cost-benefit analysis.
  • Small, medium and big venture can secure funds for projects and merchandise.
  • CMA data reflect the creditworthiness of borrowers.
  • The existing and projected financial position of borrowers is examined.
  • Analysis of fund utilization.
  • Systematic Analysis of working management is examined from the perspective of both banks and borrowers.

Outsourcing A reasonable option to Work Less
and Earn More.

Holistique follows stringent procedures to ensure a seamless transition of your current account setup into a new integrated accounting environment. It involves transfer of in-house processes to Holistique without causing any disruption to your regular ongoing operations.
 
  • To determine the nature and volume of processes to be outsourced.
  • Analysis of :
    • Documentation system.
    • Process Flow.
    • Internal Control System.
  • Review the policies and procedure in place.
  • Identify changes or improvement in the current system for the transition.
  • Phone, Teleconferencing, Email or Site visit by Holistique as warranted.
  • Workout scope of services to be outsourced.
  • Identify the gap between the current system and the proposed system.
  • Governed by control points, analysis of gap and finalisation of the scope statement.
  • Demarcation of respective roles of Holistique and the client.
  • After identification of process weaknesses, suggestions and development of new processes.
  • Fixing the deadline to complete the transaction process.
  • Creation of additional resources and infrastructure, if required.
  • Stage-by-stage strategy to put implementation plan on road to execution.
  • Transition process normally takes 1-3 months time.
  • Document and draft of every process relating to:
    • Data collection.
    • Understanding client business.
    • Demarcation of roles and responsibilities.
    • Preparation of cost apportionment master.
    • Parallel running of the current system until testing and implementation.
    • Monitoring of actual performance at regular intervals and communicate it to the management for further necessary actions.
    • Clients are expected to follow standardised processes which can help us improve the internal control system.
At Holistique, client satisfaction is of paramount significance. In fact, it constitutes our raison d'etre.  We strive to deliver timely, cost-effective and high-value solutions in response to needs of our clients. To substantiate our total commitment and confidence for delivery of excellent service, we provide following guarantees to you.

1. 100% Risk-free Service

Our work is guaranteed to your complete satisfaction. If you are not completely satisfied with our services, we will accept a portion of the fees that reflects your level of satisfaction. This will be following a meeting with you to discuss and address your concerns.

2. Fixed Fees

For any assignment you wish, we will agree to fixed fee in advance. Thereafter, no increase in fee will be asked for the agreed services.

3. Efficiency

We will have your draft Accounts prepared by the agreed date as long as information is provided in time. If we do not meet this date you will not be charged for preparing the draft Accounts.

4. Deadline Dates

We will meet all filing deadlines like Income Tax, TDS and GST provided the information is provided to us before agreed date as per contract. If you incur any penalties on account of late filing by us it would be borne by us.

5. Advice

We will provide you with advice and services which will help you improve your business growth.

6. Promises

We will do what we say, and when we say we will meet all our promises to you – guaranteed!

7. Surprises

You’ll have no unfortunate surprises.

8. Friendly

We will provide a friendly and respectful service.

9. Written

We will give our guarantees to you in writing.

10. Feedback

We will be taking periodic feedback of our services.

11. Data

We will keep all your data shared always.

 

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ABOUT HOLISTIQUE

Holistique Business Consulting Pvt. Ltd. acts as a profit catalyst to business of any size and dimensions. It lays out pathway to - Profit, Progress and Prosperity - of Business Owners and Entrepreneurs. We acknowledge uniqueness of every type of business.

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