StylusFMS Portfolio of Accounting Services
1. End-to-end Financial Accounting Services
StylusFMS’ end-to-end financial accounting services offer you an opportunity to have a relook at the processes and redefine them as per your requirement. We start with listing down all the processes, sub-processes and tasks as it were in your Finance & Accounting department, then map them to the competencies of the people who are responsible for each of these. Next step is to optimize the process to bring efficiency and the value to the system. We can help you achieve this based on your requirements. Based on your business context and existing need, we can either be the part of your existing team or take complete end to end responsibility across various tasks and processes.
We provide following services:
- Financial Accounting
- Recording and registering general accounting transactions
- General-ledger accounting maintenance
- GAAP, statutory accounting
- Consolidation and close
End-to-end Process solutions
Finance and Accounting end to end processes vary in each industry and are very specific to each business model. A cookie cutter approach to handle these processes does not work, services need to be customized to the requirement of individual customer. It is imperative for the accounting services provider to first understand end-to-end processes of each individual business and then offer a solution.
We at StylusFMS use our proprietary STEP Methodology (Strategy, Execution & Performance management Methodology) to handle end-to-end processes, whether it is Procure to Pay (more commonly referred to as Accounts Payable) or Order to cash (commonly referred to as Accounts Receivable)., STEP methodology starts with understanding the business model and works down to the detail of end to end processes. This is the reason that StylusFMS’ services are customized to the needs of your business.
The process of Order-to-cash cycle begins when a customer places the order and ends when the payment for the product/ services purchased reaches the seller’s bank. The order to cash cycle is the financial lifeline of any organization, as minimizing costs and maximizing profits are fundamental to the success of any business. Yet very few organizations consider that a healthy and effective order-to-cash process can help them improve their bottom line. An ineffective order-to-cash process can rob an enterprise of available capital through:
- High order-taking error rates
- High order-fulfillment error rates
- High DSO (days sales outstanding) rates
- High cost of dispute resolutions
- Inefficient/Ineffective collection processes
- Long-term losses due to customer defections
- Process followed for Order – to –cash processing.
P2P (Procure to Pay)
- High purchase order and invoice-processing error rates
- High cost per transaction
- Lengthy reconciliation and payment cycles
- High cost of problem resolution
An inefficient procure-to-pay process can rob an enterprise of available capital through:
Procure-to-pay process links the procurement process and financial department. StylusFMS’ Procure to Pay (P2P) process outsourcing service can definitely provide you control on costs as well as help you manage cash-flow without compromising on the client organization’s integrity and goodwill. The client achieves attractive savings on Account Payable (AP) invoice indexing and processing through streamlined and automated approval workflows.
R2R (Records to Reconcile)
Accounting cycle closures are often hampered by many loose ends still waiting to be tied up. Small business accounting team faces many challenges such as timely submissions, approvals etc from other departments often that need rigorous follow-up.
We recognize that optimizing the critical path to monthly and periodic accounting cycle closures are absolutely important to ensure compliance and provide accurate, timely and reliable information for management decision making. Therefore, identifying the critical paths in the Finance and Accounts Department is a very important part of our methodology.
Payroll processing has been made easier by a number of software applications, most of which are now online. StylusFMS has worked on several of them including ADP, e-payroll , webpayroll, paycycle etc. Knowledge of the regulatory environment including labour laws is important in processing payroll. Here is where experience as well as process handling maturity gets counted. StylusFMS has a proven track record of demonstrating due diligence in managing the payroll of their clients.
2. Compliance Services
The lags and gaps towards being totally compliant on time and every time is something that nags most small and medium business owners. StylusFMS is committed to bring confidence and the comfort of full assurance in this area by effectively addressing time sensitivities and compliance on all statutory regulations:
- Quarterly reports
- Tax accounting
- Corporate-tax returns
- Transactional taxes
- Financial Reporting
- Balance sheet analysis
- Preparation of financial information for external reporting, compliance and internal controls
- Monitoring and execution of controls and compliance
- Legal-entity control
3. Decision Support Solutions
Once we ensure that your end to end processes run reliably and accurately, we can provide you management dashboards and management reports that will give you the necessary and reliable perspective for making the right decisions. We will ensure that your quality time is not wasted on number crunching.
- We provide following management reporting and Dashboards:
- Corporate/business profitability
- Cost allocation and management
- Creation of standardized reports
- Generation, review, and distribution of management reports
- Budgeting, ad hoc forecasting
4. Financial productivity management Services
StylusFMS understands that despite the desire to address financial productivity, small and medium organizations often fall short in this area owing to time and competency limitations. Our specialists are ready to step in to fill the gaps for you. Our offshore model ensures that you get very impressive returns for an incremental investment in this area.
- Planning Analysis
- Base-cost analysis
- Consolidation of group financial planning and analysis
- Strategic planning and budgeting/ Operating-plan drafts
- Strategic rollups
- Leadership review reports
- Treasury and Cost management services
- Cash optimization
- Managing risk exposure and match funding
- Intra-company current account monitoring
- Monitoring equity, investments and income for funding entities
- Compliance with applicable laws
- Treasury reporting
- Currency exposure accounting
- Capital models reporting
5. Business performance management
The most strategic contribution that the Finance and Accounts department can make to a business is by playing a role in business performance management. However, this requires more than accounting skills. Business mapping skills and technology skills as well as an understanding of performance frameworks and Business Intelligence are called for to achieve this. Unlike pure play accounting firms, StylusFMS enjoys a very strong technology and process background to address Business Performance Management.
The services offered are:
- Instituting and managing Performance frameworks like Balance Scorecard
- Business process mapping – end to end financial and business processes
- Technology transformation – Cloud ware, Plug-ins, Wrap around