1. Understand the business of the entity.
2. Based on the understanding obtained above prepare a chart of accounts and discuss the same with the management of the entity to ensure completeness in coverage of potential transactions.
3. Obtain the bank statements, backup documents like vendor invoices, sales invoices etc. and record such transactions in the books of accounts in line with the applicable and prevailing accounting framework.
4. Obtain the statement of all cash expenses made and cash receipts and account the same in the books of accounts.
5. Record all payroll related transactions appropriately including ensuring appropriate recording of payroll related statutory dues. Advise the entity on due dates for remittance of such statutory dues and ensure remittances are made in a timely manner.
6. To ensure all statutory dues arising on direct and indirect tax related regulatory requirements are recorded appropriately and advise the entity on due dates to remit such liabilities, if any and ensure remittances are made in a timely manner.
7. To ensure all filings required to be made under various regulatory requirements are being adhered to and are carried out in a timely manner.
8. To carry out a review of the accounting transactions recorded above including preparation of a Bank reconciliation statement. Based on such review to ensure that expenses which need to be accrued as liabilities are being recorded appropriately
9. On finalising the numbers based on the steps carried above prepare a monthly report containing a summary of all the accounting transactions recorded and discuss the same with the management to ensure deviations, if any are remediated appropriately.
