Process Flow At accl global, we have developed a niche in assisting start-ups and growing businesses from across the globe with all their accounting and financial reporting requirements. Working in the offshore accounting segment for more than a decade and with focus primarily around the digital and e-commerce brands has helped us lead the entire financial processing and reporting cycle from the front! From on boarding of a client to reporting the deliverables – we follow a relatively linear and simple workflow process to ensure an efficient financial back-office function is in place. Here is a quick tour of the Key steps: Sharing of the Initial Information Request list Parties involved – Bookkeeper/Client One time process Soon after on boarding, we would be sharing a initial information requisition checklist document with list of questions relating to: Background of their business Current status of books of accounts Start Date Data sharing protocols Vendor Management and Payment Process Payroll processing Sales Channels and Payment Gateway connects (if any) Inventory management cycle (if applicable) Tax filing obligations (GST – AU; VAT – UK/EU; HST – Canada; Sales tax – US among others) Management Reporting requirements Other business specific questions Accounts Setup, Processing and Reconciliation (Bookkeeping) Parties involved – Bookkeeper Daily/Weekly/Monthly Once the expectations have been set and data flow is arranged, we proceed with the next step i.e. setting up the accounting process and performing bookkeeping and data processing. As part of this stage, we would be setting up/reviewing the Chart of accounts depending upon the business and reporting requirements. We shall then look into any cleaning up needed in the bank reconciliation side or the AR/AP listing as on the Start Date. Once this is done, we shall then proceed to processing of the source documents into accounting application (like XERO; QuickBooks Online; Netsuite; Waveapps including others). We then proceed toward bank reconciliation and other business specific reconciliations needed including sales reconciliation with sales platforms/marketplaces and payables management. Exceptions reporting to the Client Parties involved -Client/ Bookkeeper Weekly/Monthly This process involves sharing with the client any exceptions which we have noted when performing the tasks under Step 2. This is generally a shot report shared in excel format which mentions any particular transactions where more information is needed before they can be taken care of in the books of accounts. These are shared over email for easy access and sometimes also discussed over calls depending upon client’s availability. Internal Review of Financial reports Parties involved – BookkeeperWeekly/MonthlyOnce all of the bookkeeping and reconciliation for a reporting period has been done, we perform a internal review of financial reports generated for the reporting period. As part of this process, we ensure the:Bank Reconciliation and Sales reconciliation reportsGeneral LedgerCash Flow Statements Taxation Reports in the form of:Business Activity Statement (BAS) for Australia businessesVAT return for UK/Other EU NationsHST/GST reports for Canada based businessSales tax reports for United States’ based businessesA/R and A/P ageing reportsAny other specific reports Periodic Reporting to Clients Parties involved – BookkeeperWeekly/MonthlyOnce all the Previous steps have concluded successfully, we are preparing and sharing various management information reports for the stakeholders’ to take appropriate business decisions in atimely manner. This reporting pack includes:Actual Financial Performance as against Key performance indicatorsCash Flow Forecasting and Analysis on key levelsBudgeted Cost Vs actual costs analyticsRevenue reporting with deep dive on products/geographies/services outperforming Vs lowperforming onesIn addition to these management reports the other standard accounting reports would also be availablefor the client’s reviewBank Reconciliation reportsGeneral LedgerA/R and A/P ageing reportingTaxation liability reports meeting local requirements of businesses based inAustraliaUK and other UE nationsCanadaUSUAE and Hongkong including others Feedback Sessions Parties involved – Client/Bookkeeper Monthly/On-demand We always encourage clients to have regular open for one to one feedback session to discuss the key performance metrics and the areas which need a more closer monitoring for efficient cash flow management and smooth operations flow.