1.Book keeping/ Partial Accounting Services 

By outsourcing book keeping to GIPA, you gain access to the best practices of optimizing and automating book keeping. You receive an efficient accounting department without wasting your own efforts and resources on developing this non – core line of business.

Book keeping services from GIPA guarantee that financial and operational risks are mitigated, exclude the negative impact of the human factor and enable you to cut costs on an in-house accounting department and infrastructure.

GIPA is your proactive business partner who helps you make complicated decisions, takes on routine tasks and frees up time for you to tackle key business tasks. Most of our clients outsource all non-core processes to GIPA, including bookkeeping, payroll accounting and HR record management.

 

 

 

2.Human Resources Outsourcing

By outsourcing your human resources, it allows the Organization to become efficient and more productive within their bookkeeping procedures, not to mention the savings alone. Our human resources staff has expertise in supplying customers with timely and comprehensive accounting services to increase their total ROI (Return of investment).

When you outsource human resource services to us, you place those duties in dependable hands. We can supplement your present staff to minimize cost or increase performance over all. We can customize solutions of human resource outsourcing services from your organization while taking being priced competitively.

HR Outsourcing representatives will ensure that your payroll is consistently on time, while managing all employment contracts. Get team who can give a helping hand with day to day HR responsibilities along with retention, worker recruitment and direction. We serve businesses in all sectors and our valued services are unrivaled. We’ll give you the advantages having a dedicated in-house outsourced HR team, without the costs and headaches.

 

 

3. Budget Financial Report

Financial status, income and expense data can change on a daily basis for an organization. Financial data is documented and recorded in a budget report, often referred to as a financial report. A budget report is an estimate of an organization’s costs and revenues over an operating period and its current resources. A budget serves as a road map to the organization’s objectives and provides a baseline for measuring how well its projections match its reality.

A budget can also set out the organization’s plans for coping with adverse circumstances and explain how resources will be allocated to deal with general income and sales information, the fixed and flexible expenses that are necessary for the business to operate to full potential and the net worth of the entire organization, including assets and liabilities. More extensive budget reports might also include a letter from the organization owner about any major financial changes in the organization during the reporting period, and predictions for the future.

It’s important to recognize that there’s a difference between financial reporting and financial statements. A budget and similar financial report are useful tools, but that’s all they are. Financial statements make more formal representations of an organization’s value and must meet specific legal and regulatory standards.

 

 

4.Accounting System Architect

No business can function for long without an accounting department. Whether you are a self-employed person working out of your home or a giant organization with operations in multiple countries, you will need an efficient system of accounts to handle all your financial business matters.

An accounting department is a department within a company that handles the financial aspects of the business. Basically, the accounting department manages the economic front of the business. Accounting has been called the “language of business”. It is very important to ensure that your accounts system is efficiently run and managed.

Accounting is a generally overlooked sector of business. Most people underestimate the importance of the accounting department as accounts operations are mostly run behind-the-scenes as opposed to departments like marketing, procurement and HRM which deal with front-line business activities. However, a good manager knows the value of an efficient accounting system to the business.

The accounting department is very important in ensuring how the organization operates financially. Without an accounting system, the business cannot run its operations effectively since all business deals require either cash received or cash paid out, and the accounting department maintains these records. In other words, this department helps to keep a business afloat financially. Having an efficient, committed accounting department can help the company on many levels.

Accounting is a generally overlooked sector of business. Most people underestimate the importance of the accounting department as accounts operations are mostly run behind-the-scenes as opposed to departments like marketing, procurement and HRM which deal with front-line business activities. However, a good manager knows the value of an efficient accounting system to the business.

An organization’s bookkeeping system is very crucial in determining its overall success. Therefore, a lot of care and consideration should go into setting up an accounting department. Every business is faced with the dilemma of deciding on an appropriate accounting system to suit its needs. Some organizations may choose to operate a manual accounting system but in the modern world, this is not very feasible even for small-scale businesses. To retain an edge in the highly competitive market today, all businesses need to keep with the rapidly upgrading technology and for this it has become essential to have a computerized accounting system. This is also more time- and cost-effective as it is easier to record entries into an automated system rather than manually keeping records.

When setting up an accounting department, a organization usually has to go through the following steps:

Select an accounting method

The company first has to decide which accounting method it will be using. There are two choices available.

  1. Cash-basis accounting. In this system, organizations record income when cash is received and record expenses when the organization pays them. Cash-basis accounting is reliable when you want to track the actual amount of money entering and leaving your organization. This is a common accounting method among small businesses that tend to make immediate payment for goods and services received.
  2. Accrual accounting. In this system, the organization records income whenever a sale is made, regardless of whether they receive payment for it, and records expenses whenever the good or service is received, regardless of whether the organization pays for it. Accrual accounting is useful in informing the organization how much expenses it is incurring each month and how much profit it is generating. This method is used by large businesses or even by smaller business that tend to buy and sell goods or services on credit.

Select a method for recording transactions

After you have selected an accounting method, you have to decide the method to record transactions into accounts. There are two choices available to businesses.

  1. Manual recording. Accountants hand-write transactions into a ledger. Nowadays very few businesses use this method as it is very difficult and time-consuming to enter a large number of transactions daily in a ledger. Also, there is also a danger of incorrect amounts being entered, which can lead to problems for the organization.
  2. Automated recording. Transactions are recorded electronically in a software program. This has the advantage of accuracy. It is easier to keep track of any discrepancy or inconsistency in the accounts if transactions are being fed into a computer. It also helps to perform more monotonous and routine tasks quickly and efficiently.

Set up a chart of accounts

Next the organization has to set up a chart of accounts, which lists all the different accounts in your accounting system, like income accounts, expense accounts, capital accounts, etc. Hiring motivated and competent accountants can help take this task with ease.

Maintaining the selecting accounting system

After deciding on the accounting method, the organization has to learn and maintain the selected accounting system. Setting up an accounting system costs time and money, and so the organization should utilize it to the fullest, that is, it should enter every transaction, bill, charge, and refund. Another way of maintaining the accounting system is to reconcile it with transactions in the business bank statement. This is an effective way of properly allocating and accounting for company funds.

Essentially, the accounting department helps to run the overall operations of the business. Their function is more like that of advisors to management than that of a separate department within the organization. They monitor the overall performance of the company and their recommendations can bring long-term changes in its operations and policy.

 

 

5.Internal Control System Audit

GIPA should ensure that certain rules and procedures are followed by the business unit he is working on, in spite of the fact that a sound system of internal control is as sole responsibility of the management. GIPA can simply guide or help the management if he is asked to do so, because he has no authority to prescribe such rules and procedures. The degree of reliance on the system depends upon the effectiveness of internal control system; therefore, the Auditor should review and evaluate the internal control system of an organization to prepare his audit Program.

Review of Internal Control System

Internal control system should be reviewed by the GIPA in general as described below.

  • Reviewing the system of accounting entries, whether recorded as per accounting standard or not.
  • To frame audit program according to present circumstances.
  • Frauds, errors and mistakes are likely to be located or not.
  • To review existence of internal audit program and to check the efficiency of internal control system.
  • To review the reliability of reports, records and certificates as presented by the management.
  • To check if tere is any possibility of improvement in existing internal control system.
  • To cover the main areas of a good internal control system are cash, control over sales & purchase, financial control, employee’s remuneration, capital structure, inventory control, control over investments and so on.