Malav C. Sheth & Co has specialized in playing advisory and implementing role in double entry accounting reforms being carried out by the corporate and Government at various entities. We possess extensive experience in providing the following services:
Strategic Advisory
- Assessment of the existing Accounting System, Accounting Manual and identifying areas requiring improvement/modification
- Assessment and Review of legislative framework with reference to the existing laws and procedures
- Identifying amendments required in Act to facilitate the implementation of accounting reforms
- Designing the framework of Double Entry Accounting system
- Preparation of strategy to implement the double entry accounting system
Preparation of Accounting Manual
- Preparation of Common Accounting Manual in line with the objectives, recommendations and requirements of company
- Preparation of Budgeting and Auditing Manual
- Designing and documenting effective Internal Controls and Procedures
- Designing Chart of Accounts, Account Codes, Budgeting codes and budget cost centre
- Preparation of Manual of Instructions covering guidelines, accounting treatment of transactions, graphical flowcharts and sequence of data entry on implementing the Accounting Manual
Developing New Systems and Procedures
- Business process reengineering, to implement the change in accounting system
- Framing of Accounting Policies and Budget Regulations
- Designing formats of Financial Statements, Reports , Vouchers, Forms and Registers in the new system
- Designing and implementing appropriate Budgetary Control System in line with the new accounting system and its integration with the financial management information system and decision-making system
- Preparing Standard Formats for monitoring the progress.
Designing the Architecture of the Following Supporting Systems
- Asset Information System
- Revenue Information System
- Demand Collection Balance System
- Inventory System
- Works contracts management
- Stores and inventory management
- Capital Work in Progress System
- Management Information System (Financial)
- Billing system
- Procurement systems
- Other systems as required by the client
Guidelines
- Documentation of User Guide
- Providing guidelines for preparing Opening balance sheet and Reconciliation of Bank accounts, PF account, Pension account etc.
- Providing guidelines to determine and valuate fixed assets, infrastructure assets, current assets, investments, long-term liabilities, current liabilities, Capital Work in Progress and net worth as on the transition date
- Providing guidelines for the analysis of the quarterly balance sheet and final balance sheet
Providing guidelines for valuating and verifying stock in hand - Assistance in providing details to the credit rating agency for credit rating
- Developing manual to help in preparing outcome budgets
- Developing checklist for the implementation of the accounting reforms
Facilitate Computerization
- Preparing system requirements specifications and system design document for accounting solution
- Designing report formats as required by the regulatory authorities and government
- Computerization of Records and Computerization of accounting system using the new codes and account heads
- Generating MIS reports
- Networking of all Department
Implementation
- Preparing action plan for implementation of the new accounting system
- Engagement, management and supervision of the work at implementing body level for Field level Implementing Agency/Accountants etc.
- Categorization, grouping and sub-grouping of assets and liabilities
- Implementation of Double Entry Accounting System
- Preparation of comprehensive operations training modules for employees and local level agencies and preparation of the project plan and its monitoring
- To catalyse, facilitate, manage and supervise the implementation of double entry accounting system.
- To draft circulars, memorandums, letters and reports on behalf of client
- To design and implement MIS System, including ratio analysis, etc
- To analyse and finalise Budgetary Reforms
- To analyse and finalize structure for quarterly Balance Sheet
- To analyse Balance sheet as per Accounting Manual
- To make presentation as and when required with the management
Training
- To device and impart training on Concepts of Accounting Reforms including detailed instructions on recording transaction for various activities, process to be followed for quarter end/year end accounts closing, Computerisation of Accounts
- Imparting training on the effective use of computer resources, accounting system and Management Information System for improving efficiency and effectiveness of the services
- To assist as a domain expert and manage, hand-hold and supervise the project
- To provide post implementation training and guidelines for ensuring sustained use of the systems and achievement of the desired objective
