Account Compliance and Reporting services (ACR)

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Today’s dynamic business environment is challenging organizations from small businesses to multinational conglomerates, to ensure timely periodic reporting and compliance. Factors such as changing regulations, growing attrition and increasing importance of data confidentiality have made reporting requirements more complex. Legacy systems and varied source data systems mean that the information and reporting requirements of organizations need to evolve, thus requiring a stable, scalable and expert team for providing accurate and reliable financial data.

Accounting Compliance and Reporting (ACR) solutions are focused on enhancing the efficiency of finance and HR operations while ensuring compliance with regulatory requirements and proactively contributing to evolving business requirements. The ACR team operates as an extended business partner facilitating meaningful financial analysis and reporting of business performance metrics – thus improving efficiency and cost effectiveness with adequate internal controls.

EY ACR solutions in India include the following key services: 

  • Book keeping and Accounting

    Features

    • Setting up books of accounts
    • Defining accounting processes
    • Maintaining books of accounts
    • Management reporting and reconciliation

    Key benefits

    • Ensuring 100% compliance as per accounting standards (Indian GAAP)
    • GAAP adjustments from a global set of books to local financial reporting
    • Elimination of errors and omissions
  • Financial statements and statutory reporting

    Features

    • Annual financial statements  as per Indian GAAP  (tax and statutory)
    • Financial statement year-end close process
    • Preparation of a group reporting package
    • Filling of financial statements with regulatory authorities;
    • Tax audit – Form 3CD and underlying schedules or statutory financial statements

    Key benefits

    • Robust processes and valuable insights to address unexpected challenges
    • Identifying areas of improvement for better cost controls and efficiency
  • TDS (Withholding tax compliance)

    Features

    • Preparing/compiling e-TDS data
    • e-TDS challan preparation and submission
    • Filing e-TDS returns
    • Periodic TDS reconciliation with books of accounts

    Key benefits

    • Check and control on cost leakages due to erroneous filling of returns
    • Checkpoint and review for high-volume transactions
  • Payroll processing and related compliances

    Features

    • Monthly payroll processing and reports
    • Year-end activities 
    • Reimbursements and investment declarations
    • ESS web access 
    • Payroll-related statutory compliances
    • Form 24Q filing

    Key benefits

    • Capability to manage complex payroll needs
    • Ensuring 100% compliance by highlighting and addressing  non-compliant areas
    • Checks and controls to prevent cost leakages
    • Appropriate interpretation and application of emerging  regulatory changes
    • Dedicated teams
  • Other Services

    Features

    • Accounting Remediation
    • Payroll Remediation
    • Statutory and Tax Audit Support
    • Tax Assessment Support
    • Virtual CFO support
        • Budgeting, Analytics & Insights, Process Improvements etc.

    Key benefits

    • Address past anomalies, improve processes and enhance confidence
    • Better control over the quality of information for statutory reporting and audit closures
    • Provide value-added insights to help address complex issues

Why EY ACR?

For bookkeeping and accounting 

  • Expertise built over 20 years
  • Cross-industry knowledge
  • Practical advice in line with regulatory requirements and customs
  • Sharing of best practices on process improvements and controls  
  • Integrated teaming with tax and other services (financial accounting advisory, business tax and regulatory, internal audit, transfer pricing , corporate secretarial)
  • Focus on accuracy, timeliness and comprehensive support

For payroll process outsourcing

  • Skill based service vs. typical data-in data-out BPO service
  • End-to-end managed payroll service by one service provider including all related compliances
  • Regular updates on tax and regulatory policies and their applicability on payroll
  • Complete ownership of employee communication and query management
  • Strong accounting and tax background; accounting, audit and regulatory support
  • Robust due diligence on lodgements.
  • Secure, stable, scalable and flexible technology platform with disaster recovery
  • Technology enablement tools suiting the requirements and controls around regulatory changes