The Haryana Labour Welfare Fund
March 1, 2024
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We carry out a variety of duties in general accounting positions at Indian businesses to guarantee correct financial record-keeping, regulatory compliance, and decision-making support. The following are some of the principal duties:
1-Recording Transactions: We use the double-entry bookkeeping method to enter financial transactions—such as sales, purchases, expenses, and receipts—into the accounting system. We guarantee accurate categorization and documentation of transactions.
2-Reconciling Accounts: To make sure that the amounts shown in the financial statements correspond to the real balances, we reconcile bank statements, accounts receivable, and accounts payable.
3-Managing Fixed Assets: We keep track of and preserve documents pertaining to the company’s fixed assets, including impairment evaluations and depreciation computations.
4-Tax Planning and Compliance: we assist in tax planning strategies to minimize tax liabilities while ensuring compliance with tax laws and regulations. This includes calculating and filing income tax returns, GST returns, and other tax-related activities.
5-Financial Analysis: To assist management in making decisions, we carry out financial analysis by analyzing financial data, creating financial ratios, and producing reports.
6-Auditing Support: During the audit process, we provide support to external auditors by providing necessary documentation, explanations, and assistance in addressing audit queries.
7-Preparing Financial Statements: we are responsible for preparing financial statements including the balance sheet, profit and loss account, cash flow statement, and statement of changes in equity. These statements provide a summary of the company’s financial performance and position.
8-Maintaining General Ledger: we maintain the general ledger, which is a central repository of all financial transactions. we ensure that entries in the general ledger are accurate and up-to-date.
9-Compliance and Reporting: We guarantee adherence to legal mandates and accounting guidelines, including the Companies Act, Income Tax Act, and Ind AS. We draft and submit several statutory reports and returns to the appropriate regulatory bodies.
10-Internal Controls: we establish and maintain internal control procedures to safeguard assets, prevent fraud, and ensure the accuracy and reliability of financial reporting.
11-Budgeting and Forecasting: By creating budgets, keeping an eye on deviations, and offering insights into financial performance, we support the planning and forecasting process.
12-Advisory Services: In some cases, we may also provide advisory services to management on financial matters, such as investment decisions, cost-saving initiatives, and strategic planning.
Overall, by guaranteeing correct record-keeping, adhering to regulations, and offering insightful financial information to assist in decision-making, we play a critical part in preserving the financial health of Indian businesses.
43/38, Rajeev Colony, Front of Foot Over Bridge near Rajeev Chowk Gurugram-122001 Haryana
info@impactmanagement.co.in