Business Process Solutions

We offer a broad range of outsourcing services, customized to address the needs of both large and mid-sized entities.

Accounting Services

Regular services

  • Assistance in the initial setting up and designing the full set of accounting books and records (chart of accounts, accounting policy, software etc).
  • Monthly accounting and book-keeping services.
  • Compilation of management accounts
  • Preparation of annual financial statements
  • Annual audit assistance (not as auditor, but a role of providing audit required documents and support).
  • Compliance with routine Income Tax and Sales tax matters.

Special projects

  • Accounting review and advisory services
  • Accounting reconciliation service (e.g mapping between global and local financial systems, intercompany Account Payable / Account Receivable reconciliation)
  • Issuance of VAT, SVAT, Non VAT invoices.
  • Secondment services (e.g Finance Manager, Accountant, Accounts Assistant, Cashier)
  • Co-sourcing services (working with the client’s team in order to complete a series of tasks)
  • Cash Management services (e.g Account Receivable collection control, Account payable management)
  • Account review and re-organization for pre-initial public offering (IPO) or initiating negotiation.
  • Preparing financial statements relating to liquidation.

Payroll services

Regular services

  • Initial setting up of the payroll system
  • Payroll calculation and net salary payment arrangement including bonus, incentives etc.
  • Preparing journal entries monthly for recording payroll costs.
  • Preparation and filing of employees’ individual Income Tax returns and assistance in settling any related tax liability.
  • Annual audit assistance (not as auditor, but a role of providing audit required documents and support). Assistance in the employer registration of social benefits [Employees’ Provident Fund (EPF) and Employees’ Trust Fund (ETF)].
  • Monthly compliance work for social benefits.
  • Annual assessment for local employees’ statutory social benefits.
  • Assistance with external audits and inspection by social benefit authorities.
  • Assisting employees to claim social benefits (EPF & ETF) from the respective Departments and payment of gratuity on retirement.

Special projects

  • Payroll compliance review, including payroll calculation
  • Payroll / HR secondment services
  • Payroll structuring and arrival meeting services
  • Advice on payroll and secondment arrangement for expatriates
  • Employee leave management
  • Preparation of Payroll and HR Compliance Reports
  • Assisting expatriates in obtaining and renewing residence visa

Inventory Management

  • Verification
  • Reconciliation
  • Inventory Processing
  • Reporting

Fixed Assets (Property, Plant & Equipment) Register

  • Preparation of Fixed Assets (PPE) Register using software
  • Updating existing Fixed Assets Register
  • Carrying out physical verification and coding of fixed assets
  • Carrying out valuation of Fixed Assets

Contact Partner :

Rodney Balasingham – rodney@kreston.lk