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
