iBEAM Online Accounting

What’s in it for you / your firm?

• Accounting from anywhere – you can have your accountants in office, or working from home
• Restrict client visits for meetings – Upload scanned documents from anywhere, de-risk collecting /handling client documents for accounting
• Increase your Clients to Accountant Ratio – with an end to end solution at your disposal, most accounting is automated based on processes followed by your clients. Have each accountant manage 5 – 10 clients
• Automated accounting for taxes on transactions – VAT, CST, Excise, Service Tax, TDS, PF, ESI, etc
• Ready month-end compliances – generate ready reports for TDS, VAT, PF, ESI, etc and avoid additional compilation efforts
• Scale quicker with accountants needing lower skills/experience – A Process based and automated accounting approach means no time required for internal reviews, accounts finalisation for closure, etc.

What’s in it for your clients?

• Offer all benefits of an ERP, free, to your clients – for the mere cost of accounting services – Clients can manage procurement, vendors, productions, stocks and sales in the same solution*
• Your Clients have real time access to reports, data from anywhere over the internet – Business owners/decision makers are connected whether in office or on vacation
• Your clients benefit from the strong Internal Controls, Policies and Processes built into the solution, for free

Solution benefits when you are maintaining books of accounts for multiple clients?

– Value addition

• Detailed single click MIS reports (generated in excel) which will enable his clients to take important decisions real time. Examples:
  – Inventory reconciliation reports
  – Contribution reports
  – Stock movement reports
  – Profitability reports
  – Trend analysis
  – Stock valuation
  – VAT/TDS/Excise/Service tax/Professional tax/PF/ESI reports
  – Consolidation across multiple legal entities and generation of group level reports (if all legal entities are managed by same management)
  – Pilferage reports
  – Targets vs achievements of Sales personnel
  – Sales personnel achievements vs costs incurred (payroll costs, reimbursements, advertisement spends)
  – Expense analysis and month on month tracking for identifying any abnormalities
  – Multi-branch TB, PL and BS in columnar fashion for analysis and comparison
  – Accurate product cost and landed cost
  – Analysing variances of standard vs actual consumption
  – Inventory ageing
  – Receivable and Payables ageing
  – Product wise brand wise cost control and sales reporting
• Process driven transaction recording, which helps achieve scalability with the same team of accounts personnel
• Reduce duplication of entries as this is an online system and both client and consultant team (CA) can work hand in hand
• Option to allow certain functions like Purchase Orders, Goods Receipts, Invoicing, Approval of payments, Petty cash payments to be performed by clients, as part of their day to day activities
• Functions like bill booking, generating payments, bank reconciliations, configuration of taxes, review of automated posting logics for transactions, pricing and discounts can be controlled by your firm/company to minimise errors
• All statutory registers like Sales, purchases, TDS, VAT, PF, ESI, Professional tax, Service tax, Excise etc can be generated online by you before filing the returns and reviewed against the filled returns
• Intelligent system which automatically calculates / prompts user to deduct TDS for applicable transactions and also calculates VAT/CST/other taxes for all applicable transactions at applicable rates
• Eliminate human error
• Audit trail of transaction flow for future checking
• Implementation of segregation of duties (Maker Checker) made easy with a user friendly access control module
• Dynamic tax module which will help configure existing / new taxes with front end formula
• Brings about consistency in posting of similar transactions into the General ledger as they are automatically driven by the system for each type of transaction and the control of the same can be with a limited few
• Process driven payables module, which allows clients to see the invoices to be paid and they can be paid after the client authorises the same in the system
• Upload option provided from excel for pass book, recording vouchers etc
• Automatic bank reconciliation on uploading passbook transactions
• Capturing production information and comparison with approved Bill of materials (BOM)
• Provide option to clients to use the online purchase order and goods receipt note screens for initial data entry capture and validation
• Bill booking on receipt of materials can be based on the approved PO rates and received quantity at the consultant’s end
• Online invoicing module which can be used by clients and will reduce duplication of entries as sales entries get posted to pre-configured ledgers on authorising sales invoices
• Control of invoice rates and discounts centrally, thus eliminating errors in invoicing by sales/depot personnel. Even applicable taxes are calculated automatically at the time of invoicing
• Robust database with 99.99% uptime
• Online back-up mechanism
• No need for in-house IT team or infrastructure investment