Accounting & Advisory Services
MAKKS’s Accounting Advisory Services can help you plan and complete acquisition or divestiture transactions and also our services provides you with accountability of a single Rupee. With the increase in complexity of the business environment and transactions, financial reporting is becoming increasingly challenging. This challenge is amplified by the significant changes being envisaged in the financial reporting standards in many jurisdictions. Numerous companies are also seeking to improve their processes to achieve timely and accurate financial reporting.
MAKKS’s Accounting Advisory Services practice comprises of a dedicated team providing accounting and financial reporting advice and support to member firms audit and non-audit clients on a wide range of transactions and events, including adherence to new or revised accounting standards and effective management of the financial reporting processes.
Cash To Accrual (DEAS)
Accrual accounting improves the quality of general purpose reporting by public sector entities, and can lead to better informed assessments of the resource allocation decisions made by governments, thereby helping in the increase of transparency and accountability. Strong and transparent financial reporting has the potential to improve public sector decision making and to make governments more accountable to their constituents.
Governments that report on a cash basis do not account for significant liabilities, such as pensions and infrastructure development. As a result, Controlling Authorities encourages public sector entities to adopt the accrual basis of accounting, which will likely improve financial management and increase transparency resulting in a more complete and accurate view of a government’s financial position.
MAKKS’s Cash to Accrual services look to provide member firms’ clients with broad range of methodologies, including preparing and presenting an impact analysis for the implementation of Various Standards and translating the accounting impacts into tangible actions to help deliver their required changes in the organization’s systems, processes, people, and also to the wider business.
At present MAKKS is providing wide range of Service to the Urban Development Ministry in Maharashtra State. We are also playing a crucial role as a team leader foe implementation of Double Entry Accounting system in Urban Local Bodies of Nagpur, Amravati, Konkan and Aurangabad Division.
Financial Reporting Process Advisory
In a rapidly changing environment, companies need to review their processes continuously to help and ensure that they stay at the forefront of innovation and improvement. One of the critical processes in any company is the financial reporting process. A business can make timely and effective decisions if it gets financial information that is of a high standard and is presented on a timely basis. There is also a growing need to produce such information in a cost effective manner.
Implementation of new accounting principles as well as changes to existing accounting principles will require clients to make significant changes in financial reporting processes to ensure compliance. Companies going through a merger or a demerger will have to deal with the changes in financial reporting processes Even though some of these changes may be forced on a company; they provide the perfect opportunity to improve processes. The Quality Close methodology allows us to enhance the financial reporting process in a structured manner.
Accounting Change Services, Compliance Of As, Guidance Notes Issued By ICAI
The volume and significance of the topics currently under deliberation has the potential to result in a period of unprecedented change, and the implementation of these accounting changes throughout an organization may require significant time and resources. Some of these changes are transformational in nature and may impact the entire organization.
MAKKS’s Accounting Advisory Services is well positioned to help you implement new accounting standards. Our professionals can provide timely advice on the impacts of accounting changes, assist you in the development of an implementation roadmap and conduct technical training sessions to equip your team with the knowledge to navigate new standards successfully. Our teams understand that the pace of these changes is swift, the volume is significant, and it can be hard to keep up with all the requirements and potential impacts. Our cross functional teams can provide insight into the impact on general control environment, systems and processes, and business integration.
Preparation Of MIS Reports
There are a variety of financial reporting and accounting considerations impacting your needs, like transaction structuring, valuations, post-deal integration of the acquired business, transaction related accounting issues and requirements of stock exchanges, regulators, etc. which are required for various decision making.
MAKKS’s Accounting Advisory Services helps you plan and complete your decision as well as advice you on each stage of the transaction life cycle. By remaining involved through the life cycle ofthe transaction, our teams help you develop appropriate accounting, finance and tax structures.