A NASDAQ listed US Software Development enterprise wanted to carry out Software Engineering and Development from a base in India.
The enterprise incorporated a wholly owned subsidiary in India and commenced operations from Chennai with part operations in Bangalore and Delhi. Our process and teams was introduced and within weeks of their establishment, we set up the process chart, confirmed with them and rolled out Accounting, Payroll and various other Compliances on a time bound fashion. This was planned for the entire year to ensure complete understanding of roles and responsibility towards them and our teams at various locations. The entity has deployed a cloud-based accounting tool “NetSuite”, architected for US GAAP, on which members (having obtained specialized training on the software tool) were deployed. In order to comply with the Indian statutes, proper books of account under Indian GAAP, is further maintained. Month-end reconciliations are carried out between the books to understand the variances.
Payroll process has also been put on the cloud enabling every employee, irrespective of the location, to view their pay and other relevant details at the click of a few buttons. As the next step, the payroll and employee reimbursement modules are proposed to be mobile-enabled, taking the employee convenience to the next level. Banking operations are also electronic – the maker-checker concept duly embedded.