Struggling with Invoicing, Payments & Monthly Financial Clarity? Here’s How Virtual Accounting Can Help

Contents Covered

• What is Virtual Accounting & MIS Service?
• Key Areas We Cover
• Why Businesses Need This Service
• Frequently Asked Questions (FAQs)

Many growing businesses and startups face a common challenge — sales are happening, expenses are being incurred, but there is no proper system to track invoices, follow up on payments, monitor vendor dues, or understand actual monthly profitability. This results in cash flow stress, delayed collections, and lack of clarity for decision-making.

At PK Vats & Co., Chartered Accountants, we offer a comprehensive Virtual Accounting & MIS Service designed to bring structure, discipline, and real-time financial visibility to your business.

What is Virtual Accounting & MIS Service?

It is an end-to-end outsourced finance management solution where our team, under Chartered Accountant supervision, manages your:

• Invoicing
• Receivables and payment follow-ups
• Customer and vendor ledgers
• Expense and bill recording
• Payable scheduling
• Monthly financial reports and analysis

This allows business owners to focus on growth while we ensure financial control and accuracy.

Key Areas We Cover

1. Invoicing Management
We assist in raising GST and non-GST invoices, maintaining invoice registers, sharing invoices with customers, and tracking due dates.

2. Receivables & Payment Follow-up
Regular reminders are sent to customers for outstanding invoices. Ageing analysis is prepared, and long-pending dues are highlighted for action.

3. Customer Ledger & Reconciliation
Monthly customer balance summaries are prepared and reconciled with client records to ensure accuracy and smooth year-end closures.

4. Expense & Vendor Bill Recording
All purchase bills and expenses are recorded systematically, vendor ledgers are maintained, and GST input credit is tracked.

5. Vendor Payment Planning
We prepare weekly or monthly payment schedules, monitor due dates, and assist in payment processing after management approval.

6. Monthly MIS & Financial Reporting
You receive clear and structured reports including:

• Profit & Loss Account
• Balance Sheet
• Cash Flow Statement
• Key performance indicators such as margins, receivable days, payable days, and cash position
  These reports help in profitability analysis, cost control, and business planning.

Why Businesses Need This Service

• Timely invoicing and faster collections
• Better control over expenses and vendor payments
• Clear visibility of monthly profits and cash position
• Reduced dependency on in-house accounting staff
• Professional CA-supervised financial monitoring
• Improved decision-making with accurate MIS

We do not just maintain books of accounts. We help you manage your business finances strategically.

Frequently Asked Questions (FAQs)

1. Who can opt for Virtual Accounting & MIS Services?
   Startups, professionals, traders, manufacturers, service providers, and SMEs who want structured accounting and monthly financial clarity.
2. Do you raise invoices on behalf of clients?
   Yes, as per engagement scope, we can raise invoices in your accounting software and share them with your customers.
3. How are payment reminders sent to customers?
   Reminders can be sent via email, WhatsApp, or both, as per agreed communication protocol.
4. Will you operate our bank accounts?
   No. We only prepare payment schedules and assist in processing. Final authorization and banking control always remain with the client.
5. Which accounting software do you support?
   We work with Tally, Zoho Books, Busy, and other popular accounting and ERP systems.
6. Is GST and Income Tax compliance included?
   Statutory compliances can be handled under a separate or integrated engagement. This service primarily focuses on accounting, MIS, and cash flow management.
7. How frequently will financial reports be shared?
   MIS including P&L, Balance Sheet, and Cash Flow is shared monthly. More frequent reporting can be provided if required.
8. Can the scope be customized?
   Yes, services can be tailored based on business size, transaction volume, and reporting needs.
9. Who will handle our account?
   Your work will be handled by trained professionals under the supervision of a Chartered Accountant.
10. Is data confidentiality ensured?
    Yes. We follow strict confidentiality protocols and can sign an NDA on request.
11. How does this service help improve cash flow?
    Through systematic invoicing, receivable follow-ups, ageing analysis, and payable planning, we help improve cash realization and liquidity.
12. Will you help in business planning?
    Yes. Monthly MIS and financial analysis help in budgeting, cost control, and profitability improvement.