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Art of Accounting
Business Profile
Bee Net (Pvt) Ltd 2nd Floor, McLaren's Building No. 123, Bauddhaloka Mawatha Colombo 4 Contact +94 117 444 125 +94 711 342 111 www.bnet.lk
Bee Net (Pvt) Ltd Art of Accounting
Our mission is to help our clients accomplish their goals by providing the highest quality accounting, and Finance related professional services. We understand that responsiveness and personal attention to every client are critical to our shared success. We constantly strive to provide exceptional, industry specific service while promoting a dynamic work environment that is rewarding professionally and personally for all our employees. Build an extraordinary individual through special training to provide and exceptional service to our clients. Further our objective and goals for Bnet Team is primarily to provide excellent service and to develop meaningful relationships with our clients so that we can understand and meet their accounting needs.
Mission
To be a leading, recognized and highly regarded accounting and consulting network and the first choice in our chosen markets.
Vision
Our team includes qualified & sensible accountants with years of accounting and finance experience. This experience is within the professional services sector as well as independent assurance services sector (including global Audit firms)
Values
Bee net Team is firmly committed to the following values: Honesty and Integrity –Always dealing with our clients, colleagues and all other
stakeholders in a fair and ethical manner, gaining trust through our action. Professionalism and Knowledge ‐ Ensure that our partners and staff are
continually learning, growing, and are recognized as thought leaders in their respective specialties.
Team work – We are team players. We work closely with members of our client’s management team, providing them with fresh ideas to increase organizational efficiencies and effectiveness.
Pressure ‐ The ability to work under pressure is important, particularly in the periods leading up to quarterly or annual reporting when financial statements and/or reports must be completed by certain deadlines. nt.
Quality – Provide services of the highest quality to our clients that consistently exceed their expectation.
Value for money – we provide our services at highly competitive rates, realizing our clients with great value for the money spent.
1. Bookkeeping, including period end reconciliations (eg Bank recons, AR reconciliations, GL reconciliations).
Our Business Activities
Bee Net offer range of integrated services to help you grow, realize and protect your wealth. The aim of all of the services offered is to add real commercial value to you and your business.
2. Data entry & clearing of backlogs in data entry. 3. Preparation of Financial Statements 4. Stock Control and Inventory Management 5. Company Incorporation & Handling “ROC” Matters 6. Salary Preparation & Handling Labour Department Matters 7. Implementation of Accounting Packages with Staff Training 8. Internal Audit 9. Tax Consultancy & Handling “IRD” Matters‐Delet 10. Full outsourcing of Finance & Accounting functions. 11. Commercial Event Management , Designing Company Logo, Trade Marks &
Other Marketing Materials
1. Printing & Publishing
Sectors Bee Net team has over 12 years of experience providing services to clients in following sectors:
2. Manufacturing 3. Commercial Import & Export 4. Healthcare 5. Educational Services 6. Non – Profitable Organization 7. Banking & Financial Institute 8. Advertising 9. Plantation 10. Hotels & Restaurants 11. Construction & Engineering
Managing Partners
For your information we have included a brief biography of our Partners
Dinesh Denipitiya (Senior Business Consultant)
He earned his Masters in 2013 from the University of Wales Cardiff and his Bachelor’s degree from International University of America in 2009. Also he is a member of CPM offered by CMA Sri Lanka. Dinesh, who specializes in Accounting and Auditing, has over 5 years of experience in a “ B i g four” Audit firm. He has over 12 years of experience in different industries. His experience span across a number of sectors such as Banking, Hotels, Hospitals , NGO Plantations ect.
Ruwani Peiris (Senior Accountant)
She has Over 12 years of experience in numerous sectors where as her specialization is on Small and Medium businesses (‘SMEs’) in Sri Lanka. Ruwani has previously worked as an Accountant, Consultant and a Trainer at Bee Net. She is also an expertise the accounting software’s “Tally” & “Quick Books”. She heads the Accounting department in addition to designing business plans for small, medium and large organizations which includes operation efficiency.
E mail ‐
Corporate Information
Head Office ‐ 2nd Floor, McLaren's Building, No. 123, Bauddhaloka Mawatha Colombo 4
Mobile ‐ 071 1342111/071 1342122
[email protected], [email protected] Visit ‐ www.bnet.lk Bankers ‐ Sampath Bank PLC Bank Of Ceylon Auditor & Company Secretary ‐ Sethunga & Cooray Associates Chartered Accountants No. 127, 2nd Floor, Grandpass Road, Colombo ‐ 14. Tel : + 94 112448896 + 94 112 447508
Some of Our Clients
1. Channel Link (Pvt) Ltd ‐Printing 2. Siripa Publication (Pvt) Ltd – Publication 3. Gunasekara Printers (Pvt) Ltd ‐Printing 4. Paramount Solutions (Pvt) Ltd‐Printing 5. Primer Natural Teas (Pvt) Ltd‐Manufacturing & Export 6. Vichy Cookies (Pvt) Ltd ‐Manufacturung 7. GTA Refrigeration (Pvt) Ltd –Services 8. Zola Coating‐Manufacturing 9. Indicel Trading (Pvt) Ltd‐Trading 10. Daiki Trading (Pvt) Ltd –Manufacturing & Export 11. Cosmos Trading (pvt) Ltd ‐Services 12. Cosmos Aviations (Pvt) Ltd ‐Services 13. One Step Solutions (Pvt) Ltd‐Software Solution 14. Vantage Security (Pvt) Ltd‐Security 15. Master Guard Security Services ‐Security 16. Rhythm & Rhyme Institute of Music & Speech‐Education Institute 17. Sanjeewa Plastic Industries‐Manufacturing 18. Skyline Educational Technologies (Pvt) Ltd ‐ Education Institute 19. Business Ancillaries Group of Company‐ Service 20. Lanka BPO (Pvt) Ltd‐Education Institute 21. Zineth Immigration Consultant‐Service 22. Ignites LK (Pvt) Ltd‐Production 23. Nawa manahara Group –Driving School 24. Mihiri (Pvt) Ltd ‐ Resturant 25. The Glenrock (Pvt) Ltl ‐Hotel 26. Tool Sappuwa (Pvt) Ltd –Trading 27. Five Fingers‐Advertising 28. M.M.K. (Pvt) Ltd ‐Education Institute 29. Colour full Garment (Pvt) Ltd 30. Selaaka Finance (Pvt) Ltd
1. Bookkeeping
What we Do
Prepare source documents for all transactions, operations, and other business events.
capturing of source documents to the manual or computerized accounting system.
Make necessary periodic adjustments through journal entries, with appropriate references to source documents.
Perform end‐of‐period procedures — the critical steps for getting the accounting records up‐to‐date and ready for the preparation of management accounting reports, tax returns, and financial statements.
Compile the adjusted trial balance for the accountant, which is the basis for preparing reports, tax returns, and financial statements.
Close the books — bring the bookkeeping for the fiscal year just ended to a close and get things ready to begin the bookkeeping process for the coming month/fiscal year.
Art of Accounting www.bnet.lk
2. Bank Reconciliations A Bank Reconciliation is a process performed by a company to ensure that the company's records (check register, general ledger account, balance sheet, etc.) are correct with the bank's records.
What we do
Analysis and adjust differences between the cash balance shown on a bank statement, and the amount shown in the account holder's records. Thismatching process involves making allowances for checks issued but not yet presented, and for checks deposited but not yet cleared or credited. And, if discrepancies persist, finding the cause and bringing the records into agreement.
Art of Accounting www.bnet.lk
Account Reconciliations
In accounting, Reconciliation refers to the process of ensuring that two sets of records (usually the balances of two accounts) are in agreement.
To ensure the reliability of the financial records, reconciliations must, therefore, we performed for all balance sheet accounts on a regular and ongoing basis.
And without accurate financial information, a company cannot make well‐informed decisions.
Account Receivable (Debtors) We undertake to prepare periodic account reconciliations including the following:
Accounts Payable (Supplier) Cash in Hand Inventory reconciliations
3. Data entry & Backlog Clearance Bee Net is capable of undertake all accounts related data entry jobs in any software. With our experience staff you will experience the maximum efficiency and effectiveness.
Art of Accounting www.bnet.lk
4. Preparation of Financial Statements
What we Do
We prepare and present accurate Financial Statement to business owner that will assist in decision making and tax planning.
Liaise with the external auditors of the company to have the annual financial statements audited on a timely basis. Preparation of the schedules and other information necessary for the audit process.
We are happy to provide a free one hour consultation with one of our expert and talk to you about your business, how it functions, the future plans and your current accounting systems.
Art of Accounting www.bnet.lk
5. Stock Control & Inventory Management Inventory management helps businesses be successful. Inventory management is a crucial part of any business’ success. Inventory Balance
We make sure Good inventory management, which helps you figure out exactly how much inventory you need. This makes it easier to prevent product shortages and keep just enough inventories on hand without having too much.
Repeat Customers Good inventory management leads to what every business owner wants – repeat customers. You want your hard‐earned customers to keep coming back to your business to meet their needs.
Warehouse Organization If you know which products are your top sellers and what combinations of products your customers often order together, you can optimize your warehouse setup by putting those products close together and in easily accessible places. This speeds up the picking, packing and shipping processes.
Inventory Orders We will keep a track of how much inventory you have on hand, you can make smarter decisions about when and what to order.
Time Saving Inventory management is a great time‐saving tool. By keeping track of all the products you have on hand and on order, you can save yourself the hassle of doing inventory recounts to make sure your records are accurate.
Cost Cutting Inventory management helps you avoid wasting money on slow‐moving products so you can put it to better use in other areas of your business.
Art of Accounting www.bnet.lk
6. Company Incorporation & Handling “ROC” Matters Incorporation is the forming of a new corporation (a corporation being a legal entity that is effectively recognized as a person under the law). The corporation may be a Private Limited, Sole Proprietorship, Partnership, Foundation, non‐profit organization
What we Do
Name Search Preparation of relevant periodic
statutory records and filing the same with Company Registrar.
Dealing with Registrar of Companies in registering companies and obtaining Certificate of Registration
Obtain Company Seals including embosser seal, address seal and director seal
Publish Paper Advertisements/ Gazette Notices
Preparation of Share issue documents & obtaining TIN certificates from Inland Revenue Department.
Logo and Trade Mark Registration
What we Do
1. Stock Taking & Preparation of Stock Reports
2. Introduce Internal Controls for stocks maintained
3. Training stock Recording Procedures
4. Fixed Assets Verification 5. Introduce Fixed Assets
Register
Art of Accounting www.bnet.lk
7. Salary Preparation & Handling Labor Department Matters In a company, payroll is the sum of all financial records of salaries for an employee, wages, bonuses and deductions. In accounting, payroll refers to the amount paid to employees for services they provided during a certain period of time. Payroll plays a major role in a company for several reasons.
Reduce Costs Direct costs of processing payroll can be greatly reduced by working with a payroll provider.
Avoid Technology Headaches A constant question for small business owners is whether they have the latest version of their payroll software and the most recent Labor rules installed on their computer. Using the wrong Labor rules can result in stiff penalties. Outsourcing payroll removes those headaches and keeps payroll running smoothly.
Avoid Payroll Knowledge Walking Out the Door If your bookkeeper or controller gets a new job, they will walk out the door with their knowledge of the payroll process and how you do it. Using an outside service eliminates that business risk.
Benefits of Outsourcing Payroll Large corporations have the resources to sustain large payroll divisions. Smaller businesses usually don't, so they look elsewhere for help. Here are some of the top reasons why SMEs outsource their payroll
What we do
1. Handling Staff Recruitments 2. Payroll processing 3. EPF/ETF Registration 4. Arrange EPF/ETF Payments 5. Dealing with Labor Department
Art of Accounting www.bnet.
8. Introduce Accounting Packages with Staff Training
We focus on assisting our clients to developing system to create their own accurate, timely and useful financial statements. We have individuals trained in Accounting software. We work with our client to develop and manage efficient, Cost‐effective accounting system, consult with them regarding generally accepted accounting principles and appropriate controls and provide additional Training. The Advantages of Using Computerized Accounting Software Speed Automatic document production Accuracy Up‐to‐date information Availability of information Efficiency Staff motivation Reduce frustration The ability to deal in multiple currencies easily
Art of Accounting www.bnet.lk
9. Internal Audits Audit procedures are techniques and steps that corporate reviewers use to assess a company's operating performance. Auditors keep a close eye on internal controls, financial systems and corporate accounting principles. Closely monitoring financial mechanisms helps auditors ensure that employees record operating data in accordance with accounting norms.
What we do
Plan We will develop an audit plan based on a review of all pertinent information. Sources may include, but are not limited to a risk assessment, internal and external evaluations and management guidance.
Notify Schedule a meeting with the unit manager and the senior managers of the process to be audited. Identify the scope and objectives of the audit, how long it is expected to last and what the responsibilities for all parties are in the audit process.
Test Testing will include interviews with the staff, review of procedures and manuals, compliance with the Stranded and governmental laws and regulations and assessing the adequacy of internal controls.
Art of Accounting www.bnet.lk
Communicate
Keep the department that is undergoing the audit updated on the status of the audit on a regular basis especially if there are any findings. There may be instances where the findings can be addressed immediately.
Draft The report draft will include the audit Scope and Objectives, Summary and Opinion, Findings and Audit Recommendations.
Management Response Management will receive the audit draft to confirm the facts and respond to the Audit Recommendations. Their response should assign the responsibility and have a specific target date of completion for the corrective actions.
Review The final version of the audit will be reviewed and all issues resolved by the Director, Internal Audit.
Distribute The report is then released to the Company Owners
Verify The Internal Audit Department will normally conduct a follow up on the Management Responses to the audit Findings and Recommendations within a reasonable time frame.
Art of Accounting www.bnet.lk
10. Tax Consultancy & Handling “IRD” Matters
We use Our knowledge of tax legislation to provide advisory and consultancy services to Our clients, ensuring that they pay their taxes in the most efficient way and benefit from any tax advantages and exemptions.
We keep up to date with changing tax laws and explain complicated legislation and its implications to their clients in simple terms.
There are two main types of tax advice:
corporate ‐ working for business clients to make sure they are not paying more tax than what is necessary
personal ‐ providing advice to individual and private clientson minimizing their
tax exposures..
What we do
Preparing and submitting Tax returns meeting the deadlines Liaising and negotiating with IRD on behalf of the client Providing tax consultancy services
Carrying out detailed computations to calculate tax liability and advising on how to minimize a client's liability
Providing guidance on indirect taxation issues such as VAT, NBT/SVAT/ESC creating tax strategies for clients and planning their financial futures
Art of Accounting www.bnet.lk
11. Finance & Accounts Department Outsourcing
Why Most of the Business trying to outsource their accounting and finance department functions?
Business and its’ management can only focus on their business growth. ( Sales & Marketing)
Reduce the operational cost by 40% to 50% cost. Ability to obtain the services from Skilled & experienced staff
Following real life example elaborates the cost saving potential and how effective outsourcing finance function is to your business. This information relates to one of our client who has outsourced their finance function to Bnet.
Example 01 ‐ The company is importing world’s best branded electronic devices and panels, assembling some parts locally, and distributing within Sri Lanka.
YEAR ‐ 2014 April Cost
Details
Manager No of Staff Gross Salary Allowance Statutory Payment Total
Before Outsourcing After Outsourcing
01 02 09 05 Rs 153,000/‐ Rs 130,000/‐ Rs 80,000/‐ Rs 35,000/‐ Rs 33,000/‐ ‐ Rs 266,000/‐ Rs 165,000/‐
Art of Accounting www.bnet.lk
YEAR ‐ 2014 April Efficiency & Productivity Details
Staff Qualification Designations Software Support Manual Document Process & System Tracking Ledger Update Preparing Financial Reports
Before Outsourcing After Outsourcing
No Professional Qualification
With Professional Qualification
Accountant, Accounts Clark Managers, Data Entry Operator, Consultant
System not Implemented Running online software System
40% success
100% Success
Every Month End
Every day End
Only Statutory purpose
Prepared Actual Accounts
Let’s Work Happily Ever After
Art of Accounting
www bnet lk
12. Commercial Event Management , Designing Company Logos, Trade Marks & Other Marketing Materials
We offer a full delegate management service, from the initial design through the entire process of the event planning and logistics.
Event Management, Corporate Events
Our experienced Event Management team will work with you to ensure that your next corporate event is your best event. we have helped our clients run hundreds of Corporate Parties, Conferences and Exhibitions over the years and each one a success story.
Art of Accounting www.bnet.lk
Design Company Logo & Trade Marks
Through our experience we can provide you an added valve to your business through our expertise right combination of colors, theme and graphic representations. Comparatively our logo designs are extremely Unique with quality designs.
We propose logo design and corporate identity solutions for corporate business, professional services, medical, Arts and entertainment, travel, finance, fashion and other industries as well
Design Marketing Materials
A logo of a company stands for business, style, theme and history and can point out the industry sector that the business works for. An effective and promotional logo will lively provide a brand notice for your business and its can be remembered by the various crowd related to online visitors and offline visitors.
Art of Accounting www.bnet.lk
