MSTAR caters to every area of the Business operations.
We can take care of the entire Business processes from basic accounting to finalization and drawing of Balance Sheet, Audit enabling, Internal Audit, Payroll, Information Systems, Supply Chain Management, Manufacturing processes and so on.
We offer our services under the following four categories.
With the quality of our services we work towards forging a long term mutually enriching relationship with our clients.
A. Accounting & Audit Services
We take care of the entire aspects of accounts, namely,
- Data entry in Tally or any other accounting package;
- Bank Reconciliation Statements;
- Purchases accounting;
- Sales accounting;
- Direct and Indirect Expenses accounting;
- Capital Goods accounting;
- Accounting of other Current Assets & Liabilities;
- Unsecured and Secured loans accounting & monitoring;
- Accounting of other income, expenses, etc.,
We follow a Standard Operating procedure for all our services.
Statutory Compliances & MIS Services
We are adept in handling the compliances management of an organization. The following statutory compliances are taken care of.
- Sales Tax collected and paid and monthly returns filing
- Service Tax collected and paid and half yearly returns filing
- Service Tax inputs credit availing and utilizing
- Cenvat payments and filing of returns
- Cenvat inputs credit availing and utilizing
- TDS deductions and payments and filing of etds returns quarterly
- PF payments and filing of forms and returns
- ESI payments and filing of Return of Contribution half yearly
- Professional Tax deductions and payment
- ROC Compliances: As per the Ministry of Company Affairs, Govt. of India, it is mandatory to file certain forms and comply with certain statutory formalities after the completion of yearly audit and presentation of accounts in the AGM. We take care of such compliances on a timely basis.
We Enable an efficient and diligent management of the business by preparation of monthly MIS reports. This covers in addition to the financial aspects of the company, the other areas such as production, HR, marketing, purchases, IT and the vital data of every department which forms a part of the on going nature of the business. Timely decisions are enabled through these reports.
Internal Audit Services
A strong control systems and routine Internal Audit in place can lead to sound Management practices.
We do a thorough internal audit on a scheduled frequency to check for
- Error of Principle;
- Error of Omission;
- Error of Commission;
- Transposition Errors;
- Duplication Errors; and correct the same and to ensure
Compliances to accounting standards and Statutory requirements.
The following are the areas of audit
- Bank and Cash Transactions;
- Purchases and Sales;
- Direct and Indirect Expenses;
- Fixed Assets;
- Current Assets & Liabilities;
- Secured & Unsecured loans;
We do a thorough Systems and process audit
of various segments and suggest corrective measures wherever necessary for smooth business operations
Through the system of Internal Audit we ensure that,
- No Income relating to the company is left out of accounting;
- No expenses which the company is liable to bear is left out;
- There is no double accounting;
- There is no overstatement or understatement of income or expenses;
- Statutory liabilities are accounted and paid in time;
- All Returns filing are complied with on due dates;
- All Secured loans and Unsecured loans are discharged properly;
- Inventories are correctly maintained;
- Every area having Revenue implications is thoroughly scrutinized and corrective measures are put in place wherever required.
Statutory Audit Services
We do Statutory audit in association with Certified Chartered Accountants. The entire procedures like preparation of reports which are part of statutory audit, justifying the accounting & processes followed and sundries required for completion of audit, drawing of Balance Sheet are carried out diligently.
B. Segment Management
As Management Consultants, we take up the entire process Management, segment wise enabling our corporate clients to be totally free of such outsourced segments.
We Manage the following segments:
I. Payroll Management
Being a highly sensitive segment considering its Employer Employee linkage, error of any kind cannot be afforded by an organization as it can show up on the efficiency of HR department and can affect employee morale.
We take up the processing of Payroll on a monthly basis by deploying a most effective software in place. The following reports are presented to Management for further action.
- Payslip of individual employees
- Salary Statements
- PF Challans
- ESI Challans
- Individual employees' tax planning and TDS deducted statement
- TDS payment challans
- Letter to Bank for direct credit of salaries
II. HR Processes Management
The functioning of HR department on a strong policy frame work and processes lays the foundation for cordial employer employee relation.
As Management Consultants we do our bit to work with corporate for framing various HR policies with respect to,
- Maintenance of Employee records;
- Attendance Maintenance;
- Leave policies;
- Leave Travel Allowances (LTA);
- Mediclaim Policies & Reimbursements;
- Employee Advances;
- Employee Loans;
- Employee Performance Appraisal system;
- Setting up of Hierarchial flow chart in the Organisation;
- Policies pertaining to recruitment.
We manage these with the help of inputs given by the management and in consultation with them. A suitable HRM tool can be deployed at the client's place to enable these services. Just as CRM (Customer Relationship Management) is a necessary aid to manage parties externally related to the company, HRM (Human Relationship Management) is an aid to manage employees who are internally related to the company.
With our expertise we suggest to our clients what is best
- Leave frame work
- Employees Advance policy
- Employee mediclaim benefits
- Employee Performance appraisal and for every HR aspect, concerning their current set up and style of functioning.
III. Inventory Management
As this is directly related to the Profitability of the company, it assumes its importance and significance in a Business set up.
We take up the entire Management of Inventory with the aid of a suitable software or with the tools existing in client's set up. We can go an extra mile by deploying a suitable ERP software for Management of inventory.
Where this process if sporadic and hap hazard, namely,
- Material received is taken for production without any documentation and QC approval;
- Test production of Finished Goods is not recorded or documented;
- Consumption of materials not documented;
- Non return of materials from production or return of excess materials from production is not measured and added to stock;
There can be loss to the company and unjustified materials purchases request can happen which can lead to excess spending on materials and unnecessary stocking of inventory resulting in funds locking.
We work towards putting a procedure in place which can control material losses and help maintain Inventories diligently.
The flow chart giving the sequence of activity is given below:
Month after month this exercise of ours will help management prevent material wastage and with a streamlined process avoid revenue losses. This can snowball in an increased energy level and spirits in the cadrs of Stores and Production departments.
C. Revenue Enhancement Services
We prepare an yearly and monthly Budget Statements based on the scenario present and the inputs given by the client. The format will be as follows:
| Business Segment
||Monthwise volume & Revenue Targets
| Segment I
| Segment II
| Segment III
The actual performance is then compared with the budgeted figures and any drop in target achievement is highlighted to Management and corrective measures are taken. Thus this exercise helps management to make its plan in advance based on budgeted figures and achievements.
Yet another valuable tool that we work on is product costing. We have observed cases where the cost of a product is decided based on certain rough mental calculations. This can lead to
- Under valuing the product by missing out on certain costs attributed to the making of the Final product. This can lead to losses;
- Over valuing the product which can make it non-competitive in the market and thus losing on sales.
When we perceive such a scenario we work towards Revenue Enhancement by correctly working out the product cost. The formula as given below is applied.
||Consumption per batch of final products produced (Kgs)
|Sale price of Final product
By such methodic approach fixing wrong sale price and resultant losses can be prevented. Through a process of a thorough cost audit the correctness of the sale price can be determined and the areas of losses, if any happened in the business can be pinpointed and rectification measures taken.
D. Process Advisory Services
There are numerous processes happening for a successful Business enterprise. It is not just the processes but the right process at the right place which enables activities happening in a clock work precision giving the required results, namely, profits, steady growth and hassle free operations.
Through our Strategic Management process we study the various Business Processes thoroughly and wherever required suggest a system or process necessary to prune the activity.
Strategic management is an ongoing process with which we evaluate and control the business and the industries in which the company is involved; We assess its competitors and set goals and strategies to meet all existing and potential competitors; and then reassess each strategy annually or quarterly [i.e. regularly] to determine how it has been implemented and whether it has succeeded or needs replacement by a new strategy to meet changed circumstances, new technology, new competitors, a new economic environment., or a new social, financial, or political environment. Through Strategic Management we also identify the purpose of the organization and the plans and actions to achieve the purpose. Then, through process advisory we suggest managerial decisions and actions that determine the long term performance of the business enterprise. Such an exercise involves formulating and implementing strategies that will help in aligning the organization and its environment to achieve organizational goals.
E. Product Promotion through Strategic Business Partnering
We have entered into Business Partnering with a few Software companies who have been in the field for more than a deacde for promotion of their following Software products.
- Payroll Software
- HR Management processes
- Customer Relationship Management
- ERP for manufacturing
- Fixed Assets Management
There are numerous softwares available in the market. Having seen many of them we were able to make an assessment about their effectiveness, user friendly, report generation and customization before choosing these softwares.
We are absolutely sure each of these softwares will prove to be an extremely useful tool to the buyer.
We enable our clients go online by offering the following support services:
- Website content Management;
- Website Designing;
- Website hosting;
Useful Business information