Shobha Jayasimha

In 2022 December I started Consultancy services like Payroll Process, Statutory Compliance and Internal Audit for Startups, Small Scale firms, and Individuals

Job Description

• Reduced client tax liabilities by identifying applicable deductions and credits.
• Advised clients on best practices for maintaining compliance with changing tax regulations, avoiding costly penalties.
• Reviewed client financial statements to ensure proper classification of expenses for optimal tax benefits.
• Coordinated efforts between the accounting team and other departments to ensure accuracy in interdepartmental transactions recording and proper cost allocation.
• Prepared accurate federal, state, and local tax returns for individuals and businesses within required deadlines.
• Collaborated with accounting teams to integrate financial data into accurate tax reporting.
• Managed relationships with external vendors, ensuring timely payments and accurate recording of expenses.
• Managed banking reconciliations and monthly balance sheet statements.
• Improved client relations by maintaining open lines of communication and addressing concerns promptly.
• Facilitated smoother audit processes by maintaining organized and comprehensive financial documentation.
• Ensured accurate and timely payroll processing for over 200 employees, maintaining employee satisfaction and compliance with labor laws.
• Maintained integrity of general ledger and chart of accounts.
• Collected and reported monthly expense variances and explanations.
• Kept up-to-date with tax changes and industry trends by participating in professional organizations, opportunities, and networks.
• Collaborated with accounting manager to comply with governing bodies and limit regulatory risks.
• Handled day-to-day accounting processes to drive financial accuracy.

Payroll Processing:

Collection attendance and leave details via Biometric or from Company HR

Fixation CTC

Preparation of Joining Letter

Computation and Processing of Wages & Salary

Calculate Statutory Dues & Deductions

Generate Salary Slip

Provide Salary Sheet, Slip, Statutory Challan and All Reports.

TDS Computation Leave, Bonus , Gratuity etc.

Statutory compliances

Quarterly TDS Return

Individual Income Tax Return

TAX deduct as per Govt. Slab

Monthly TDS compliance.

Handle Departmental Activities

Filing Returns

The EPF Acts, 1952

The ESI Act, 1948;

The Payment of Wages under Minimum Wages Act,1948ü

The Payment of Bonus Act, 1965

The Payment of Gratuity Act, 1965

The (State) Labour Welfare Fund Rules

The (state) Minimum Wages Act

The (State) Shop & The Maternity Benefit Act, 1961

Filing returns POSH

All other Labour Laws, as may be applicable from time to time

GST

GST Registration

Compliance and Filings

Input Tax Credit (ITC) Management

GST Planning And Strategy

Audit and Assessment Support

• Complete responsibility of the company's day to day functioning of the Accounts and Finance functions including MIS, Audit, Taxation, Corporate affairs, etc.

• Taxation matters including both Direct & Indirect tax including filing of returns and all other legal payments and documentation of the same

• Handled Accounts Payable, Receivable, General Ledger, Bank Reconciliations, Finalization of Account and Audits etc.

• The preparation of Financial Statements, Financial Reports for internal usage.

• Handled the entire Finance and Compliance during first investment of the organization

• Business analysis reports

• Verification of Capex and Opex invoices

• Project Costing statements

• Coordinate with the Internal Auditors

• Handled VAT Audit Assessment and GST Audit Assessment for the organization

• GST Return Filing, Reconciliation , Vendor Reconciliation etc.,

Salary / Wages Administration

• Handling payroll for 500+ employees on monthly basis which includes contract labour.

• Lead Payroll, Leave Management, Full & Final settlement, Employee Labor Compliances

• Verification and reconciliation of monthly payroll

• Calculation of Monthly liability of TDS on salaries.

• Ensure 100% accuracy, timeliness and completeness of payroll processing & full & final settlements.

• Resolve issues and answer Payroll and tax related Queries.

• Ensure continuous process improvements of all Payroll, Leave, Full& Final Settlement processes.

• Proactively audit the policy, processes and data related to Payroll, Leave, Full & Final Settlement processes and ensure audit readiness.

• Design & implement end-to-end payroll delivery and compliance reporting framework

• Coordinate for preparation of Actuarial report (Gratuity and Leave) Compliance with statutory filing (PF/ESI/LIC etc., and reporting)

• Responsible for all payroll provisions and budgets,

Implementation of payroll automation HRMS tool

(Darwin Box) for company, Interacting with internal

& external auditors and providing necessary data.

• Liaison with Govt Office like,PF,Labour Dept., ESIC

etc.,

• Managing employees leaves, attendance, and Bonus.

• Managing year end process, preparation of TDS

Reconciliation, Quarterly e-TDS return Filing, issuing Form16 to employees.

• Working experience with payroll and people software-Darwin Box.

• Quickly learned new skills and applied them to daily tasks, improving efficiency and productivity

EmployeeBenefits

• Insurance Benefits - Medical Insurance, Critical Illness Insurance, Accidental Insurance, Life Insurance

• Wellness Program - Employee Assistance Program and Emergency Support System

• Parental Support - Maternity Benefit, Paternity Benefit Program, Adoption Assistance Program, Day-care Support Program• Mobility Benefits - Relocation benefits, Transfer, Support Policy, Travel Policy

• Retirement Benefits - Employee PF Contribution, Flexible PF Contribution, Gratuity, NPS, Leave Encashment

• Other Benefits-Mobile & Broadband Reimbursements, Salary Advance Policy

• Providing management of all the financial components

of the association working closely with and reporting to

the MD

• Developing and updating accounting, finance and

management policies and procedures.

• Effective Cash Flow Management

• Monitoring budgets and comparing them with actual cost and revenues

• Monitor Budgets and variances

• Filing VAT return, E-TDS payment & E-TDS quarterly Return

Independent handling of VAT, TDS & Income tax assessment.

• Timely & accurate submission of Direct & Indirect tax

returns and payments of taxes, tax Audits and Annual

Return

• Maintaining books of accounts for cash collection and

reporting. Vendor payments, Voucher entries. Preparing

Monthly reports.

• Independently responsible for Payroll processing

• Responsible for statutory compliance and reporting on

monthly basis

• Statutory deduction like Income Tax, PT, PF, ESI etc.

• Income tax of salaried employees & maintenance and

verification of Income tax exemption -

• TDS returns - 24Q & Issue of Form 16, Handling end to end activities of PF (including UAN) & ESIC.

• Used Tally to prepare monthly reconciliation of bank accounts and take corrective actions on deviations

• Managed day-to-day operations within 2-person finance department

• Analyzed financial statements against forecasts to prepare high-level variance analysis

• Mitigated process gaps and managed financial operational functions.

• Complete responsibility of the company's day to day

functioning of the Accounts

• Payroll Management and Statutory Compliance TDS

Computation, GST, PF, ESI & PT, Payroll, TDS

• Processing of Purchase Bills of Raw Material, Asset &

Passing Bills of expenses from various departments

• Managing the Entire payments process of the company

• Ensuring timely & accurate submission of Direct & Indirect

tax returns and payments of taxes, tax Audits and Annual

Return

• Effective Cash Flow Management

• Filing VAT return, E-TDS payment & E-TDS quarterly return,

Independent handling of VAT, TDS & Income tax

assessment.

• Remitting foreign currency for import advance & other

expenses like traveling, consultancy, advertising and

project export.

• Negotiating with the banks for export documentation

requirement.

• Preparing cash-Flow statements & MIS,BRS statement

• Voucher entries of all receipts & payments

• Maintaining books of accounts and preparation of Financial Statements

• Payroll Management, Responsible for statutory

compliance and reporting on monthly basis

• Statutory deduction like Income Tax, PT, PF, ESI etc.,,

• Collaborated with purchasing department to reconcile

vendor invoices and facilitate payments

• Mitigated accounting risks through identification and

improvement of process inefficiencies

• Prepared monthly reports for payment and account Reconciliations and financial statement