SPECIFIC SOLUTIONS

There are several issues facing any Industry like supplies exceeding demand in the short term, resulting in lower recoveries, emerging markets might present new opportunities in the long run. It is very important to set the processes straight and effective ways to save & control costs and operational losses.

Integrated solution to optimize profits by monitoring Opportunity Lost:

  • Opportunity Lost is defined as the difference between highest possible profit/Least possible Loss for a state of nature and the actual profit/actual loss obtained for the particular action taken.
  • Opportunity loss is the loss incurred due to failure of not adopting the best possible course of action or strategy or meeting the described standards.
  • Only a course correction can lead to minimize such scenarios in future.
  • In any organization all the departments play a significant role in contributing to the profit. However any leakage in a particular department could lead to erosion of profits from other departments.

Sample Areas where Opportunity Loss could be measured in Spinning Mill

  • Waste production
  • Autoconer Loss
  • GPS Loss
  • Packing Material
  • Utilization Loss
  • Stores
  • Invisible Loss
  • Repair & Maintenance
  • Pneumafil Waste
  • Electrical
  • Seconds Production
  • Men Engaged
  • Roving Waste

Frequency of Computation

  • The opportunity loss can be computed on a daily basis so as to provide an insight on the day’s operations and course corrections required to avoid the same.
  • The same should be compiled on a monthly basis to provide a holistic picture of the month’s operation.

Clubs, Associations, Trusts and Societies are dedicated to a particular interest, activity or joint purpose to service its members.

There are several challenges faced by these Organisation like lack of Policies and Procedures, inconsistent accounting methodologies, lack of manpower, weak Internal Control systems, non-availability of IT Solutions etc

Our Specialization in Clubs, Associations, Trusts and Societies include the following areas of service:

  • Designing and Implementation of Accounting methodology,
  • Designing and Implementation of Policies and Procedures for all Areas.
  • Establish and monitor program activities and financial management of the Organisation.
  • Guide in Planning & Budgeting the proposal of any developmental activity.
  • Monitoring and Audit of financial records to ensure there are no pilferages.
  • Review of Budget Vs Actual.
  • Monitoring and Audit of services provided to Members vis-à-vis collections, outstanding.
  • Reconciliation of Membership & Other Fees.
  • Project evaluation in association with the experts in the particular field including financial evaluation.
  • Cost analysis of the project based on the financial data.
  • Complete outsourcing of accounting functions.
  • Training Needs Assessments

With extensive experience in the not for profit sector. We have worked with various Organisations in the Sector to help them develop effective management systems. Our experienced professionals can help you develop, enhance and operate ‘best practice’ programs that are consistent with regulations and support your organizations strategic objectives. The opportunities and challenges faced by organisations have never been greater. Astral has the experience and the resources to help you convert prospects into Positive results.

Our services to Not for Profit Organsation focus on

Advisory Audit Accounting
  • Organization design for performance
  • HR Function Optimisation
  • Talent Development
  • Workforce Cost Optimisation
  • Information System Services
  • Internal Audit
  • Investigation Audit
  • Concurrent Audit
  • Stock Audit
  • Asset And Inventory Verification
  • Fixed Assets Register Preparation
  • Balance Confirmation
  • Fee Reconciliations
  • Document Verifications
  • Payroll Services
  • Accounts Outsourcing

The healthcare sector in India is expected to grow at a rapid pace and being a country with a growing population, its per capita healthcare expenditure has increased over a period of time and it is expected to reach newer heights in coming years.

During the growth face Healthcare sector also faces several challenges such as Accuracy in Billing, Planning of Inventory, Lack of skilled human resources, compliance requirements, Information technology etc

There are around 35 Acts & Rules to be complied by a Hospital and cost of deviations/non comliance are very high with Civial, Criminal & Financial Liabilities and can even lead to arrest of the Directors. Hence compliance to various statute are very critical and requires a expert support to remain complied.

How can we help

Consulting Services on

Organisational design

  • Healthcare feasibility and business plans
  • Service planning mix
  • Service line analysis and benchmarking
  • Financial and operational analysis
  • re-alignment of organizational structure

Manpower rationalisation

  • Manpower planning
  • Review Competencies & Skill Sets

Operational Optimisation

  • Patient flow redesign and throughput
  • Utilisation analysis
  • Inventory management
  • optimization of supply chain
  • Cost reduction and revenue enhancement measures
  • Review of the existing IT Setup and suggestions for better controls
Internal Audit- Scope includes

Revenue Cycle Management

  • Tariff Master Controls
  • Revenue Assurance
  • Completeness & Accuracy of Bill generation, Cancellation & Collection
  • Discounts/Disallowances/Credit Notes
  • Controls over collections – cash, credit cards and cheques
  • Review of receivables

Supply Chain Management

  • Vendor evaluation & selection
  • Raising purchase orders/agreements
  • Receiving Process
  • Price Deviations – monitoring & approval
  • Review Debit/Credit Notes
  • Payment approval process
  • Review of Aged accounts payable
  • Balance Confirmation Process
  • Vendor appraisal process
  • Accounting and Accrual

Human Resources & Payroll

  • Creation, Access, Changes & Control of employee records in employee master
  • Attendance and leave records
  • Verification & authorization of payroll computations
  • Salary advances and recovery as per policy
  • Payroll disbursement and accounting for payroll
  • Full & final Settlements

Hospital Operations

  • Ambulance Operations
  • House Keeping
  • Infrastructure Safety & Security
  • Record archival & retrieval

Statutory Compliance

  • Checklist for compliance
  • Focus on non compliances which attract criminal penalty
  • TDS, Service Tax, ESI , PF Etc

Growing businesses face a range of challenges. As a business grows, different problems and opportunities demand different solutions. All too often, avoidable mistakes turn what could have been a great business into an also-ran.

Recognising and overcoming the common pitfalls associated with growth is essential if your business is to continue to grow and thrive. Crucially, you need to ensure that the steps you take today don’t themselves create additional problems for the future. Effective leadership will help you make the most of the opportunities, creating sustainable growth for the future.

  • Consulting Services
    • Strategy and Operations
      • Supply Chain Enhancement
      • Setting Up Systems For Planning, Reporting And Cost Management
      • Cost Management
      • Profit Enhancement
    • People and Change
      • Organization design for performance
        • Organisation’s Vision & Mission Statements
        • Organisation Structure Design & Diagnostic
        • Design Of The Operating Model
        • Job Evaluation And Grade Structuring
        • Role Descriptions
        • Business Balanced Scorecard Design
      • HR Function Optimisation
        • HR Policies And Processes Design
        • HR Technology Deployment
        • HR Analytics
      • Talent Development
        • Competency Modeling And Mapping
        • Capability Building Methodology
        • Career Path Design
        • Employee Engagement
      • Workforce Cost Optimisation
        • Workforce Planning
        • Strategic Rewards (Incentive Plan Design)
    • Process Outsourcing
      • Asset And Inventory Verification
      • Balance Confirmation / Reconciliations
      • Document Verifications
      • Payroll Services
  • Internal Audit Services
    • Entity/Process Level Risk Assessment
    • Risk Register Preparation
    • Process Based Internal Audit
    • Co-Sourcing (Build, Operate and Transfer)
    • Investigation Audit
    • Concurrent Audit
    • Stock Audit
  • Information System Services
    • ERP & Network Consultancy
    • Information Security & Software Audit
    • ISO 27001 / ISMS
    • Business intelligence

“The early bird catcheth the worm.” – English proverbs 1670

As we welcome the every new financial year we need to gear up to take up new challenges and make the systems and processes robust to take on increased completion and challenges both internal and external and early preparation will ensure there is a smooth take off for the financial year.

Areas that need an early preparation include

  • Budgeting for the ensuing year
    • Linking budget development to corporate strategy.
    • Design procedures that allocate resources strategically.
    • Tie Incentives to performance measures other than meeting budget targets.
    • Linking cost management efforts to budgeting.
    • Reduce budget complexity and cycle time.
    • Develop budgets that accommodate change.
  • Developing Key Performance Indicator for Performance Management
    • Developing KPI’s will ensure better Performance Management
    • Identify bottlenecks and critical areas in development
    • Adopt best practices
  • Set your Policies and Procedures
    • Don’t let pain areas of previous years take a toll on the performance of the Organisation in the new financial year
    • Get your Policies and Procedures to benchmark against the best practices
  • Planning for Staff Appraisal and Increment Process
    • Scientific Methodology adopted
    • Unbiased Review & Results
    • Early Completion and announcement boosts the staff morale
  • Customers and Vendor Confirmation of Balances
    • Prepare for your yearend audit requirements
    • Ensure the correct positions are taken into the new financial year
  • Inventory & Fixed Assets
    • Stock & Fixed Assets physical verification
    • Adherence to statutory requirements
    • Identify the obsolete and good ones
  • Outsourcing Decisions
    • Accounts Process Outsourcing
    • Outsourcing of Travel Expenses Processing
    • Document verifications
    • Collection of C Forms and Reconciliations
    • Payroll Process

Benefits to the Organisation

  • Organisation is better prepared to handle challenging business situations.
  • Early completion of Promotions & Increments will be a morale booster for employees.
  • Staffs are clearly informed of their performance measurement parameters, targets and expectations from the Management.
  • Early and smooth finalization of Financial Statements.

Scenario:

With increased players and models and coupled with the slowing Car Sales, it becomes extremely important for the Automobile Dealers to exercise care and caution to ensure that there are no revenue leakages and all the assets of the company are adequately protected.

Our Services to the Automobile Dealers:

Internal Audit:

Our Internal Audit services mainly focus on the following:

  • Efficiency & Effectiveness in the Operations.
  • Adherence to the Policies and Procedures of the Organisation and Statutory Compliances.
  • Accurate and Timely Financial Reporting.

Our process based audit provides a structured approach towards each of the areas to bring out the best possible results.

Monthly Review Mechanism:

Key Performance Indicators (KPI) are defined at the start of the assignment for the each of the areas and measurable targets and provided to every functions head. The defined KPI’s are measured on a monthly basis and are reviewed along with the Top Management and the Director in charge from our side.

Also the audit Observations are discussed and action plans are devised with the timelines and the person responsible to complete the task.

Our Focus areas and coverage:

Sales:

Sales function is facing the pressure like never before and with raining discounts and schemes from Principal, the Organisation should ensure to adhere with the various terms and conditions associated with the Sales Schemes (Eg., Exchange bonus, Loyalty Bonus, Government Employees etc), Promotions Activities reimbursements, Incentives and Off Take Bonuses etc

Our specific audit approach will look in depth into the aspects of

  • Gross Margins Per Car.
  • Negative Margin Car Sales.
  • Selling Expenses Per Vehicle Review.
  • Paid Stock Ageing and their Interest Calculation per vehicle till sale.
  • Demo Vehicle control, its expenses and mileage.
  • Timely Submission of Claims receivable to the Principal.
  • Verification of the amount received from Principal vis-à-vis claims raised on Principal.
  • Pending claims/receivables from Principal.
  • Sale of Accessories.
  • Billing and Collection from Sale of New Vehicles.
  • RTO Charges Payments & Collections.
  • Insurance Commissions received and its reconciliation.
  • Insurance Renewal & Collections.

Service:

Service functions is foremost breadwinner for any automobile dealer and it is all the more important that the system built around the Billing and Collection of Service, Spares, Body Shop are robust.

Our specific audit approach will look in depth into the aspects of

  • Service Bay Utilization.
  • Control on Spares- Storage, Issue, Billing and Collection.
  • Spares Vs Service Percentage Review.
  • Gross Margin of Spares Review.
  • Warranty Claims Process (Accuracy & Timely Submission).
  • Warranty Claims Pending and Disallowance Analysis.
  • Service Receivables Outstanding review.
  • Controls on IN & OUT of Vehicles.
  • Pending Job Card Review and Age Analysis.
  • Claims submissions and receivables from Insurance.
  • Physical verification of Stock of Spares.
  • Age wise Analysis of Spare Stock.
  • Review of VOR Purchases and its usage.
  • Obsolete stock/Old Model Spares etc.
  • Scrapping Policy and its Adherence.

We will help you in customizing the above solution for your Organisation and implement a monitoring mechanism.