For the last 7 years, the Client has provided ticketing, marketing, and rewards technology for concerts, festivals, and arts events throughout the USA, UK, New Zealand, Australia, India, and Dubai.
As a sole proprietor, our client had a great idea, a great vision, and a fierce determination to see it succeed. However, he had no support staff and was doling out all of the duties of his business on his own. For an event company, the main challenges include how to record revenue for a particular event, tracking all countries’ bookkeeping, recording, and payments, bifurcation of revenue by country and by event, analysis of profitability, and filing applicable sales tax returns country-wise. The crucial task was to ascertain applicable laws in each country as we needed to maintain country-wise bookkeeping likewise USA, UK, New Zealand, Australia, India and Dubai.
In the beginning, we only provided back-office support to this client. Now we have been working with him for 2.5 years. Our services include record keeping, invoicing, tracking payments, AR/AP analysis, preparing monthly and annual financial statements (Balance sheet, Income Statement, Cash Flow Statement), and preparation and finalization of payroll of India and Dubai. The COGS and inventory discrepancy has been fixed, which has resulted in a profitable business. Now, he can run his business in different countries, including the USA, UK, Australia, New Zealand, India, and Dubai.
He outsourced the workload of the bookkeeping process to us and only retained the filing of returns. We provide him with all the services whatever he asked us to do likewise in the previous month he asked us about one query related to Indian GST Law which we successfully solved.
- The query was: A client who is based in Mumbai has had events taking place across different cities in India. Customers have therefore been based both interstate and intrastate. They are asking us what type of GST we are applying to their event tickets. What would be the answer to this?
- And Another query he raised in his Employees in New Zealand would be paid unused paid leave at the end of their employment, and we calculated the exact amount, because the person executing the payroll in Xero entered the leaves incorrectly, resulting in a high amount to be paid to the employee. We calculated the exact leaves about the employee which is lower than the payroll accountant has collected this gives the client a financial benefit. This is what the client is expecting from us.
- On the third account, an Indian company bank charged a fee that did not apply to the client. We advised the client to go to the bank & reverse the charge since it did not apply to him. The bank has refunded the client.