A REPORT ONINTERNSHIP EXPERIENCE

AS

ACCOUNT ASSISTANT AT CAS ACCOUNTING

AND MANAGEMENT

SUBMITTED

BY

ANIKET GORIWALE

T.Y.B.AF. (SEMESTER-VI)

Div.-A Roll No.-12

UNDER THE GUIDANCE OF

PROF. SNEHA

SUBMITTED TO

UNIVERSITY OF MUMBAI

NIRMALA MEMORIAL FOUNDATION COLLEGE OF

COMMERECE AND SCIENCE

(90 FEET ROAD, ASHA NAGAR, THAKUR COMPLEX,

KANDIVALI (E), MUMBAI400 101.)

ACADEMIC YEAR

2021-22

I
 CERTIFICATE

This to certify that the internship report entitled“A REPORT ON INTERNSHIP

EXPERIENCE AS AN ACCOUNT ASSISTANT AT CAS ACCOUNTING AND
MANAGEMENT”is his original work. He has worked my guidance for the requied period.
This dissertation fulfils the requirement of the ordinance relating to internship training.

No part of this report has ever published by any other university or institution for any purpose
what so ever.

___________________ ___________________

(Dr.Poonam Kakkad) (External Examiner)

(Co-ordinator)

___________________ ___________________

(Ms.SwiddleD’Cunha) (Prof. Sneha Mishra)

I/C Principal Program Guide

II
 DECLARARION BY THE STUDENT

This to certify that the present internship report entitled “A REPORT ON INTERNSHIP
EXPERIENCE AS AN ACCOUNT ASSISTANT AT CAS ACCOUNTING AND
MANAGEMENT” is his original work. The internship report fulfils the requiement of the
“BAF” Degree of this university. It does not form on the basis for the award of any degree or
diploma from any other university or institution.

______________________ ______________________

Date of Submission (Aniket Goriwale)

III
 ACKNOWLEDGEMENT

I would like to express my deepest appreciation to all those who provided me the possibility
to complete this report. I have taken efforts in this project. However, it would not have been
possible without the kind support and help of many individual and the organization. A special
gratitude I give to our project manager Mr. Royston Mendonca and my college mentor
Prof. Sneha Mishra whose contribution in stimulating suggestions and encouragement
helped me to coordinate my project specially in writing this report.

Furthermore, I would also like to acknowledge with much appreciation the crucial role of the
staff, who gave the permission to use all required equipment and necessary material
throughout the period. Last but not least, my thanks go to the head of the project Mr. Vikarnt
Chaurasia who have to invest his full effort in guiding the team in achieving the goal. I have
to appreciate the guidance given by the other supervisor as well as the panels especially in
our project presentation that has improved our presentation skills thanks to their comment
and advices.

Date:- ___________________

Signature of Student

Place: Mumbai

IV
 EXECUTIVE SUMMARY

This internship report is based on my time working as an Assistant Accountant with CAS
Management and Accounting Services. In order to deliver services in Mumbai, CAS - has
built a great working connection with the customer. That's how CAS has developed its
skills in order to better serve the needs of its customers.

At CAS, the intern had a two-month internship. The intern was there to learn about and
learn the the inside of a company. The interns' task was to record the appropriate entries
in tally software and verify for them. The intern developed a new feeling of
responsibility and a better understanding of what it meant to be a professional.

V
 INDEX

Sr. Name of the Topic Page No.

No.
1 Chapter 1: INTRODUCTION 1 - 20
1.1 About The Organisation
1.2 Services
1.3 Benefits
1.4 History
1.5 Swot Analysis
1.6 Hierarchy
1.7 Work Culture
2 CHAPTER 2: SCOPE OF STUDY 21 - 25
2.1 Study
2.2 Objectives
3 CHAPTER 3: LEARNING OUTCOME 26 – 39
4 CHAPTER 4: OBSERVATIONS 40 – 43
5 CHAPTER 4: CONCLUSION & SUGGESTION 44 - 46
5.1 Conclusion
5.2 Suggestion

VI
 CHAPTER 1
INTRODUCTION

1
1.1 About The Organisation:

CAS is to work with your clients strategically and offer services tailored to what they
need while adding a revenue stream for your accounting firm. CAS may be looked at as a
step beyond outsourced accounting services and advisory services because with CAS you
should be a more integral part and have a deeper understanding of your client’s business.

In recent years, the accounting industry has undergone technological advancements and
introduced the concept of CAS (Client Accounting Services), which is becoming very
popular amongst the customers. The idea of CAS keeps customers at the heart of
all accounting services, and hence, its implementation can help various accounting areas
gain optimum customer satisfaction.

Client accounting services. That means you perform:

• After-the-fact meant that you, the accountant, do most (if not all) of the

accounting work for your clients financial statement preparation (write-ups);

• Transaction processing, bill payment, processing of AP, AR, and bookkeeping;

• Payroll and payroll compliance;

• Periodic tax payments/compliance (sales tax, etc.); and,

• Outsourced CFO and/or controller services, which entail ongoing, higher-level

services to review financial performance and provide input on strategies to

improve business.

The CAS you do for a specific client may be a combination of any number of these
services. While these are the services that make up CAS, and you may already be
offering many of them, the objective and scope of true CAS goes beyond this.

Client accounting services (CAS) advisors are specialized by industry to offer you
specific strategies and insights that focus on your key challenges and opportunities. By
transforming your accounting data into relevant KPIs, you’ll get advice that goes be yond
2
the numbers to provide a 360-degree view of your business. Our industry specialists are
dedicated helping you gain a competitive advantage through data-driven decision
making.

CAS group is stepping ahead to secure your family and society with integrating modern
technology. It allows you to be connected with your Society Members, Neighbours,
Events happening within society and many more activities even when you are not at
home. We provide specialized services to Housing societies since last five years which
includes Society Accounting & Billing, Society Administration, Society Management,
Society Audit and much more.

Trust has been the foundation of relationship with our clients. This has enabled us to
achieve new heights. We have put technology at its best to deliver word class service in
the field of Accounting & Management Services. We provide youngest Accountant &
Manager to societies with best skill & good experience in this field.

1.2 Definintion:

The definition of CAS starts with your clients and includes all the services in traditional
CAS and then some. It goes deeper into identifying the needs of different types of clients
so that you can deliver the best possible services.
Since CAS is about the best way to serve the needs of all your clients, it is important to
analyze which categories your clients fit into:

1. Clients who write manual checks. Chances are your firm has some clients handling
things this way. This is traditional after-the-fact write-up work.

2. Clients who want to perform some of the accounting work (for example, transaction
processing) in their office by choice and not because it has been imposed on them.

3. Clients who want to offload all their accounting work to their accountant. This is
outsourced accounting services (not to be confused with offshore accounting

3
 services, which means taking accounting work offshore). Outsourced accounting
services is clearly a segment that has been underserved.

“In other words, in CAS it is the accountant who utilizes his/her education, knowledge,
experience and expertise to manage ‘accounting’ for the client. CAS makes accountants
become a more involved, more integral part of the clients’ business processes, like being
their in-house accounting departments, with the key difference that the accountants are a
few (or a few hundred, even a few thousand) miles away from the location of the
business. The important difference, though, is now the clients have the benefits of
professional accounting.”

CAS means putting your client’s unique business needs first and making it
profitable for your firm.

CAS includes providing the best possible accounting services to the clients and help
them with financial business decisions. Although in a CAS model, you, as an accountant,
pay heed to all the accounting needs of the clients, the approach should always be to
maintain a win-win balance between the client requirements and your business growth.

4
1.3 How does CAS Accounting & Management Services Works?

CAS Accounting & Management Services works with its Ethics. It gives best services to
their clients. Traditionally, CAS Accounting & Management services meant that, the
accountant, do most (if not all) of the accounting work for the clients. Outsourced CFO
and/or controller services, which entail ongoing, higher-level services to review financial
performance and provide input on strategies to improve business.

CAS Accounting & Management services work ethically as well as systematically. They
give satisfaction and relaxation to the financial services.CAS Accounting & Management
always gives their best services to their clients.

Client Accounting Services means that you, as an accountant, do most (if not all) of the
accounting tasks for your clients.

➢ Bill payment, transaction processing, processing of AR, AP, and bookkeeping.

➢ After-the-fact financial statement preparation (write-ups)

➢ Periodic tax payments/compliance (sales tax, etc.)

➢ Payroll and payroll compliance.

➢ Outsourced CFO and/or controller services, review financial performance and provide

input on strategies to improve business.

5
CAS is considered to be the fastest-growing new revenue segment for many top
accounting firms. However, CAS opportunities are more available and relevant to
smaller accounting firms. Traditionally, CAS meant that the accountant does most of the
accounting work for the clients.

They perform:

➢ After-the-fact financial statement preparation (write-ups) Transactionprocessing,

bill payment, processing of AP, AR, and bookkeeping.

➢ Payroll and payroll compliance.

➢ Periodic tax payments/compliance (sales tax, etc.)

➢ Outsourced CFO and/or controller services, which entail ongoing, higher-level

services to review financial performance and provide input on strategies to

improve business.

Client accounting services best practices

Each firm is different in how they handle CAS, but there are a few tried-and-true best
practices. Here are three best practices to consider when implementing client accounting
services into your business.

6
1.3 SERVICES

Accountants understand these services well. If you’re not that versed, here’s a short
“real-world” definition. Imagine a small-to-medium sized (SMB) business; maybe it’s on
the larger end of the spectrum. They probably have a full accounting department, a team
of financial professionals to handle things like:

• Bookkeeping

• Bill payment

• Budgeting

• Invoicing

• Accounts receivable

• Managing payroll

• Reporting and financial statements

• Tax prep and filing

For businesses who haven’t brought their financial department in-house, they often
employ accountants, CPAs and/or accounting firms. These firms offer a range of CAS
services and become the outsourced finance team for business clients.

The Three Types of Firms Offering Client Accounting Services

Of course there are more than three types of firms (forgive the oversimplification here),
but many firms bear resemblance to one of the following (or a mixed bag of them):

➢ Tax and Audit: Some accountants cut to the chase for the most sought-after

services: tax preparation and bookkeeping. Other services may be on the website, but

the bread and butter is tax time.

➢ Multi-service model (hourly billing): All of the CAS (accounting) services listed

above are on the table. Closing clients means a detailed discovery call and estimate

7
 of hours. The struggle is managing things like scope creep and capacity issues with

your team.

➢ Productized service model (set price billing): This is grouping services together

into a range of packages. For example, three tiers to give businesses a choice based

on what they need and the stage of the company.

Services Offered by CAS for Accounting & Management:

✓ Communication to all members for online support.

✓ Maintenance and updating of statutory reports.

✓ Bill printout and delivery to society Office.

✓ Collection of cheques / drop to the concerned Society Bank A/C.

✓ Update Society Members Data.

✓ Update petty cash book (Monthly).

✓ Bank Re-conciliation (Monthly).

✓ All members can make online payment form the software.

✓ Members can access the software in order to see a record of their

Maintenance.

✓ Uploading Circulars, Notice, AGM & Monthly Minutes.

✓ Update Monthly Minutes

✓ Maintain All Vendors & Members File.

✓ Handling Complete Correspondence.

✓ Co-ordination & checking of Repair and Maintenance work with

Committee members

✓ Maintain Complaint File & Take Follow Up of the Complaint.

✓ Supervision of Important Notices & List the arrears on Society Notice Board

✓ NOC Making subject to Rent & others, etc.

8
 ✓ Supervision on All Vendors of the Society

✓ Tenant Management

✓ SMS & Alerts.

✓ Out of pocket expenses will be claimed separately.

✓ Managerial Staff will visit 3 days in a week for 2 hrs. in the society office.

CAS also include:

o Transactional services

o Strategic services

o Performance services

o Compliance services

9
1.4 BENEFITS

1. It presents your firm as more than just an accounting service provider to your clients.
2. CAS helps to gain the trust of your clients, and they depend on your firm for important
business decisions. Hence, you achieve a loyal clientage.
3. As you gain more clients, it becomes easier for you to scale your own business and think
about the growth of your firm.
4. It helps build a longer-lasting business model for your firm going forward. It gives you an
upper hand on the market competition and ensures you more sustainability.

For the CPAs, structuring the accounting firm of the future starts with the adequate change of
the mind-set. The clients and prospects expect more from the accounting firms, and CAS
provides that.

Our solution has a number of benefits both due to the technology we have used in
designing it and the kind of people who have mentored us along the way in order to
ensure that our solution is the perfect answer for all co-operative housing societies
regardless of where they are all over India. We have employed software developers as
well as Chartered Accountants to work on the solution together so that we are able to
create a software that is not only technically sound and stable, but also rich and intuitive

10
in terms of its features and functionality.Beneficial to society, committee, Accountants
and GCA. A few more benefits:

o Work from Anywhere at Anytime

o Save Your Time

o Each member will get login id. Payment gateway

o Free Mobile App.

Challenges in the path of CAS

1. Client Satisfaction:

2. Pricing:

3. Leads:

4. Policies and Procedures:

5. Firms Still Sitting on the Side-line:

11
1.4 HISTORY

CAS was incorporated in January 2020 as a private limited company. Over the course of
its journey this business has established a firm foot hold In its industry. They believe that
customer satisfaction is as important as their services which helps them to grow
continually in their industry.

Founders: -

Mr. Saurabh Mahadik Is the founder member of CAS firm and a dynamic professional
who brings to the table more than 5 years of extensive experience in areas such as
teambuilding, leadership, program management. Mr. SAURABH MAHADIK has a flair
for charting out effective marketing strategies, and he contributes immensely towards
growth, enhancing business volumes, and achieving profitability. He is a Graduate in
bachelor in Accounting & Finance from Mumbai University and B. Com LLB from
Nalanda University Mumbai.

Mr. Vignesh Jadhav Is Co-Founder member of CAS firma hard core technocrat who
bring more than 5 years of experience from the top corporates like Microsoft, Dell &
Core Technologies. He researched education related Products & Technology that now,
using by million students in INDIA. He posses expertise in Program Management,
Project Management, Software Architecting, Development, Team Management,
Technical Support & SDLC. Mr. Saxena holds a M. Tech. from IIT Roorkee.

12
1.5 SWOT ANALYSIS

Strengths:

➢ Adaptability and adoption of technology and availability of a wide range of

systems and software.

➢ A dedication to training staff.

➢ A great reputation of trust, integrity and competence.

➢ Our clients and the general public rightfully consider us as being smart.

➢ They have a “franchise” to audit financial statements and do attestation functions.

➢ They run profitable businesses with a good percentage of repetitive services

providing a sustainable cash flow

➢ Longevity of clients and client base and high client loyalty.

➢ Key employees with low turnover.

13
➢ Strong firm cultures.

➢ Teamwork is pretty seamless.

➢ Their systems all work, and even the bad systems are effective (up to a point).

➢ Open relationships with clients.

➢ Accounting firms are learning organizations.

➢ We are generally available to our clients on short notice.

Weaknesses:

➢ The culture of many firms thwarts the majority of personnel from becoming

aware of the many advisory services their firm offers and how staff could spot

opportunities.

➢ Technical and systems training that enables staff to get working productively

pretty quickly, but is not designed to teach them how to be innovative and to seek

out opportunities with clients or within the firm.

➢ Minimal soft skills training.

➢ Competition on a majority of the standardized services we provide tends to

reduce fees.

➢ Office facilities are on a path to be downsized over remaining lease terms, costing

substantial amounts that could have been saved.

➢ Building up the skill levels of staff to support and services

➢ Lack of diversity of staff and also of the client base.

Opportunities:

14
➢ To be able to not only grow with the clients but in many cases to lead clients’

growth.

➢ The need for advisory services is expanding very rapidly and many of the

innovative firms are jumping on these opportunities.

➢ The accountant usually finds out early on about personal or professional services

that a client needs, enabling us to enter that space.

➢ Business transparency is increasingly becoming more important, and that means

added services for independent accountants.

➢ AI methods are rapidly growing and some of our societies are leading and

supporting this growth.

Threats:

➢ Many innovative premium advisory services will become commoditized, putting

pressure on pricing those services.

➢ It is becoming easier for other service companies, providers, to offer accounting

services to our clients.

➢ Much of their value is based on reputation, and a single inappropriate action by

an employee could destroy that reputation and a firm’s value.

➢ Inattention by employees could cause the loss of clients or key staff.

➢ Swift, more frequent and wide range of tax changes.

15
1.6 HIERARCHY

1. Chief Financial Officer/Vice President :

At the top of the hierarchy of accounting position is a chief financial officer or a vice
president of accounting or finance. This person is responsible for evaluating your company’s
past financial information and sharing it with you, your senior management, and other
important members of your team, such as stockholders and investors. The CFO must also
accurately present information about your company’s current financial status so that you can
decide how much debt and equity your business has generated. In the accounting job titles
hierarchy, your CFO also evaluates your revenues to determine which products or services
are selling well, which products are showing a downward trend, and any seasonal spikes that
could be of concern in the future.

16
 2. Staff Accountant :

A Staff Accountant is an early career accounting role. Staff Accountants typically have a
bachelor’s degree in accounting, finance, or business administration and a couple of
years of experience in an entry-level accounting role before moving into the position.

Responsibilities: Like bookkeepers, Staff Accountants’ responsibilities include

maintaining financial records by doing ledger entries and reconciling bank and credit
accounts. In addition to helping keep the books, Staff Accountants also typically prov ide
some measure of AP (Accounts Payables) and AR (Accounts Receivables) support. They
will also be expected to generate regular financial reports, like the balance sheet and
profit and loss (P&L) statement.

3. Controller or Director :

A controller, sometimes known as a director, is an important position in the accounting

job titles hierarchy because this person is responsible for creating financial reports that
give a thumbnail sketch of your existing financial position. When you order an
independent audit, a controller is also responsible for helping to gather the documents
and numbers that are included in an annual report. Typically, a controller reports to the
CFO or vice president of finance but is given wide latitude to autonomously m anage a
number of important accounting activities. Although a controller doesn’t wield the same
level of authority as a CFO, this person is actually more involved in the daily accounting
operations of your company, which is why it’s a key position in the accounting job titles
hierarchy.

Responsibilities: Controllers have the whole array of accounting activities under their
purview, namely: budgeting, forecasting, data analysis, debt servicing, regulatory
compliance, audits, internal controls, expense management, and tax filings.

17
 4. Mid-Level Accounting Managers :

In the accounting career hierarchy, accounting managers are equivalent to mid -level
business managers. If you own a large company, you might have three accounting
managers: accounts receivable manager, accounts payable manager, and a payroll
administrator or payroll manager. In a smaller business, there might only be one person
managing all these aspects in accounting. The main duties of an accounting manager are
to supervise accountants at your workplace to prepare general ledgers, generate financial
reports, prepare annual audits, and develop budgets. Accounting managers must ensure
that your company’s monthly financial information is compiled and given to the
controller. He must also ensure that all bank compliance documents are filed, and the
accounting manager often meets with a controller to discuss special reports and to
provide updates on financial report timelines.

Responsibilities: Accounting Managers review and analyze the financial reports and
documents that their accounting teams prepare. In addition to managing the company’s
financial information, they also manage a team of employees. An Accounting Manager
may hire, train, and oversee a team of accountants performing the day-to-day accounting
tasks of running the business or a group of specialty accountants such as public
accountants, tax accountants, or auditors. Either way, their primary objective is to
convey critical information pertaining to the company’s financial position up the 21
chain to executive leadership while translating organizational direction to the team they
manage. Furthermore, Accounting Managers use their strong communication skills to
work cross-functionally with finance and HR to establish accounting priorities, advise on
financial decisions, and set strategic corporate goals

5. Accountants and Analysts :

Accountants and financial analysts are at the next to last level of the accounting career
hierarchy. Accountants have direct responsibility for their field of expertise, which
includes analysis, reporting, payroll, invoicing, accounts payables, account rec eivables,
and vendor qualification. In larger companies, these duties are separated because of the
volume of work involved. In smaller companies, one accountant might perform all of

18
these duties. Accountants and financial analysts do the day-to-day work necessary to
keep your company’s books in order. They process numbers and figures on a daily basis
to ensure that your financial documents are current, and their work is central to your
future success. Accountants report directly to an accounting manager.

Responsibilities: Senior Accounting Managers and Assistant Controllers work to

identify and resolve discrepancies found in financial data to improve financial data
accuracy. As such, they will often liaise with external auditors, as needed. Furthermore,
larger companies with more sophisticated financial needs may employ a Senior
Accounting Manager or Assistant Controller to ensure GAAP (Generally Accepted
Accounting Principles) and in-house best practices are being followed. The same is true
of publicly traded companies, which need SOX (Sarbanes-Oxley) oversight as well.
Senior Accounting Managers/Assistant Controllers will deal with governance
requirements, compliance, payroll procedures, service level agreements, ERP (Enterprise
Resource Planning) systems, and accounting controls.

6. Accounting Clerks or Assistants:

Accounting clerks or accounting assistants are at the base level of the accounting career
hierarchy. As the title implies, they assist accountants in their daily work by entering
data, processing accounts payable, processing payroll, and doing the initial numbers-
crunching on accounts payable and accounts receivables.

Responsibilities:Keeping financial records updated, preparing reports and reconciling

bank statements. You will also run accounting software programs (e.g. Sap) to process
business transactions, like accounts payable and receivable, disbursements, expense
vouchers and receipts.

19
1.7 WORK CULTURE

Work Culture is all about shared values and assumptions that guide how the finance
function behaves, as well as how it responds to environmental and social risks and
opportunities

Our team regularly socializes outside of work. They receive thoughtful feedback from
employees in surveys. People take pride in their workstations. The values they believe
in, where they see the company going and what they're doing to achieve the goal of
company. In times of crisis, it is a company’s responsibility to help employees thrive.
This includes many things: ensuring employees are safe at work, giving them access to
the tools and resources they need to do their jobs, prioritizing employee wellbeing, and
communicating honestly, accurately, and frequently.

20
 CHAPTER 2

SCOPE OF STUDY

21
2.1 STUDY

Let’s take a look at CAS from an accounting perspective. In my research for this article,
I was shocked to learn that CAS is a trending topic now, when our firm has been offering
these services. For us, they are called “accounting services” and include all the
traditional CAS services like bookkeeping, AP/AR, controller assistance and outsourced
CFO, payroll services, financial statement preparation, and even QuickBooks training
and support. Landmark’s primary client base is small business owners, so these services
have been a natural fit for our firm for a long time.

As a Student / Intern who is still getting your business off the ground with a limited
budget, it makes sense to start small. Maybe you will hand off your bookkeeping at first
and see how that goes. After a few months, your sales are growing enough to support
handing off payroll. And then your accounts payables and receivables. It is a win-win.
You get to focus on the things you love and are best at, and you have peace of mind
knowing the financial portion of your business is in good hands.

It is a win-win for your accountant, too. They can customize the services they offer to
best meet your unique needs, adding value to your business while also adding value to
their firm. They have more insight into your business and can offer additional services
and advice like help with tax planning or wealth management (think client retention!).
Slowly, there is a shift from talking about what has happened to what will happen.
Everyone benefits on multiple levels.

According to a Client Accounting Services Survey in 2018 that found companies that
outsource all of their accounting report both hard and soft ROI, including higher profits
and revenues, being better armed to make business decisions, and enjoying an easier
accounting experience. What’s more is that nearly 80% of CAS clients are likely to refer
their accountant.

22
Other findings from the survey include:

o Eighty percent of CAS clients say they have more time to focus on their business.

o Sixty-eight percent report that accounting is easier and more efficient, thanks to
CAS.

o Half of the CAS clients say they worry less about mistakes.

o Roughly 30 percent of companies outsourcing accounting have received advice

from their accounting firms that has helped them increase profit. The same
percentage also feels more prepared to make business decisions.

23
It comes as no surprise, then, that CAS has become a trending topic in the accounting
industry. The 2018 AICPA PCPS and CPA.com survey found that well over 50% of
firms in virtually all size categories are providing some form of CAS, and the first CAS
Benchmark Survey (2018) from CPA.com and AICPA PCPS showed that practices of
this kind are growing at a rate more than double the 5% median CPA firm growth rate..

The shift in thinking from what has happened in a client’s business to what will happen
represents a profound step forward for many firms. And it is exactly what clients today
are seeking. Forward-thinking accounting firms can use CAS to pivot from a
compliance-focused or transactional support orientation into a more strategic, advisory -
level role.

Mission:

To grow and prosper alongside customers by providing them with higher-value services. To
maximise value by continuing to expand the business. To foster a work environment that
rewards and encourages hardworking and motivated employees.

24
Vision:

Our mission is to provide our clients with simple, web-based solutions that will revolutionise
the way they are managed and save the core members countless hours of manual labour.

25
2.2 OBJECTIVES

I decided to work with CAS Accounting & Management Services in order to understand
the accounting concept as well as the accounting elements and how to apply accounts in
real world.

The primary objective of the internship was to generate an understanding of the relation in
the workplace, the execution of activities and become involved in the work
environment.In a way, it was rather a matter of obtaining a practical involvement of all
the studies, the theories which I acquired as student until now.This helped me along the
path of growing my educational and personal skills.Apart from general objectives, the
specific objectives are highlighted below:-

→ To provide accounting services to the clients.

→ To learn how to maintain books.

→ To understand the Junior Accountant's role.

→ To assist accountants with client data entry.

26
 CHAPTER 3

LEARNING OUTCOME

27
LEARNING OUTCOME

Tally.ERP 9 is an Enterprise Resource Planning (ERP) software that allows you to manage
all the complexities that derive from the growth of your company. Tally.ERP 9 is one of the
most popular accounting software used in India. It is complete enterprise software for small
& medium enterprises.

Thanks to this program, I’m able to manage working capital, orders, inventory, accounting
and have a 360 ° view of all the activities related to your business in order to stay constantly
updated. Get accurate and detailed reports on cost estimation, profitability analysis, pending
activities and more so that you can make better decisions at the right time and thanks to the
right information. The best feature of this ERP program is certainly its flexibility since it
adapts to any type of company.

Now let’s take a look at its main features:

o Accounting management

o Inventory management

o Payment management

o One stop solution for compliance

o Banking support

o Faster access to business reports

o Sharing data

o Multilingual platform

How to use Tally.ERP 9?

Tally is nothing but accounting in digital format. Maintaining accounts in manual books,
we write accounting entries as debit and credit. In Tally, we create entries the same way.

28
Ledgers

Maintaining accounts is a must for all businesses, immaterial of their size. This can be
done through ledgers which is a book of financial accounts . Using ledgers in Tally
ERP9 means that you can account well, and there are rarely any accounting problems. A
Balance Sheet or the Profit & Loss (P&L) Statement can be easily generated using the
Tally ledgers option.

All ledgers are maintained in the specific group known as ledgers in Tally. The entries
from these ledgers groups are then calculated from where they can be put in a balance
sheet or profit and loss statement.

In Tally.ERP 9, there are two predefined ledgers such as:

1. The Profit and Loss (P&L) Ledger: This ledger in Tally has the entries that find their
way into the profit and loss statement and hence the name. The account ledger is a
primary ledger where the balance from the previous year's profit or loss statement is
carried over as the opening balance of the ledger. It also consists of the total amount
of loss or profit made in the previous financial year. In the case of new companies,
this figure is zero. This figure is shown in the liabilities side of the profit and loss
account statement in the balance sheet. The ledger entries can be modified but not
deleted.

2. The Cash Ledger: This ledger is typically a cash ledger, also called the cash -in-hand
ledger, where you enter the opening cash balance starting from the day the books are
started to be maintained. The entries in the cash ledger can be deleted or altered as
the case may be. In new companies, though the P&L ledger entry is a zero value, the
cash-in-hand always means the amount of cash you start the company with.

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Vouchers

Voucher in Tally is a document having all the details of a financial transaction and is
required for recording them in the books of accounts. They can be easily created and
modified. You can find types of Tally vouchers option in ‘Gateway of Tally’ under
‘Transactions’.

There are few predefined vouchers in tally and can be viewed as Gateway of Tally >
Display > List of accounts > Ctrl V [Voucher types].

Types of vouchers in Tally:

There are two voucher types in tally:

I. Accounting vouchers:

1. Sales Voucher(F8):

Whenever you sell a product or service, you record sales entries. In tally, the sales are
recorded through the sales voucher. It is one of the most widely used accounting vouchers in
tally. There are two modes for accounting in sales vouchers- Invoice mode and Voucher
mode. You can use either of them. You can print the copy of your invoice to the party in
Invoice mode. In Voucher mode, you can record the transaction for statutory purposes where
you don’t need to print the invoice document.

You get great flexibility with Tally ERP 9. If you want to change the mode of your
transaction, you can do so with the help of the Toggle button, and your screen will be
adjusted with the relevant data making it user-friendly. You can mention the complete details
of all the items you sell along with units, quantity and rate. You can also activate GST
calculations if they are applicable to you.

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Example of Sales Voucher in Invoice Mode:

Example of Sales Voucher in Voucher Mode:

2. Purchase Voucher(F9):

Whenever you purchase a product or service, you record the purchase entry. In tally, this is
recorded through the purchase voucher. It is also one of the most widely used vouchers in
tally. There are two modes for accounting in purchase vouchers- Invoice mode and Voucher

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mode, as mentioned in the sales voucher. You can use either as you see fit. You can print the
copy of your invoice to the party in Invoice mode. Whereas in Voucher mode, you can record
the transaction for statutory purposes, and you don’t need to print the invoice document. You
can also change the mode of transaction like in the sales voucher in Tally.

Example of Purchase Voucher in Invoice Mode:

Example of Purchase Voucher in Voucher Mode:

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 3. Payment Voucher(F5):

All the functions of a payment transaction are available in Tally. You can have all the
necessary details like instrument number, Bank name, balance available, etc. After passing
the entry in the payment voucher, you can also print the cheque. You can look at the list of
cheques that need to be printed by going to Banking and clicking on Cheque Printing.
Tally.ERP 9 supports around 500 banks from both India and foreign countries. After the
payment is made, you can generate and share the payment receipt with your supplier and
keep them updated regarding payments.

4. Receipt Voucher(F6):

When you receive payment, you can record that transaction in the receipt voucher. You will
even get a prompt for the pending payments from your customers. You can record
transactions when you receive the payment and select the correct mode to receive the
payment- cash, cheque or other modes- and mention the relevant instrument number. With
receipt vouchers, now you can maintain transparency of your sales with your clients
effectively.

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 5. Contra Voucher(F4):

Contra Voucher is used when either side of the entry has cash, bank or multiple banks
involved. Generally, any cash deposit, withdrawal, transfer amongst different accounts are
recorded in a contra voucher. You can also generate a cash deposit slip and mention the
denominations of the currency involved in such a transaction.

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 6. Journal Voucher(F7):

This voucher can be used for multiple reasons. Some use it for sales, purchases, depreciation;
any adjustment entry can also be done using this voucher in Tally. This voucher is available
in both accounting and inventory vouchers in Tally. In inventory mode, the entry relating to
the movement of goods can be passed.

7. Credit Note Voucher(Ctrl+F8):

Credit Note entry is passed when there is a sales return transaction. This voucher usually
remains deactivated by default. You can activate it by pressing F11 and configuring features
in invoicing. You can refer to the original sales invoice against which this entry is passed to
keep track of such transactions. When a party is selected, you will come across the list of
invoices against which this credit note voucher is used. Credit notes can also be used either in
invoice mode or as voucher mode as could be used in Sales Voucher.

To Activate the Credit Note and Debit Note feature, you can select F11 and activate the credit
and debit note feature as under:

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36
 8. Debit Note Voucher(Ctrl+F9):

Debit Note entry is passed when there is a purchase return transaction. This voucher is
deactivated by default. You can activate it by pressing F11 and configuring its features. You
can refer to the original purchase invoice against which this entry is passed for maintaining
track of such transactions. When a party is selected, you will come across the list of invoices
against which this Debit note voucher is used. Debit notes can also be used either in invoice
mode or voucher mode as utilised in Purchase Voucher.

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 II. Inventory vouchers:

1. Physical Stock Verification(Ctrl+W):

This voucher maintains the list of inventories in a company. Generally, businesses count
physical stock verification periodically and keep a record of the same through this voucher.
This helps to keep inventory control in check. You can mention the name, quantity, rates,
godown, batch/ lot no, manufacturing date, expiry date, etc. You can easily find which
godown has how many goods and of what value. This can help in management decision
making and maintain the numbers in the physical inventory and accounting books.

2. Material In and Material Out Voucher(Ctrl+

This voucher is widely used for those businesses where workers are involved. It helps to keep
track of inventory sent and received from a worker. You can activate this voucher by pressing
F11 and configuring features. You can mention details like the item's name, rate, and quantity
for better records maintenance. You can monitor the periodicity for which the goods have
been with the job worker and when they were received. This is necessary for GST
compliance as well.

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 3. Delivery Note(Alt+F8):

This voucher is used to record the delivery of goods. It is also referred to as Delivery
Challan. It also has additional features wherein you can enter the vehicle number,
dispatch document number, bill of lading, and other details.

4. Receipt Note(Alt+F9):

This voucher is used to record the receipt of goods from the suppliers. It also has
additional features wherein you can enter the vehicle number, dispatch document
number, bill of lading, and other details.

III. Order vouchers:

Apart from Tally accounting voucher and Tally inventory vouchers, tally also provides order
vouchers. They are purchase orders (Alt+F4) and sales order (Alt+F5) vouchers. They help in
managing the whole transaction cycle of an order. You can even record post-dated sales and
purchase order vouchers.

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Values Gained:

1) Integrity: Always act with sincerity and a high ethical standard as

aprofessional.

2) Customer First: Always consider the customer's perspective and provide value
tailored to their specific requirements.

3) Proactive & Innovative: Don't be deterred by failure; adopt new ideas and
perspectives.

4) Differentiate ourselves by the speed and quality with which we make

decisions and deliver services.

5) Team "CAS Group": As a group, respect and leverage the organization's

knowledge and diverse talent.

40
 CHAPTER 4

OBSERVATIONS

41
OBSERVATIONS

Client accounting services has become increasingly common in the past few years but
still remains an often misunderstood area of accounting.

A very important factor to recognize is that even though these three categories seem
distinct from each other, any given client can – and many will – climb through these
categories to become a great fit for the higher level of services. However, such clients
may be so very busy with running their businesses that they simply may not have the
time to think about what more you can do for them. You should proactively make them
aware of the higher-level options your firm offers to make their lives easier and make
their businesses grow.

Client accounting services include various activities and tasks that are
usually handled by the client. Among CAS-practicing firms:

• 92% handle basic bookkeeping.

• 90% provide financial statements, P&L’s, and reports.

• 78% take care of sales tax filings.

• 76% deliver payroll and payroll tax services.

• 76% also give business advisory and consulting services.

• 71% do write-up.

• 53% handle accounts payable and pay bills for clients.

• 44% provide outsourced or virtual CFO services.

• 42% monitor and manage cash flows.

• 36% handle accounts receivable.

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The CAS's goal

The major goals of CAS is that each of your clients receives customized accounting
practice which best serves their requirement and adds value to their business, while also
maximizing the profit for your firm.

In order to best serve the needs of your clients, it is important to analyze which category
your clients fit into:

1. Clients writing manual checks. This is traditional after-the-fact write-up work.

2. Clients needing to perform some of the accounting work (transaction processing).

3. Clients who wish to offload all of their accounting work to their accountants.

A true CAS practices

➢ Focuses on the needs of the clients in each of the categories listed above; and,

➢ Optimizes the firm’s processes for each of these categories to maximize margins.

A very important factor to recognize is that even though these three categories seem distinct
from each other, any given client can – and many will – climb through these categories to
become a great fit for the higher level of services. However, such clients may be so very busy
with running their businesses that they simply may not have the time to think about what
more can do for them. Proactively make them aware of the higher-level options the firm
offers to make their lives easier and make their businesses grow.

• A survey of 1,700 companies that outsource accounting report that CAS saves
them time.

• CAS companies also stated that the advice from their accountants helped them to
increase profits and revenues.

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Other Benefits of CAS:

i. Flawless Performance

ii. Actionable Insights

iii. Automation technologies

iv. Scaling Accounting Easily

v. Expert Accountants and Bookkeepers

vi. Saving Time

vii. Eliminate Time and Costs of Hiring Processes

viii. Cost-Saving Accounting Services

The Reality of the Situation

Despite the fact that CAS goes by a wide variety of names with plenty of marketing
methods, it is obvious why it is a hot topic now as many firms shift into a more advisory
mindset, especially in light of the current pandemic. Client expectations are rising, and
firms are searching for more ways to provide value. CAS provides the opportunity to do
just that.

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 CHAPTER – 5

CONCLUSION AND SUGESTION

45
5.1 CONCLUSION

The CAS's tremendous growth and development over the previous few years begs the
question of whether they will be a permanent element of the development landscape.
Recent steps toward the democratisation of political systems and governments have
resulted in an even deeper appreciation of the significance of cooperative housing
societies in the development of c o-operative housing societies. A greater role for CAS
in providing the best services to its clients appears to be ensured.

CAS can provide structures and procedures for people's involvement in order to foster
effective participation and participatory development. They are in touch with local
reality due to their access to grassroots community groups. They identify issues at the
grassroots level and work with their clients or housing societies to find solutions. CAS
assists in the conceptualization and formulation of projects that are tailored to the needs
and limits of the client.

By promoting various accounting services to clients, CAS offers a complementary

approach. The firm has conducted client audits in accordance with International
Standards on Auditing, according to a satisfactory QCR report issued by CAS. CAS can
also be used to expand a client's knowledge through additional channels.

As CAS become more important in promoting the best services to their clientele. In
recent years, the CAS has made a significant shift in its policy about the types of
initiatives it would pursue. The thorough and careful examination of work, as well as the
trust of clients, demonstrates the perfection with which it is operating.

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5.2 SUGGESTION

CAS may act as service contractors for the client, monitor and assess the client's
projects, or provide expertise input to the process. While there will always be differences
in CAS perspectives on development strategies, there is a compelling case for continuing
the existing dialogue and moving toward greater collaboration and cooperation.

In order to pursue more client interaction, CAS must have a common understanding at
all levels; this is especially important among senior and middle-level staff.

Provide funding for the most developed resources, such as marketing to raise awareness
that help is available, training and certifying extension agents, and client programmes.

CAS must expand their network so that they can respond to grassroots needs more
quickly, implement projects more quickly, and gather feedback more quickly th an other
types of accounting agencies. Even if, in most cases, CAS can muster the necessary
skills and expertise to complete projects. CAS typically have far lower operating costs
than any other CAS firm service mechanisms due to their small or non -existent
bureaucratic structures.

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 WEBLIOGRAPHY

https://tallysolutions.com/tally/what-is-tally-erp-9-and-how-to-use-it/

https://khatabook.com/blog/how-to-create-a-ledger-in-tally-erp-9/

https://khatabook.com/blog/accounting-vouchers-in-tally-erp-9/

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