Guide

Data-readiness guide: what to ask the client's accountant before month 1

Send this to the client's accountant before the first month. Most delays in a monthly CFO service come from data that arrives late or half-closed.

Once, at the start

• Last year's financial statementsAudited if available, for comparisons and opening balances.
• List of bank accounts and loansEach bank account, cash credit / overdraft limit, term loans with EMI and interest rate.
• Fixed monthly costsRent, salaries, EMIs and other fixed payments, for the cash cover check.
• Ledger structure in TallyLedgers under the right groups: no customers under expenses, no loans under sundry creditors.
• The budget for the yearMonth-wise if possible; we can prepare it with management if there is none.

Every month, by the books-close day

• Bank reconciliation done for every bank account up to the month end
• All sales, purchase and expense entries for the month posted
• Month-end closing entries takenExpenses due but not paid, prepaid expenses, income accrued.
• Depreciation for the month booked
• GST and TDS entries posted for the month
• Closing stock valued and entered (or the statement sent)If the business holds stock.
• Salaries and PF / ESI for the month bookedIf it has employees.
• Suspense and clearing accounts cleared, or the open items listed

How to send the data

• Trial balance from Tally, exported to Excel (.xlsx or .xls)Period: start of the year to the month end, with group names.
• Or the CFOPartner Tally connector (in pilot)A small Windows program that reads TallyPrime and sends the month's trial balance, closing stock and vouchers. It never changes the books.
• Bill-wise outstanding list for debtors and creditorsOptional, for party-wise ageing and overdue lists.