Accounting and Bookkeeping Services by Sigma Solutions
Introduction
A fast-growing retail business in Arunachal Pradesh faced recurring issues with financial mismanagement, inaccurate bookkeeping, and compliance penalties. With no professional accounting system in place, the business was exposed to tax risks, inefficient cash flow, and poor financial visibility—hindering profitability and scalability.
To resolve these challenges and streamline financial operations, the business engaged Sigma Solutions for its professional accounting and bookkeeping services.
Challenges Faced by the Business
1. Disorganized Financial Records
- Relied on manual ledgers prone to:
- Errors
- Missing invoices
- Untracked transactions
- Resulted in:
- Inconsistent record-keeping
- No audit trail
2. Tax Compliance Issues & Penalties
- Missed GST filing deadlines and incorrect return entries
- Faced:
- Penalties from GST authorities
- Late payment interest charges
3. Cash Flow Management Problems
- No real-time dashboard to:
- Track income vs. expenses
- Manage outstanding vendor payments
- Forecast cash flow
- Caused:
- Payment delays
- Cash shortfalls during key business periods
4. Lack of Accounting Software & Automation
- Depended on Excel sheets
- Lacked:
- Centralized data system
- Reconciliation features
- Automation tools
5. Poor Financial Insights for Business Decisions
- Could not generate:
- Profit & loss statements
- Balance sheets
- Performance dashboards
- Resulted in:
- Informed decisions based on assumptions, not data
Solution Provided by Sigma Solutions
Sigma Solutions provided end-to-end accounting, bookkeeping, and tax compliance services, enabling the retail business to transition from a disorganized financial setup to a fully automated, compliance-ready accounting environment.
Implementation Process
1. Bookkeeping System Setup & Data Migration
- Migrated data from Excel to cloud-based systems (TallyPrime & Zoho Books)
- Organized:
- Historical invoices
- Receipts
- Bank statements
- Created:
- Digital chart of accounts
- Ledger hierarchy
2. GST Filing & Tax Compliance Management
- Corrected previously filed erroneous GST returns
- Established:
- Monthly GSTR-1, GSTR-3B, and annual GSTR-9 filing schedule
- Automated reminders for tax payments and filings
- Result:
- ₹5 lakh in tax penalties avoided over 12 months
3. Cash Flow Monitoring & Budget Planning
- Implemented:
- Real-time tracking of receivables and payables
- Budget vs. actual variance reports
- Provided:
- Cash flow forecast templates
- Alerts on low cash reserves
4. Payroll & Vendor Payment Automation
- Set up:
- Monthly automated salary disbursements
- ESI/EPF compliance workflows for employee records
- Structured:
- Vendor payment cycles
- Credit limit alerts and overdue notices
5. Financial Reporting & Business Advisory
- Generated:
- Monthly P&L statements, balance sheets, GST summaries, and TDS reports
- Delivered:
- CFO-level insights on margins, cost centers, and business performance trends
- Strategic advice on store expansion and bulk procurement decisions
Results Achieved
Metric | Improvement |
Accounting Accuracy | Improved by 95% through automation and reconciliation |
Tax Penalties Avoided | ₹5 Lakhs saved in GST late fees and misfiling corrections |
Cash Flow Efficiency | Increased by 40% with real-time dashboards and alerts |
Payroll & Compliance Automation | 100% timely disbursal of salaries and TDS deductions |
Informed Business Decisions | Enabled strategic planning and expansion with financial data |
Conclusion & Key Takeaways
For businesses operating in today’s dynamic retail landscape, professional accounting and bookkeeping is no longer optional—it is essential for financial stability, tax compliance, and growth.
Sigma Solutions played a pivotal role in:
- Transitioning the business to automated accounting
- Structuring error-free tax filings
- Empowering the business owner with financial clarity and control
Key Takeaways:
- Automating your accounting processes reduces human errors and compliance risks
- Real-time cash flow and reporting dashboards are crucial for managing business health
- Professional bookkeeping drives informed decision-making and sustainable growth
Related Services by Sigma Solutions
- GST Registration & Tax Advisory
- Payroll Management & ESI/EPF Compliance
- TDS & Income Tax Return Filing
- Business Expansion & Financial Planning Services
- Company Compliance & MCA Filings
Other Case Studies
Client Testimonial
“Before working with Sigma
Solutions, our accounting system was a mess. They streamlined everything—from
GST filings to cash flow tracking—saving us time and money. Now, we can focus
on growing our business! Highly recommended.”
— Owner, Retail Chain – Arunachal Pradesh