An Accounting Outsourcing Services Company for Power Generation Industries - Bi-Outsource
In the International Energy Outlook 2016 (IEO2016) Reference case, world net electricity generation will increase 69% by 2040, from 21.6 trillion kilowatt-hours (kWh) in 2012 to 25.8 trillion kWh in 2020 and 36.5 trillion kWh in 2040.
Electricity is the world’s fastest-growing form of ultimate energy consumption, as it has been for many decades. Power systems have continued to evolve from isolated, small grids to integrated national markets and even international markets.
We, at Bi-Outsource, understand that electricity generated using different means such as Coal, Solar, Wind, Geothermal, Hydrogen, Tidal, Wave, Bio-mass, Hydroelectric etc. use different methodology and machineries for generation. We accordingly differentiate our chart of accounts, business process master, cost centre and profit centre set up and inventory management methodology so that each company can get specific and useful information from its accounts.
Our Accounting Services for Power Generation
- Identifying various charts of accounts applicable for energy industry
- Classifying cost of feasibility study under appropriate head of account and amortization of it over a period of payback period
- Classifying different assets according to phase wise under structured immovable assets and movable assets
- Capitalizing all expenses during feasibility and up to the project completion stage under appropriate class of accounts.
- Making necessary adjustment at the end of project completion
- Getting certificate from Certified Valuer for different phase of the project and capitalizing at the end of project
- Calculating cost and profitability per Watt and providing customize solution for calculation of it.
- Review of power purchase agreement (PPA) for supply of electricity to government or other third party and recording sales invoices for sale of power, fixed charges, and any other applicable taxes.
- Recording receipts as per contract
- Verifying and recording bills from vendors
- Payment to vendors
- Processing employees’ pay and update payroll file
- Processing other tax related reports
- Recording depreciation and other adjusting entries
- Entering Bank Transactions
- Month-end or year-end closing entries
- Invoice scanning and storing
- Invoice processing & approval
- Expense segregation for feasibility study and regular expenses.
- Online payment approval
- Online Payment Processing
- Handling of vendor inquiries
- Recording payment in line with PPA agreement from government or customer
- Reconciliation of revenue with contract terms on monthly/quarterly basis
- Reconciliation of merchant deposit on the basis of merchant statements, providing collection reconciliation on monthly basis and identifying any short/excess deposit
- Customer aging
- Collections management
- Cash forecasting & reporting
- Balance sheet
- Income statement
- Trial Balance
- Cash flow statement
- Bank reconciliation report
- Detailed general ledger report
- Fixed asset account managements
- Per watt profitability analysis
- Amortization schedule for feasibility study expense
- Payroll setup
- Payday calculations and direct deposits
- Payroll taxes calculation and form filling
- 941, 1099, 940, 944, and quarterly state tax returns
- Reconciliation of Payroll with Quarterly returns