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Datamatics has been one of the pioneers
in outsourcing of US and Canada tax returns
out of India and has been the first to prepare
over 10,000 tax returns in a single year.
Over the two tax seasons, we have a robust
& customer certified reliable workflow
such that we processed over 30,000 tax returns
for the 2004 Tax Season for over 150 clients.
Datamatics integrates Technology, Future-proof
Infrastructure & Processes with sound
Domain Knowledge offering a complete Tax
Preparation Solution to our customers.
The tax compliance expertise has been
developed by Datamatics over a period
of time through in-house training imparted
by professional trainers on US and Canada
Tax laws, regulations as well as the softwares
that are used for the return preparation.
Datamatics has a dedicated team of professionally
trained accountants which works on a 24
x 7 model during the peak season. It also
puts a high emphasis on continuous training
for its well-trained pool of cost effective
resources so that the turnaround time
is reduced to 3 days. Datamatics has large
scalable facility and workforce.
Datamatics provides complete back office
services to the Accounting Firms and serves
as their virtual extension. During the
course of time Datamatics has developed
strong partnerships and created dedicated
teams to provide customized solutions.
Datamatics emphasis on quality and speedy
turnaround has facilitated Accounting
Firms to concentrate on diversified areas
and in turn to increase their clientele.
Datamatics Advantage:
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Instigation
of the product |
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Reliable workflow |
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Processed close to
30,000 returns in 2004. |
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Integrates Technology |
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Future-proof Infrastructure
& Processes |
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Speedy turnaround |
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Scalable model |
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Well-trained pool
of cost effective resources |
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US Tax Returns |
Datamatics has been
one of the pioneers in outsourcing
of US tax returns to India and has
been the leader in services from last
4 years. Over the three tax seasons,
Datamatics has established a mature
processes and processed returns for
over 150 clients.
Taxation
Services offered includes:
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Preparation of Individual Income
Tax Returns (1040) |
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Preparation
of Income Tax Returns of Fiduciaries
(1041) |
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Preparation
of Non-Resident Income Tax Returns
(1040NR) |
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Preparation
of Income Tax Returns of Exempt
Organizations (990) |
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Preparation
of Income Tax Returns of Partnerships
(1065) |
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Preparation
of Income Tax Returns of C Corporations
(1120) |
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Preparation
of Income Tax Returns of S Corporations
(1120S) |
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Preparation
of Estate & Gift Tax Returns
(706) |
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Sales &
Use Tax Returns for states |
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Canada Tax Returns |
How the spark of imagination
ignites the biggest opportunities.
Our services, our people, and our
passion can fuel that kind of business
growth - to take our customers’
business further, faster. PIONEERING
is the key word for our vertical growth
and success in rendering outsourcing
services to Canada. Read on to understand
our capabilities………
In India, we are the first and the
only company in India to have served
the Canadian accounting firms in the
taxation and accounting arena for
three successful years. We pioneered
in rendering tax and accounting services
in association with top accounting
firms. Datamatics today serves as
the extended office and help in processing
individual and corporate tax returns
and provide corporate accounting and
write-up services.
Services
offered
We offer an array of outsourcing solutions
for Canadian Tax Return processing
in the areas of...
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Personal taxation |
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Corporate taxation |
Personal
Taxation
Processing of personal tax returns
commenced in January 2002. Knowledge
about personal taxation was self-acquired,
with hands-on experience on practice
cases, with the aid of a conceptual
book, and the help feature in the
software.
Thereafter, we have successfully completed
three tax seasons of processing personal
tax returns and grown at an astonishing
rate of more than 400%. In the past
three years, we have moved up the
learning curve at a very fast pace
considering the fact that from the
third year onwards, we have also started
offering tax optimization services,
like transferring unused tuition credit,
verifying medical, RRSP, child care
benefits, donations, etc. are claimed
in a manner that is most beneficial
to the taxpayer and spouse, etc.
We are currently looking at mastering
the tax knowledge to an extent where
we can handle some tax planning issues
like working out an optimal mix of
business taxes and personal taxes
for owner – managers, etc.
What
we do?
Specific
activities:
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Review supporting documents
received |
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Sort the documents
between taxpayer, spouse and
children |
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Bookmark the
documents in the order of the
T1 for each person |
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Advise CA on
missing / incomplete documents |
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Seek clarification
on doubts / inconsistency in
returns |
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Complete returns
using Personal Taxprep /Profile |
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Review returns
files for data entry accuracy |
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Use the Tax
Prep Express efficiently for
exporting / importing data |
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Verify that
returns are clear of the diagnostic
warnings |
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Verify that
the returns are ready to be
e-filed |
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Offer tax optimization
services |
Ancillary
activities:
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Update our knowledge with the
latest budget and technical
amendments |
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Prepare and
continuously update our in-house
prepared manuals |
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Design a complete
training and certification module
for the new recruits. |
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Obtain the latest
version of the applicable software. |
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Processing
of Non-Resident Income Tax Returns
- We processed approx.
100 non-resident returns, with
information received with respect
to the investor splits, etc.
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Corporate
Taxation
A team of two members visited the
client office in Toronto to acquire
conceptual and system knowledge
in relation to preparation corporate
tax returns in the later half of
2002 and thereafter there has been
no looking back. Thereafter, on-line
training programs are conducted
by the client for constant up-gradation
of knowledge.
In the span of two years, the team
has processed large number of returns
and has developed the proficiency
to process Federal
and Ontario returns.
The task of processing of
Corporate Income Tax Returns involves
the following activities.
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Review prior year’s return
and roll it forward to the current
year |
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Import/input
financial data from the financial
statements into the current
year’s return |
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Prepare the
current year’s federal
return and the various schedules
by referring to the prior year’s
return, current year’s
financial statements & tax
implications. |
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Prepare the
provincial return by completing
the CT23 and other schedules |
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Entering the installments made
in the year |
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Verifying the
diagnostics. |
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Reviewing the
prior year’s Notice of
Assessments |
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Noting any missing
information from the prior year’s
return |
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Pointing out
any observations for the current
year |
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| Write
Up Services: An Overview |
Datamatics provides
Write Up services to a wide range
of Accounting Firms & Corporations
in US & Canada. Services offered
include accounting for Receivables,
Payables, Payroll, Bank Reconciliation
Statements, Generation of financial
statements, various MIS and Cost Analysis
reports. The enterprises for which
we provide Write Up services includes
investment companies, real-estate
agencies, professionals, manufacturing
concerns, and other service providers.
Datamatics operates all the major
software used in the industry for
its Write Up services and has set-up
a dedicated facility and a team of
well-trained accountants who can quickly
adapt to the client specified software
ensuring speedy turn around time.
Services provided
by Datamatics includes the following:
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Database management for corporate
firms, including finalization
of accounts and generation of
financial statements |
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Accounting for
Receivables & Payables |
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Preparation
of Bank Reconciliation Statements |
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Preparation
of Various Management Reports
& Cost Analysis Report |
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Payroll Accounting |
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Value added
services |
Accounts
Payable & Accounts Receivable
services offered to Accounting Firms
Datamatics
Technologies Limited provides Accounts
Payable solutions to Fortune 100 corporations
through its wholly owned subsidiary,
Datamatics Technologies Inc. Datamatics
Technologies Inc is a leader in providing
customized outsourcing solutions for
payables processing and other Finance
& Accounting functions. In the
course of time it has developed expertise
in the following areas:
Datamatics provides end-to-end Accounts
Receivables & Payable solutions
to the Accounting Firms. Datamatics
guarantees quality output and strong
software skills to automate processes
so as to facilitate the Accounting
Firms to have virtual extension of
their office. Datamatics process invoices
& bills received in the client
specified software and performs all
the necessary analysis & calculations
specified by the client. Datamatics
also generates the working papers
and checklist specified by the clients
for their records.
All the training, quality, security
and technology control procedures
are documented as per the ISO specifications,
to ensure that there are no deviations
in the methodologies used to achieve
the client's Accounts Payable and
Receivable outsourcing expectations.
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Accounts Payable Services |
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Accounts Receivable
Services |
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Data Entry Services |
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Printing Services |
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Imaging Services |
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Specialized
Services |
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Additional Services
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Month end / Year end support |
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Vendor
Management |
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1099,
Tax Certificate / VAT
Certificate printing |
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Non-conforming
resolution & Duplicate
payment analysis |
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Vendor
statement reconciliation |
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Travel
& Expense report processing
and administration |
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Telecom
and Utility bill audit
and payment |
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Invoice
presentment on web |
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Preparation
of Bank Reconciliation Statements
Datamatics generates the BRS report
in the client specified software monthly,
quarterly, semi-annually and annually
as per the client requirements. We
also prepare the working papers and
the checklists specified by the client.
Management
Reporting and Cost Analysis Reports
After the accounting of payables/receivables
for any month is completed, the financial
report for that month is prepared.
The report is a Profit & Loss
statement – Actual vs. Budget.
From the monthly financial statements
we prepare various MIS Reports, which
will be used as a comparative analysis.
Payroll
Accounting
Datamatics generates the Payroll Report
for the payroll data received from
the clients. Datamatics process the
information received and generates
the Payroll Report using the client
specified software’s like ADP,
Paychecks, Ceridian, Powerpay, etc.
Datamatics also generate all the working
papers specified by the clients for
their records.
2.3.5. Value Added Services
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Preparation of a Training Manual
for personal tax returns, corporate
tax returns, corporate accounts
maintenance. |
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Customized Book
marking and Sorting services
for documents. |
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Developing a
web based tracking and issue
resolution tool. |
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