The Shield Foundation has been pursuing its mission since 2009. It is an organization that was registered…

Shield Foundation

About the Company

The Shield Foundation has been pursuing its mission since 2009. It is an organization that was registered in 2010 and has been working towards resolving various community issues. The Foundation conducted a need assessment survey in 2010 to understand the needs of the community better. Based on the findings of the survey, they decided to focus on senior citizens living in Dharavi, a densely populated area in Mumbai, India.

The Shield Foundation initiated a “resource center” for the senior citizens of Dharavi to provide them with various need-based services. Initially, their capacity was limited to cater to only 250 elderly individuals. However, with time, the Foundation has been able to expand its services and can now cater to around 2500 elderly individuals per year.

The resource center provides a range of services to senior citizens, including healthcare, social support, and legal aid. The center also conducts various awareness programs to educate the elderly on their rights and to keep them informed about government schemes and programs that are available to them.

In addition to the resource center, the Shield Foundation has also implemented several other programs to cater to the needs of the elderly population. One such program is the “Adopt a Grandparent” program, where volunteers from the community are matched with senior citizens who need companionship and support. This program has been a huge success, and the Foundation has been able to pair over 1000 senior citizens with volunteers to date.

Over the years, the Shield Foundation has received several awards and recognitions for their work in the community. Their efforts towards improving the lives of senior citizens have been widely appreciated, and they continue to work towards their mission of building a better community for all.

Challenges faced by Shield Foundation

Shield Foundation, a non-profit organization, was facing significant challenges in managing its financial records and generating detailed MIS reports on a weekly basis. These challenges were hindering the organization’s ability to maintain compliance, ensure accurate financial reporting, and make informed decisions based on timely and accurate financial data.

Book of Accounts Management

One of the primary challenges Shield Foundation faced was the effective management of its Book of Accounts. The Book of Accounts is a vital aspect of accounting that records all financial transactions, including income and expenses. However, the organization lacked the necessary expertise to manage its Book of Accounts effectively, resulting in discrepancies and errors in financial records.

Compliance Oversight

Shield Foundation recognized the importance of compliance and accurate financial reporting to maintain transparency and accountability. However, due to a lack of expertise, the organization struggled to ensure compliance with applicable regulations and laws, such as tax laws. This posed potential legal and financial risks and further emphasized the need for a skilled professional to oversee compliance.

Detailed MIS Reporting

Another significant challenge that Shield Foundation faced was generating detailed MIS reports on a weekly basis. The organization required these reports to track its financial performance and make informed decisions. However, the lack of expertise and resources meant that Shield Foundation faced difficulties in generating accurate and timely MIS reports, making it challenging to track the organization’s financial performance.

Our Approach

Book of Accounts Management

Brego Business provided Shield Foundation with a team of experienced accountants who efficiently managed the Foundation’s Book of Accounts. They ensured that all transactions were accurately recorded, accounts were reconciled, and financial statements were prepared regularly. This allowed Shield Foundation to have a clear and up-to-date view of its financial position, making it easier for the organization to make informed decisions.

Compliance Assistance

We assisted Shield Foundation in ensuring compliance with relevant accounting standards and regulations. The team provided guidance on financial reporting requirements and helped the Foundation prepare financial statements in accordance with accounting principles. Additionally, they ensured that all tax filings were completed accurately and on time, reducing the risk of penalties and other legal consequences.

Management Information System (MIS) Reports

Brego Business understood Shield Foundation’s need for detailed management information system (MIS) reports to monitor the financial performance of the organization. The team provided weekly MIS reports via conference call, giving the Foundation a clear understanding of its financial position, income and expense trends, and other key performance indicators. This allowed the Foundation to make data-driven decisions and proactively address any potential financial issues.

The Result

As a result of Brego Business’s assistance, Shield Foundation was able to focus on its greater objectives and mission, while its accounting and compliance needs were expertly managed. The partnership between Shield Foundation and Brego Business proved to be highly beneficial, providing Shield Foundation with the expertise and support it needed to overcome its accounting challenges.

One of the main benefits of working with Brego Business was that it allowed Shield Foundation to free up valuable time and resources that could be redirected towards its core mission. By outsourcing its accounting and compliance needs, Shield Foundation no longer had to worry about the time-consuming and complex task of managing its Book of Accounts, ensuring compliance with relevant regulations, and preparing detailed MIS reports. This allowed the organization to focus on its primary goal of making a positive impact on society.

Moreover, Brego Business’s expertise and experience in accounting and compliance matters helped Shield Foundation ensure that its financial records were accurate and compliant with relevant regulations. The expert team at Brego Business worked diligently to ensure that all accounting processes were in line with industry best practices and that Shield Foundation’s financial statements were accurate and up-to-date.

By providing detailed MIS reports on a weekly basis via call, Brego Business kept Shield Foundation informed of its financial performance, allowing the organization to make informed decisions regarding its operations and future goals. This provided Shield Foundation with the necessary information to identify areas that needed improvement and to make data-driven decisions.

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