Services: What You Need to Know!
Accounting has a tremendous impact on a business. Further, accounting services is necessary for every small and large organization to run smoothly and efficiently. Accounting is engaged every time you document a transaction, file tax documents, or plan a cost.
No matter what, you'll need to handle accounting service sector to run a business smoothly and efficiently. However, the issue is one of quality. Your records are likely a muddle, and you're barely scraping by if you're not considering recordkeeping and accounting.
Accounting services assist your business to operate smoothly and effectively!
What is Accounting & Bookkeeping Services ?
Accounting and Bookkeeping services is related to your business or company. It is one of the most important part of any type of the company or business in India. Bookkeeping is basically a process where you have to track all the records related to the income and expenses mainly. Accounting is also similar to bookkeeping but in the accounting we have to interpreting the financial records to make the strategic decision in the business like turnover related, expenses related etc. Accounting or Bookkeeping both required the commerce based knowledge about the entries like debit & credit and sound knowledge about the financial records. So all the Small Business or Startups or Companies required the Accounting & Bookkeeping Services from the Professional’s like CA, CS or Accountant etc.
What are the Benefits of Accounting or Bookkeeping Services ?
There are lot of the benefits to small or large enterprise to hire a good professional Accountant or Company to take care about your company books of account. Below are the some –
- Cost – Effective for Business - if you maintain your all the expenses and income on regular basis by bookkeeping service then you can easily track all the expense and try to reduce the same. Similar you can increase your income so you can say, its defiantly cost effective method for your business.
- Time- Effective for business – Maintenance of books is a legal mandatory compliance by the Indian government for each business. At the end of year you have to pay the taxes & have to submit your financial records like balance sheet and profit & loss account etc. so if you maintain on regular basis then you can easily save time in your business and meet the compliance on timely basis.
- Reduce Tax Liabilities in Business – Bookkeeping services create your profit and loss account of the business. So you have to track all the expenses & income for the same. Now Tax like Income tax is calculation or liable only on the business profits. So if you maintain your accounting services then you can easily invest your profits at the right place and reduce the tax liabilities of the business.
- Budget Monitoring – Each type of the expenses whether it’s a advertisement or Employee benefits or any other, there is budget. So if you maintain your accounting records properly through bookkeeping service then you can easily compare your budget & monitor all the expenses weather its cross your budget limit or not.
- Make personal financial decisions – You've always wished to buy that big house or that new car and it looks like your Business is finally doing well. But are you really ready to buy your desires? Do you have enough money to pay it? Answers to all these questions can be obtained easily if one maintains a good accounts system.
Accounting Services we Offer
Bookkeping Services
- Setting Up Chart of Accounts
- Billing for goods sold or services
- Recording receipts from customers
- Verifying and recording invoices from suppliers
- Paying suppliers
Accounts Payable Services
- Invoice imaging and storing
- Invoice approval
- Expense allocation
- Online payment approval
- Check processing
- Handling of vendor inquiries
Accounts Receivable Services
- Order management
- Customer billing
- Customer aging
- Collections management
- Paying suppliers
- Cash forecasting & reporting
Reconciliation Services
- Bank statement reconciliation with your bank statement
- Credit card reconciliation with your statement records
- Matching of invoice with your ledger as well as journal entries
- Sequencing of checks
- Balance sheet reconciliation
Financial Reporting Services
- Balance sheet
- Income statement
- Cash flow statement
- Bank reconciliation report
- Detail general ledger report
- Fixed asset account management
Payroll Processing
- Payroll setup
- Payday calculations and direct deposits
- Payroll taxes calculation and form filling
