Accounting Services
Keep a track of your finances by maintaining Books of Accounts
What is Accounting and Bookkeeping?
Regular tracking of business transactions is very necessary. From an income of one rupee to an expense of thousand rupees, recording ensures transparent business operations by tallied account. The accounting and bookkeeping services can help in tracking every single transaction undertaken in past from learned decisions of the future.
The part of recording the financial affairs of the business is called bookkeeping, whereas accounting is the preparation of financial accounts. Accounting for Small business is mandatory unless it is a Sole proprietorship with certain exceptions. Apart from compulsion, it is better to keep accounts updated with accuracy to avoid financial muddles. Expertise knowledge of accounting is essential even in the case of accounting for small businesses, to ensure the books are maintained as per the accounting standards. Maintenance of accounts is an essential requirement for a home run business as it is to an industrialist.
Benefits of Accounting and Bookkeeping
To gauge the income and expenditure of the business
To ensure a smooth and transparent business, every individual, firm or a corporation is required to know about the income and expenditure incurred or generated. This helps them to plan and strategize their financial resources and exploit them accordingly.
Regular reconciliation rationalise decisions
Accounting comes with the reconciliation of data periodically. Monthly or quarterly reconciliation helps management to analyze the beneficial or detrimental aspects of the business. Hence, futuristic decisions can be rationalized with the analysis of loss and profit.
Timely access to operational information
Up to date records provide access to operational information to the management. Although business owner(s) or managers are not directly associated with all transactions, accounting and bookkeeping help them to keep an eye on all the transactions from time to time.
Attract investors with accurate financials
Investing in any business would be followed only after a complete analysis of the business and its financial condition. While approaching investors, you need to make sure that your books of accounts are up-to-date and accurate. Inconsistency may refrain investors to jump into the business.
Regular reconciliation rationalise decisions
Accounting makes it easy to extract data and submit it on time for regular return filing, compliance or scrutiny for the businesses.
Documents required for Accounting and Bookkeeping Services
PAN Card
Copy of PAN Card of the business entity
Incorporation Documents
Certificate of Incorporation, MoA – AoA/ LLP Agreement / Partnership Deed
Bank Statement
Bank Statement of current account in name of business
Bank Statement of Partners
Bank statement of saving account of partners is also required
Registration Certificates
Certificate of Government registration, such as GST
Invoices and Bills
Sales invoices and expense bills for concerned accounting period
Details of Assets
A self-attested copy of PAN Card of proprietor
Preliminary expense
Expenses made for company or LLP registration by promoters
Details of Cash transactions
All the transactions incurred in cash needs to be booked