Accounting & Book Keeping Services
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Accounting & Book Keeping Services
Account Management
- Account Payable Management (Vendor Bills and Payments)
- Account Receivable Management (Customer Invoices and Collection)
- Fixed Asset Management
Reconciliations
- Inventory Management
- Recording & Reconciling Payroll Transactions
- Bank Reconciliations
- Inter Company Transactions
Supervision & Review
- Ensuring All Transactions are Properly Recorded in Books
- Posting of Adjustment and Closing Entries Statutory
- Compliances e.g. GST, TDS etc.
- MIS Support
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 decision of 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 as an essential requirement for a home run business as it is to an industrialist.
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.
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.
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.
Investing in any business would be followed only after complete analysis of 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.
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 & Book keepnig 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
Invoices of sale or purchase of assets or pending loans
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