Accounting and Bookkeeping Service
A properly maintained and transparent accounting & bookkeeping system helps any business reduce cost and analyze its financial growth. Accounting and Bookkeeping is a process of noting down financial transactions carried on in the business and interpreting, analyzing, classifying, reporting, and summarizing every piece of data.
To avail our services, we charge 499/- as an advance or security payment.
How Does Accounting And Bookkeeping Services Work?
We will be addressing all of your queries about accounting and bookkeeping.
What is Accounting and Bookkeeping?
It is critical to keep track of company transactions regularly. From a one-rupee income to a thousand-rupee spend, recordkeeping provides transparent corporate operations through tallied accounts. Accounting and bookkeeping services can assist in tracking every single transaction made in the past from learned decisions made in the future.
Bookkeeping is the process of recording the financial affairs of a business, whereas accounting is the preparation of financial accounts. Accounting for small businesses is required unless the company is a sole proprietorship, with limited exceptions. Apart from necessity, it is preferable to keep tabs accurate to avoid financial snafus. Accounting expertise is required, especially in the case of accounting for small enterprises, to ensure that accounting standards keep the books. Accountancy is as essential for a small-scale firm as it is for a large one.
"ACCOUNTING SERVICES" - AN OVERVIEW
An adequately systematic process keeps a record of every financial transaction while analyzing and interpreting the data. As per the law, all businesses are supposed to submit their accounts to the Income Tax (IT) Department. But many times, many startups tend to ignore this law in the initial period and then haste up to put their accounts together during the period of raising funds or clearing accounts.
Keeping the books of accounts in the house is quite exhausting and little of an expensive affair, but the after-effects would reduce pains in dealing with the IT Department’s requirements. This will also give the shareholders and promoters an excellent overview of how the business works and proves business eligibility to get loans in later years.
BENEFITS OF ACCOUNTING AND BOOKKEEPING FOR BUSINESS?
See how an effective accounting system helps startups and established companies :
Budget Planning :
Budgeting helps organizations that effectively control the company’s income and expenditure and monitor the managerial policies and goals of the business. This will provide a disciplined approach in developing strategies, directing capital and other resources into profitable affairs.
Business Performance Evaluation :
To measure the performance of the business metrics, including net profits and sales growth, the accounting system acts as a yardstick.
Cash Flow Management :
Be it business or anything keeping regular track of the money is always a good idea. Keeping a record of money that comes and goes out of business helps pay to staff and suppliers, covering debts, etc.
Providing Information To Investors And Stakeholders:
Keeping a record of all financial transactions and maintaining regular financial statements other reports serve as financial scorecards of the company while approaching investors, creditors, banks, or borrowers. With the help of this, the investors will also get a better idea of the net worth, savings, debts, amount spent on fixed expenses, and other kinds of expenses held in the company. They will get to know about the business’s solvency, goodwill, stocks, assets, liquidity, and bond issuers.
Mandatory Law :
You may end up paying an excessive amount of tax because the end of the company’s accounts is not maintained. As in India, the Registrar of companies demands a strict record of Income-tax payments at the end of every financial year.
Documents required for Accounting and Bookkeeping Services
- P Card
A copy of the business entity’s P card
- Incorporation Documents
Certificate of Incorporation, MoA – AoA/LLP Agreement / Partnership Deed
- Bank Statement
Bank statement for a current account in the name of the company.
- Bank Statement of Partners
A bank statement from each partner’s savings account is also necessary.
- Registration Certificates
Government registration certificate, for instance, Tax.
- Invoices and Bills
Sales invoices and expenditure bills for the accounting time period.
- Details of Assets
Invoices for the sale or purchase of assets, as well as pending loans.
- Preliminary expense
Expenses made for company or LLP registration by promoters
- Details of Cash transactions
All monetary transactions have to be booked.
HOW online accounting service IS EXTREMELY HELPFUL?
Legaltoast experts and professionals, along with payroll specialists, who assist in a wide range of financial services.
Our Chartered Accountant, an expert, will provide you with all kinds of financial consultation that your company needs.
A process of recording every financial transaction that carries out daily is bookkeeping. Accounting and Bookkeeping services may include payments made to suppliers, loan payments, monitoring depreciation on assets, customer invoice payments, and generating financial reports.
Preparation Of Accurate Annual Financial Statements And Monthly Reports:
The company’s financial health is one of the significant concerns of creditors and investors. To obtain the profitability and safety of their investment, financial statements serve as sources for a company’s investor. The balance sheet, Income and Expense sheet, and cash flow statement provide proper insight into the company’s financial position, assets, liabilities, and stockholder’s equity. It also helps in understanding the company’s revenues and expenditures.
A statement that contains the record of the shipment including details like, number of items, item, description, amount, the selling price per item, sale terms, seller’s and buyer’s information, due amount, invoice number, method of payments, and payment due dates which the company creates is called Invoices. An invoice is a legal statement that establishes a legal right that says if the customer fails to make the due payments, the company can take legal actions.
As we highly understand the changing tax policies, we offer timely information. Our taxation experts provide the most reliable tax planning strategies with the most suitable approach for your business structure.
Advantages of online accounting service
Our services are provided in the cloud, which means you will have access to your accounts 24×7 and be confident in their anonymity.
You’ll need to produce your books of accounts from the beginning of Business if you want to raise money or get a loan later. You can decrease your compliance costs by keeping accurate records of transactions.
All organizations use financial data to make decisions since it provides an unbiased account bookkeeping of its efficiency. It is always possible for prejudice to seep into decision-making when they are absent.
How legaltoast help in Accounting?
With the ever-changing company landscape, legaltoast certified auditors and financial advisers, as well as payroll experts, help with a wide range of financial services, including:
Basic financial consultation:
We have chartered accountants and financial professionals on hand that can provide your firm with basic financial advice.
Bookkeeping is the process of documenting financial transactions and information daily. Account bookkeeping services may include supplier payments, loan payments, customer invoice payments, asset depreciation tracking, and financial report generation.
Preparation of accurate annual financial statements and monthly reports:
The financial health of a corporation is one of the primary concerns of creditors and investors. Investors use financial statements to assess the profitability and safety of a company’s investment.
Financial statements, including the balance sheet, income statement, and cash flow statement, provide information on the company’s financial position and an overview of assets and liabilities and stockholders’ equity. It also aids in understanding the company’s earnings and expenditures and how the corporation pays its obligations and meets its operational expenses.
Assistance in designing invoices:
Invoices are records of a company’s sales transactions. They include order details such as the quantity of things, item description, total sale price and selling price per item, terms of sale, buyer and seller information, amount due, invoice number, payment method, and payment due date. Invoices create legal rights for the company, allowing it to pursue legal action if the client fails to make the required payment.
Basic taxation advisory:
Our tax advisors at legaltoast provide perfect tax preparation techniques tailored to your business structure. We comprehend India’s evolving tax regulations and provide timely information.
ADVANCE PAYMENT OF INCOME Tax EVERY QUARTER:
Filing Of IT Returns:
Cloud-based accounting software license: With our online accounting software, which will help you stay compliant with Tax and manage the workflows of your business and finances. Using the software, you get control of the end-to-end accounting system, filing of tax returns, update expense receipts, Tax invoices, purchase order creation, and many more. Our software lets you generate mostly everything from Profit & Loss statements to Tax reports.
Net worth Certificate
- Certificate of Good Standing
- Identity Certificate
- Statement of Accounts
- Form 15CA
- Form 15CB
FAQs on Accounting AND Bookkeeping Service
By following better accounting, you can examine the intricate financial details, prepare reports to include quarterly and year-end closing documents, monitor and check tax issues and filings, etc.
Although accounting can be done personally, it is highly recommended to help accounting experts maintain the records and help you save a lot of time and effort spent dealing with daily bills and transactions. There is an advantage in getting an expert's opinion, such as an assistant who can maintain the accounting records as required by the income tax, thus saving you many person-hours and hassles of dealing with daily bills and transactions.
Cloud-based software can be accessed from anywhere. Furthermore, your financial position can be tracked on fingertips (through a mobile app) in real-time. There is no requirement to take the backup and worry of losing the data manually. Some of the advanced features like integration with the bank, Tax portal, API based automation are also possible through cloud software. As your business grows, you can add additional modules and control all operations integrated with accounting software.
Yes, of course, by using designated software or computerized records, one can simply submit automated accounts, which is more accessible and also eliminates errors miscalculations.
Legaltoast follows the best modes when it comes to maintaining confidentiality in the data of our consumers. We ensure your information is not oozed or disseminated to a third party. The accounting software we use is.
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