Accounting is the process of storing, sorting and systematically recording, and communicating information about financial transactions. Bookkeeping services are necessary for all businesses to ensure accurate operational / financial information. Such information is required by Management, Regulators, and Investors. Also, it is a legal requirement for any business to maintain an appropriate book of accounts to ensure that all relevant taxes are paid and tax filings are made on time.
Accounting is the process of storing, sorting and systematically recording, and communicating information about financial transactions. Bookkeeping services are necessary for all businesses to ensure accurate operational / financial information. Such information is required by Management, Regulators, and Investors. Also, it is a legal requirement for any business to maintain an appropriate book of accounts to ensure that all relevant taxes are paid and tax filings are made on time. All businesses are required by law to submit their accounts to the Income Tax (IT) Department. Any financial transactions made for the business, such as purchase of goods, selling and so on, needs to be updated and submitted at the end of the year for filing income tax.
An effective accounting system in place helps start-ups and established companies in:
1. PLANNING BUDGET: It helps Organisation in planning budget that effectively controls income and expenditure of the company while monitoring the managerial policies and goals of the business. It provides a disciplined approach to developing strategies; directing capital and other resources into profitable channels.
2. EVALUATING THE PERFORMANCE OF THE BUSINESS: Accounting system plays a vital role in measuring the performance of the business with respect to key metrics like net profit, sales growth etc.
3. MANAGING CASH FLOW: Regular tracking of the money that comes into the business helps in predicting the trends, paying to staff and suppliers, covering debts, etc.
4. PRESENTING INFORMATION TO INVESTORS AND STAKEHOLDERS: While approaching potential investors, creditors, banks or borrowers, the financial statements and other reports serve as financial scorecards of the company. Investors will get a better sense of the financial health of the business which includes the net worth, debts, savings, amount spent on fixed expenses. In addition, they will get to know the solvency, creditworthiness, liquidly, stocks and bond issuers of the business.
5. MANDATORY BY LAW: In India, as the Registrar of Companies demands a strict record of income tax payments at the end of the year, without maintaining accounts companies may end up paying tax in excess.
Our Bookkeeping Services are focused at reducing the finance and accounting costs of our clients by helping them with their management, accounting and tax preparation needs.
We through Conusltavenuee.com provides all aspect of book keeping, preparing financial statements, management reporting, financial analysis, filling statutory returns and legal compliances.
One needs to ensure that all aspects of the business are correctly classified so that there is no confusion in future. This is the job of an experienced accountant, even though there is software today to do much of the work. No, it is mandatory to maintain books even if you are incurring losses. Any financial transactions made for the business, such as purchase of goods, selling and so on, needs to be updated and submitted at the end of the year for filing income tax.
Indian regulatory framework demands reporting and returns to be submitted to various departments. This can be handled by experienced accountants in a flawless manner. Delay in submission or non-submission of reports and returns attract penal actions.
Thus, we at Conultavenuee.com offers all services in the nature of various compliance, viz compliances with respect to corporate fillings with Ministry of Corporate affairs, Annual fillings, Income Tax, GST compliances which is the requirements of various business entities.
All employers must maintain records of the number of workers they employ, the amount they pay them, deduct taxes on their salaries, pay those taxes to government, keep track of the number of leaves they take in a month, among much else. This is a time-consuming task that requires assistance, particularly when your business is too small to make it viable to do it in-house. Also, from an accounting perspective, as payroll and payroll taxes considerably affect the net income of most companies.
Informed Decisions
It’s only with reports that you can take informed decisions on attendance, employee-related expenses, increments, number of leaves. Our payroll management services, you have all the data you need as a small business owner.
Stay Compliant
There are a bunch of compliance-related issues with regard to payroll that get taken care of when you opt for our services. We will work out all the tax-related issues, file employee taxes, maintain all the leave records and generate payslips.
Access to Templates
Our templates help you with standard employment agreements. We also have any other documentation need you may have taken care of.
