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Tax & AccountingAccounting And Bookkeeping
Accounting is the systematic process of recording, analyzing and interpreting the financial transactions.
By law, all businesses are required to submit their accounts to the Income Tax (IT) Department. Several start-ups tend to ignore this requirement early on and then scramble to put together their accounts when they are raising funding or being acquired. Maintaining the books in-house certainly is a tedious and possibly expensive affair, but getting it done would significantly reduce pains in complying with the requirements of the IT Department; it gives the promoters and shareholders a good sense of how the business is doing and proves eligibility for loans in later years, and even satisfies investors.
PROFESSIONAL HELP IN PLANNING YOUR BUSINESS
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The experts at Advizeindia are here to assist you with all of your tax needs. Taxes can be stressful and confusing, but our consultants can make it easy.
Benefits of
Accounting & Bookkeeping
Planning Budget
Budgeting helps organizations in effectively controlling the 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.
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.
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.
Facts on
Accounting And Bookkeeping
Who Should Buy?
Proper maintenance of books and accounts is a prerequisite to any business entity. Further, it is mandatory for firms undergoing statutory or internal .
This plan is designed to address the accounting needs of businesses and professionals operating as :
- Goods Traders
- Professionals & Consultants
- Share Market Traders
- Individual Freelancers
Is it mandatory to maintain record of all financial transactions?
- Income tax act requires compulsory in certain cases and that is possible only when books have been maintained as per the law.
- Companies are regulated by the Companies Act and as per the Act every company is required to file annual return with registrar of companies. It is mandatory even if there are losses or no income in a financial year.
- Helps individuals and businesses keep a track of their expenses, monitor their revenues and take informed financial decisions.
Why do I need services of an accountant?
An accountant understands the fundamentals of accounting. The proper classification of expenses as capital in nature(eg. Fixed assets) or revenue in nature(eg. purchases) is important. Incorrect accounting can lead to financial losses. Though various accounting tools have come up over the time but the human intelligence is irreplaceable.
I got my startup launched a couple of months back. There are very limited transactions. Should i hire a full time accountant?
Considering that most startups do not need a full time dedicated accountant as the volume of transactions is low and at times it is not economically feasible to hire one, we have specially designed this pack to meet all your accounting needs. Get your accounts maintained by our experts and get your accounting done without having to employ a full time accountant.
Procedure For
Accounting And Bookkeeping Services
Send us a copy of the book
Send us the scanned copy of your accounting books and one of our experts shall get in touch with you.
Analysis of your books
Our experts shall then analyze your accounting books and make entries into books according to the same.
Verification and Approval by you
As the next procedure, the final tally entry shall be sent by our experts to you for verification and approval.
Preparation of Balance sheet
Once approved by you, our experts shall then prepare the balance sheet and PNC statement of the same.
Your work is completed
Once the Balance sheet and PNC are prepared, the books of accounts are finalized and completed and sent to you.