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Accounting & Bookkeeping Service

The recording of financial transactions is bookkeeping, whereas, accounting is interpreting, classifying, analyzing, reporting, and summarizing the financial data. A properly maintained accounting & bookkeeping system helps a business to reduce accounting costs and analyze its financial growth.

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How does Accounting and bookkeeping Services work?

We, ‘Vakilsearch’ offer Accounting & Book-keeping Service to keep you abreast of the costing, bad-debts, overheads and profitability. Here’s how we can help you get rid of all accounting & book-keeping worries -

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We address all your queries about accounting and book-keeping

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Vakilsearch experts help you get the entire process done

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Documents will be delivered to you by courier.

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What are Accounting services - An overview

Accounting is the systematic process of recording, analyzing and interpreting the financial transactions. It is the responsibility of every business – whether large or small to furnish their accounting records to the Income Tax Department. Usually, start-ups ignore and after few years, they have to face problems. To avoid problems like raid and fines, it is always good to maintain your financial records and furnish details to the government agencies.

Accounting & Book-keeping Service

Why Accounting is important for business? Benefits

An effective accounting system in place helps startups and established companies in:

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.

Evaluating the performance of the business:

Accounting system acts as a yardstick in measuring the performance of the business with respect to key metrics like net profit, sales growth,

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.

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, liquidy, stocks and bond issuers of the business.

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.

How we help in Accounting - Why Vakilsearch

With the ever-changing business landscape, Vakilsearch’s certified auditors and accounting professionals, and payroll specialists assist in a broad spectrum of financial services that cover:

Basic financial consultation:

We have expert chartered accountants and financial professionals who offer basic financial consultation that your company needs.

Bookkeeping:

Bookkeeping is a process of recording financial transactions and information on a daily basis. The account bookkeeping services may include payments made to suppliers, loan payments, customer invoice payments, monitoring asset depreciation and generating financial reports.

Preparation of accurate annual financial statements and monthly reports:

One of the major concerns of creditors and investors is a company’s financial health. Financial statements serve as a source for a company’s investor to gauge the profitability and safety for their investment.

Financial statements, which include balance sheet, income statement and cash flow statement give insights into the company’s financial position, an overview of assets and liabilities, stockholders’ equity. It also helps understand the company’s revenues and expenditure, how the company pays its debts and how it meets its expenses for operations.

Assistance in designing invoices:

Invoices are records of sale transactions that a company makes. They contain the details of the shipment like the number of items, item description, total sale price and selling price per item, terms of the sale, buyer’s and seller’s information, amount due, invoice number, method of payment and the payment due date. Invoices establish the legal rights wherein if the customer fails to make the due payment, the company can take it forward legally.

Basic taxation advisory:

At Vakilsearch, our taxation experts offer the best-in-class tax planning strategies that are suitable for your business structure. We understand the changing tax regimes in India and offer timely information.

Advance payment of income tax every quarter:

Filing of IT returns:

Cloud-based accounting software license: We provide Zoho online accounting software that helps in staying compliant with GST and managing your finances and business workflows. With the software, you can take complete control of the end-to-end accounting system, create GST invoices, filing of tax returns, update expense receipts, create purchase orders, track your inventory and more. Right from profit and loss statements, GST reports to inventory reports Zoho lets you generate more than 500 reports. It also lets you customize reports and filter the data for better insights.

Net worth Certificate

  • Certificate of Good Standing
  • Identity Certificate
  • Statement of Accounts
  • Form 15CA
  • Form 15CB
  • FAQs on Accounting & Bookkeeping Service

    Can accounting be computerised? Or only manual transactions are approved by the Income Tax Department?

    Yes, one can submit computerised accounts, too. Now, it is easier to maintain records and all details of financial transactions on designated software or through computerized records, to eliminate any errors and miscalculations.

    Do I need to maintain books on my premises or can I appoint an agent to do the needful?

    Although accounting can be done individually, it is highly recommended to avail the assistance of accounting professionals who can maintain the records and help you save a lot of time and effort spent on dealing with everyday bills and transactions There is an advantage in taking the opinion of an expert, such as an agent who can maintain the accounting records as demanded by the income tax, and thus, save you a lot of man-hours and hassles of dealing with daily bills and transactions.

    How secure is my financial data with you?

    Vakilsearch adopts the best practices when it comes to maintaining confidentiality in the data of our customers. We ensure your information is not leaked or disseminated to the third party. The accounting software we use is

    How does better accounting contribute to my company?

    By following better accounting you can analyze the intricate financial details, prepare reports to accurately include quarterly and year-end closing documents, monitor and check taxation issues and filings, etc.

    How does cloud-based software help and how does it differ from traditional software?

    Cloud-based software can be accessed from anywhere, moreover, your financial position can be tracked on fingertips (through mobile app) on real-time. There is no need to manually take the back-up and worry of losing the data. Some of the advanced features like integration with the bank, GST portal, API based automation are also possible through cloud software. As your organisation grows, you can add additional modules and manage all operations, integrated with accounting software.

    Advantages of Online Accounting

    Always Available

    Our services are offered on the cloud, which means that you'll have 24x7 access to your accounts and can be sure of confidentiality.

    Equity Eligibility

    If you're going to raise funding or ask for a loan at a later stage, you would need to provide your books of accounts from the start of operations. The proper record of transactions helps you reduce your compliance.

    Review Efficiency

    All businesses make decisions based on financial data as they provide an unbiased account bookkeeping of the efficiency of the business. In their absence, it is always possible for bias to creep in to decision-making.

    Why Vakilsearch

    1k Businesses Monthly

    We maintain the accounts of around 200 companies and LLPs every month with a small team, by leveraging our tech capabilities. Come on board and experience convenience.

    9.1 Customer Score

    We make your interaction with government as smooth as is possible by doing all the paperwork for you. We will also give you absolute clarity on the process to set realistic expectations.

    300 Strong Team

    Our team of experienced business advisors are a phone call away, should you have any queries about the process. But we'll try to ensure that your doubts are cleared before they even arise.

    Recent Updates

    23rd March: July 2020 to March 2021: RBI’s Accounting Year

    The apex bank, RBI has finalized 2019-20 year to end on coming June 30. And, the financial year 2020-21 will start from July 1, 2020, and end on March 31, 2021. This move has been taken to align with the Government.

    11th April: Accounting Norms for companies may get relaxed

    There is an industry demand to extend the financial year until 30th June. The Ministry of Corporate Affairs is already in talks with ICAI (Institute of Chartered Accountants of India) for this.

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