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It assists organizations in efficiently controlling the company's income and expenditure while monitoring managerial policies and goals.
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Accounting and Bookkeeping Services
Accounting and Bookkeeping Services
Accounting and Bookkeeping Services
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.| Company Details | |
| Act | No specified Act |
| Registration Requirement | No |
| Number of members | Only 1 |
| Separate Legal Entity | No |
| Liability Protection | Unlimited |
| Statutory Audit | Not mandatory |
| Ownership Transferability | No |
| Uninterrupted Existence | No |
| Foreign Participation | Not Allowed |
| Tax Rates | Low |
| Statutory Compliances | Less |
Tags: accounting, and, bookkeeping, services
What is Accounting and Bookkeeping?
What is Accounting?
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. Generally, startups neglect these issues and, after a few years, they are forced to deal with them, plus interest. It's always a good idea to keep track of your finances and provide information to government organizations to avoid difficulties like raids and fines. Companies are required to update the annual returns regularly.
What is Book-Keeping?
Bookkeeping is the process of recording your company’s financial transactions into organized accounts on a daily basis. For a number of reasons, bookkeeping is an important aspect of your accounting process. Companies can track all information on their books and make key operating, investment, and financing choices with proper bookkeeping.
Individuals who manage a company's financial data are known as bookkeepers. Companies would not be aware of their current financial situation or internal operations without bookkeepers.
Benefits of Accounting and Bookkeeping
Budgeting
Mandatory by law
In India, the Registrar of Companies requires a strict record of income tax payments at the end of the year, failing which companies may face additional taxes or fines.
Evaluating the Business's Performance
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.
Timely access to operational information
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.
Regular reconciliation rationalize decisions
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.
Attract investors with accurate financials
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.
Ready to furnish data for timely compliance
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 and Bookkeeping Services
Incorporation Document
PAN Card, Certificate of Incorporation and MoA – AoA of Private Company
PAN Card
Financial Statements must be audited by independent auditor
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
Services Covered
Recording of year round entries (500 - 1000 transactions for one year) for the completed financial year
Preparation of Ledger Accounts-Cash, Sales, Purchases, Expenses
Preparation of Receipts and Expenses Statement/Profit and Loss Account
Stock Summary as on date
Statement of balance of Account Receivables and Payables as on date
Bank Reconciliation Statement as on date
Preparation of Balance Sheet
Who Should Buy
Goods Traders
Professionals & Consultants
Share Market Traders
Individual Freelancers
Manufacturers
Every Private Limited Company
Every Partnership Firm or LLP
Manage books in 3 Easy Steps
1. Follow Quick Process
- Pick the best suitable Package for accounting and bookkeeping
- Spare less than 10 minutes to fill our online Questionnaire
- Upload required Documents
- Make quick payment through our secured gateways
2. Experts at TaxClue are here to help
- Assigning a dedicated Relationship Manager
- Provide the details of the Business and transactions
- Entries in the Books of Accounts
- Maintaining the book of accounts on a daily basis
- Deliver up to date data
3. Get access to updated Accounts!
- Get access to updated Accounts as per your requirement
- For us, data secrecy is a priority
Why TaxClue?
Basic Financial Consultation
Bookkeeping
Whether small business accounting be done in-house?
Accurate Annual Financial Statements
Assistance in Invoices
Basic Taxation Advisory
Cloud-Based Accounting Software License
Accounts reconciliation
Payroll & Monthly analysis
Explore Accounting and Bookkeeping Services
Why does your business need a bookkeeper?
Availing a trustworthy bookkeeping service ( offline or online) for any business ensures a well-run accounting system which helps you to manage your business.
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.
Why your business should outsource the option of bookkeeping?
Many business owners do not have the knowledge, time or ability to accurately perform their bookkeeping duties. Online accounting services will provide you the time required to focus on your businesses operations.
Whether small business accounting be done in-house?
Keeping in-house accounting and bookkeeping services would demand both from the owners – time and efforts. Hence, rather than focusing on such administrative task, it is beneficial to focus on the growth of the business. Also, the in-house accountant would cost considerably higher as compared to the price of getting accounting packages for bookkeeping from TaxClue.co.in.
What will you get if you opt for TaxClue online bookkeeping services?
TaxClue provides quarterly services where the accounting is done by the experts in the field. You get trial balance, profit and loss statements, balance sheet and accounts soft copy as a deliverable after opting for our bookkeeping services.
What other related services can I avail along with the bookkeeping?
You can also opt for GST Return Filing, TDS Return Filing, Annual Compliance Services for Companies and LLPs, Income Tax Return (ITR) Filing along with accounting and bookkeeping services.
How secure is my financial data with you?
How secure is my financial data with you?
Is it mandatory to maintain record of all financial transactions?
I got my startup launched a couple of months back. There are very limited transactions. Should i hire a full time accountant?
Will the accountant visit my office in person?
I already have an accounting software for my firm. Can your experts use the same software?
What kind of financial reports will I get in this package?
I am not using any accounting software. Will I get software access using this package?
Can I specify the accounting software to be used?
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