Accounting and Bookkeeping Services
Maintain your Accounts
The weekly and monthly financial reports generated by us will make it appear to be you've got an in-house accounts team.
How Does Accounting And Bookkeeping Services Work?
Accounting and Bookkeeping services are most crucial for the success of any kind of business and it is essential to analyzing the business’s financial growth.
What are Accounting and Bookkeeping Services - An overview
Accounting is the systematic process of recording, analyzing and interpreting financial transactions. By law, all businesses are required to submit their accounts to the direct tax (IT) Department. Several start-ups tend to ignore this requirement early then scramble to place together their accounts once they are raising funding or being acquired. Maintaining the accounting books in-house certainly may be a tedious and possibly expensive affair for business owner, but getting it done would significantly reduce pains in complying with the necessities of the IT Department; it gives the promoters and shareholders an honest sense of how the business is doing and proves eligibility for loans in later years, and even satisfies investors.
Why Accounting and Bookkeeping are vital for business? Benefits
An effective accounting in place helps every startup and established companies in:
Planning Budget:
Budgeting helps organizations in effectively controlling the income and expenditure of the corporate while monitoring the managerial policies and goals of the business. It provides a disciplined approach to developing business 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 reference to key metrics like net profit, sales growth,
Managing Cash Flow:
Regular tracking of the cash 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 function financial scorecards of the corporate. Investors will get a far better sense of the financial health of the business which includes the net worth, debts, savings, amount spent on fixed expenses. additionally, they’re going to get to understand the solvency, creditworthiness, liquidy, stocks and bond issuers of the business.
Mandatory By Law:
In India, because the Registrar of Companies demands a strict record of income tax payments at the end of the year, without maintaining accounts companies may find yourself paying tax in excess.
How do we help in Accounting - Why LegalMaps?
With the ever-changing business landscape, LegalMaps’s certified accounting professionals, and payroll specialists assist during 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 business needs.
Bookkeeping:
Bookkeeping is a process of recording financial transactions and information on a day to day basis. The account bookkeeping services may include payments made to suppliers, customer invoice payments, loan payments, monitoring asset depreciation and generating financial reports.
Preparation Of Accurate Monthly Reports And Annual Financial Statements:
One of the main concerns of investors and creditors is a company’s financial health. Financial statements function as a source for a company’s investor to measure the profitability and safety for his or her investment.
Financial statements, which include a balance sheet, income statement and cash flow statement give insights into the company’s financial position, a summary of assets and liabilities, stockholders’ equity. It also helps understand the company’s revenues and expenditure, how the corporate pays its debts and the way it meets its expenses for operations.
Assistance In Designing Invoices:
Invoices are records of sale transactions that a corporation makes. They contain the details of the shipment just 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 therefore the payment due date. Invoices establish the legal rights wherein if the customer fails to make the due payment, the corporate can take it forward legally.
Basic Taxation Advisory:
At LegalMaps, 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.
FAQs on Accounting
Yes, one can submit computerised accounts, too. Now, it’s easier to take care of financial records and every one details of financial transactions on designated software or through computerized records, to eliminate any errors and miscalculations.
Although accounting is often done individually, it’s highly recommended to avail the help of accounting professionals who can maintain the records and assist you to save tons of your time and energy spent on dealing with everyday bills and transactions.
There is an advantage in taking the opinion of an expert, like an agent who can maintain the accounting records as demanded by the income tax, and thus, prevent tons of man-hours and hassles of handling daily bills and transactions.
LegalMaps adopts the simplest practices when it involves maintaining confidentiality within the data of our customers. We ensure your information isn’t leaked or disseminated to the third party.
By following better accounting you’ll analyze the intricate financial details, prepare reports to accurately include quarterly and year-end closing documents, monitor and check taxation issues and filings, etc.
No Spam. No Sharing. 100% Confidentiality.
