Accounting is that part of business activity that prepares the fundamentals of a successful business. Therefore most of the successful businesses focus on their accounting services and invest their best of resources in it for better results. Accounting & bookkeeping services act as pre-requisite in auditing, income tax planning, financial planning & preparing annual financial statements etc.
Various accounting services that every business requires are:
– Bookkeeping services
– Income tax consultancy
– Audit & assurance services
– Preparing financial statements
– Trial balance reconciliation
– Preparing Balance sheet
5 REASONS WHY YOU NEED BEST ACCOUNTING SERVICES FOR YOUR BUSINESS
1. Effective use of resources
The most important resource for any business is time and money invested and having the best accounting services can save you on both the resources. Since accounting services require professional expertise therefore it becomes a time-consuming process. Professional accounting services will help in making your business fundamentals strong enough to effectively manage your time in the future.
2. Privacy
Privacy of the financial documents of the company is of the utmost priority. Therefore outsourcing your accounting & bookkeeping services to a trusted and experienced accounting professional who understands the secrecy of business documents well.
3. Minimize the chances of error
To minimize the chances of error in your business any further, it is essential to invest the best accounting practices in your business. This will reduce the chances of error and help you to identify any flaws in the future. The best way is to outsource accounting & bookkeeping services to an expert professional.
4. Track & optimize business expenses
Accounting services are most essential since they not just help to keep a track of your business activities rather they are helpful in optimizing the same. Most of the business expense can be avoided and those can be effectively tracked if you have a well-structured accounting system in place.
5. Income tax planning
Every business needs effective tax planning to save on to their income tax. Therefore proper account management becomes more important because effective income tax planning will not be in place unless a structured accounting service is not inculcated in the business.
FREQUENTLY ASKED QUESTIONS ON ACCOUNTING SERVICES
Q How online accounting & bookkeeping service will help your business?
The first and foremost step is to have a reliable accounting & bookkeeping service to make your business compliance-friendly. Now accounting service is not just about maintaining your books of accounts but it is a statutory requirement. This requirement of having accounting services is irrespective of the size of the business; whether it’s a large business or an MSME everyone has to fulfill the statutory requirement of preparing accounts for a certain period.
Q How Bookkeeping service is different from accounting service?
Bookkeeping relates to identifying, measuring and recording the financial transaction whereas; accounting is the process of summarizing, interpreting financial transaction and classify them in a ledger account. Basically the objective of bookkeeping and accounting is different.
In Bookkeeping it is expected to keep the records of all the financial transactions in a systematic format whereas in accounting the objective to calculate the financial position of the company based on which the management would take the decision regarding future aspects of the company.
Q Is it mandatory to maintain the record of financial transactions?
Yes, it is mandatory to keep the record of financial transactions during the financial year. This requirement is different under different statues.
Companies act, 2013
Section 128 of the companies act, 2013 specifically mentions the books of accounts for a period of 8 years immediately preceding the current year.
Income tax act, 1961
If the sale/turnover from the business or profession exceeds INR 25, 00,000 or the income from business/profession exceeds INR 2, 50,000 in any of the 3 preceding financial years.
The books should be maintained for a period of 6 years from the relevant preceding year.
Q When to hire an accountant?
Hiring an accountant or outsourcing an accounting service to a 3rd party is the most primary step. The job of an accountant starts even before the commencement of the business since various expenses and accounts need to be prepared well in advance. Therefore, one should not delay in hiring an accountant for their business.
Q Why should I choose Caonweb for providing an accountant?
CAonWEB is one of the professional bookkeeping services provider in India with one of the finest & experienced professionals on board. Choosing CAonWEB gives you the advantage over the rest of the market by ensuring:
– Secrecy of data
– Expert handling
– Online services
– Access to your data
– Data integration
– Customized bookkeeping
– User friendly interface
Knowing the confidentiality of the data ensures the complete confidentiality of the client’s data. “Bookkeeping is not about business, it’s about trust”