Accounting and Bookkeeping Services
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Startupfino is managing my accounts and its such a relaxed and smooth journey so far, I dont have to worry about timely execution of the work. They manage my invoicing, finances and compliances in a efficient way. I wish startupfino and team all the very best for the future of this startup....I dont have to worry about timely execution of the work. They manage my invoicing, finances and compliances in a efficient way. I wish startupfino and team all the very best for the future of this startup. Read more
Indian Cricketer
I have been working with Startupfino on a couple of our portfolio companies. I have found, this team highly responsive and they truly understand issues faced by startups. I would highly recommend them to startups for their accounting and compliance needs....this team highly responsive and they truly understand issues faced by startups. I would highly recommend them to startups for their accounting and compliance needs. Read more
CEO-PolicyBazaar
Accounting and bookkeeping services include capturing and organising monetary transactions including expense and income and also creating financial statements like income statements and balance sheets. It includes entering data into journals and maintaining a record of all the accounts of a company. This record is required by regulation and law. Bookkeeping services are vital for the operation of any business's finances.
You will find 5 kinds of accounts in bookkeeping: Property (company capital and resources), revenue (profits generated by the business), debts (debts and obligations), equity (remaining worth following liabilities) and expenditures (cash for salaries and utilities).
Mentioned below are several points which make bookkeeping necessary for a company and why one should outsource bookkeeping to his / her business:
Benefit |
Description |
Detailed Recording |
Professional bookkeeping services maintain comprehensive and up-to-date records, aiding in business accounting, supervising, and obtaining financial reports. |
Constantly in conformity with the Law |
Competent bookkeeping services stay updated with legal changes, ensuring compliance and fixing errors promptly. |
Making plans gets easier |
Online bookkeeping services offer insights into company accounts, facilitating future planning without worrying about data accuracy. |
Quick Reporting |
Up-to-date books enable business owners to access updated balance sheets quickly, boosting confidence and facilitating discussions with stakeholders. |
Relations with investors and banks improved |
Updated books instil confidence in business owners, improving relationships with banks and investors, potentially leading to better financial opportunities. |
Better tax predictions |
Proper bookkeeping provides accurate financial statements for tax purposes, allowing business owners to analyse tax obligations more precisely. |
Quicker business response time |
Having updated accounts allows for quicker decision-making in response to market or business changes. |
Easier Audits |
Comprehensive bookkeeping simplifies the audit process, as clean accounts make financial statement creation faster and audits easier. |
These are the differences between bookkeeping and accounting services:
Characteristic |
Accounting |
Bookkeeping |
Purpose |
Summarisation and interpretation of financial data |
Recording of financial transactions |
Scope |
Wider |
Narrower |
Focus |
Big picture |
Details |
Tools |
Financial statements, tax returns, etc. |
Accounting software |
Expertise |
Required |
Not required |
A bookkeeper does more than enter data and file taxes. The bookkeeper also manages deposits, payroll, develops financial statements, reconciles bank statements and assists with audits. He also wants to enhance financial accountability - so a controller checks the bookkeeper's ledger for accuracy.
They're responsible for:
Proper accounting bookkeeping makes keeping accurate financial records easier than businesses are required by law for tax purposes. A thorough bookkeeping accounting and accountancy also has business advantages. A successful business needs very good bookkeeping for reasons including:
Benefits of Bookkeeping |
Description |
Budgeting |
Recording income and expenses facilitates examination of financial resources, aiding in assessing cash flow. |
Organisation |
Bookkeeping provides structured financial records, essential for authorities, investors, accountants, and lenders. Facilitates easy access to information when needed. |
Analysis |
Enables the creation of financial statements for tracking cash flow and identifying business strengths and weaknesses. |
Planning |
Financial statements help evaluate project success, aiding shareholders and business owners in making informed future plans. |
Different kinds of cloud accounting packages include outsource accounting online and Offline. These bookkeeping services include:
Watch this account because if several orders are misplaced or slip through the cracks, you could be out of pocket and must make up the real difference so the invoices will be balanced correctly. Organise this particular account so you can send out bills on time & make payments correctly.
Good organisations will frequently assist with early payments which, in case you build a good reputation together with the creditor, could get your business a discount or special offer.
The following entities are eligible and can choose book keeping and accountancy services:
Eligible Entities |
Description |
Consultants and Professionals |
Individuals in various fields like law, medicine, architecture, or consultancy who need organised financial records for their business finances. |
Share Market Traders |
People or entities involved in buying and selling stocks, securities, or other financial instruments, requiring accurate bookkeeping for investment activities. |
Goods Traders |
Retailers, wholesalers, distributors, or manufacturers who maintain detailed records of sales, purchases, or inventory. |
Startups and Small Businesses |
New businesses or small enterprises benefit from bookkeeping services to establish a financial foundation, track cash flow, expenses, and prepare financial reports. |
Non-Profit Organisations |
Charities or non-profit entities needing proper bookkeeping to manage funds, track donations, and report financial activities to regulators and stakeholders. |
Professional Service Firms |
Companies providing professional services such as marketing, consultancy, or IT, requiring accounting to monitor task budgets, billable hours, and prepare invoices. |
Real Estate Agents/Property Managers |
Individuals or firms involved in real estate transactions or property management, utilising bookkeeping to track rental income, expenses, and property finances. |
Following are the set of documents required for outsourced accounting services:
Documents Needed for Outsourced Bookkeeping Services |
1. Company/Business Registration Papers |
2. Bank Statements for the Financial Year or Monthly Records |
3. Purchase and Sales Invoices, if available |
4. Receipts for Expense |
5. Accounts Receivable and Payable Details |
6. Any Relevant Government Registrations |
7. Cash Expenditures |
8. Bank Statements of Partners/Members for Business Transactions |
9. Expenses Incurred for Company or LLP Registration by Promoters |
Accounting book keeping involves the following steps as described below:
Accounting & bookkeeping services might have a different procedure; talk about these specifics with us. StartupFino, with its staff of qualified professionals can assist you to understand the process and determine the best steps in the process.
Accounting and bookkeeping services should give a monthly overview of the company's finances. Such information is important for analysing the company's financial health and making suggestions on ways to help keep it and also make it better.
StartupFino offers accounting & bookkeeping solutions. We can assist with advice in the initial phase through to ensuring you satisfy all the requirements and compliances.
StartupFino manages legal, financial & Compliance services through its team of professionals with the help our own technology.
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Startupfino has been awarded as the Best Virtual CFO of 2023 held at Global Startup and Entrepreneurship Conclave 2023. It was decisive to get recognition as a startup in this competitive industry.
Startupfino is honoured to recognise as a Best Tax and Legal Compliance Management Agency in the India Stratup Summit and Startup Achievers Awards 2022.
Startupfino is honoured as a Best Financial Advisor Agency at the World Startup Convention 2023. This acknowledgment shows commitment towards delivering innovative solutions.
Startupfino is working with Startups since last 10 years with an unparalleled experience of helping fast growing startups. Our Success can be witnessed through the numbers given below.
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