Accounting and Bookkeeping Services
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Bookkeeping is the process of recording and organising financial transactions, such as income and expenses and creating important financial statements like income statements and balance sheets. It involves tasks like entering data into journals and maintaining a complete record of a company's accounts. This record is necessary to comply with legal and regulatory requirements. Bookkeeping services play a crucial role in managing a company's finances effectively.
In bookkeeping, there are five types of accounts: assets (company's capital and resources), revenue (money earned by the business), liabilities (obligations and debts), equity (remaining value after liabilities) and expenses (cash used for utilities and salaries).
Following are the advantages of bookkeeping as mentioned below:
By outsourcing bookkeeping tasks, customers can save valuable time that can be better utilised for core business activities. They can focus on growing their business and serving customers instead of spending hours on financial record-keeping.
One of the main elements of bookkeeping is maintaining accurate and up-to-date financial records and ensuring that all transactions are recorded correctly, reducing the risk of errors and discrepancies and help businesses stay compliant with tax regulations and other financial obligations.
Bookkeeping services provide customers with clear visibility into their financial health. They receive regular reports and statements that outline their income, expenses and overall financial position. This information helps them make informed business decisions and identify areas for improvement.
Instead of hiring and training in-house bookkeepers, relying on experienced professionals who provide services at a fraction of the cost saves money on salaries, benefits and office space.
Bookkeepers can analyse financial data and provide valuable insights to customers. They can identify trends, patterns and potential cost-saving opportunities. These insights empower customers to make strategic decisions that improve profitability and growth.
Bookkeeping services can easily scale with the customer's business. As the business grows, the bookkeeping service can adapt and handle increased transaction volumes and complexity. This scalability eliminates the need to worry about outgrowing internal bookkeeping resources.
Customers benefit from the expertise and guidance of professional bookkeepers. These professionals stay updated on the latest accounting rules and regulations, ensuring that customers receive accurate and relevant advice. They can also provide support during tax audits or financial assessments.
Overall, bookkeeping services offer customers the convenience, accuracy and expertise needed to effectively manage their financial records and make informed business decisions.
A bookkeeper's role goes beyond data entry and tax rules. The bookkeeper also handles tasks such as managing deposits, payroll, developing financial statements, reconciling bank statements and assisting with audits. Alongside, he also focuses on enhancing financial accountability by having a controller scrutinise the bookkeeper's ledger for accuracy. The controller maintains the integrity of the accounting file, preventing unauthorised adjustments. They prepare monthly financial reports to identify any issues that need attention.
They are responsible for the following:
There are numerous types of bookkeeping services, some of which have been mentioned below:
These services involve managing your financial records remotely, providing assistance with tasks such as data entry, categorisation of transactions and generating financial reports, all without the need for physical presence.
Certified Public Accountants (CPAs) offer comprehensive support, including maintaining accurate financial records, preparing tax documents and providing expert financial advice.
These services focus on setting up the accounting system for your business, including creating charts of accounts, establishing proper recording procedures and implementing software to streamline financial processes.
This service ensures that your business complies with GST regulations. It involves accurately calculating and reporting GST obligations, filing GST returns and maintaining proper records for GST audits.
This service helps ensure compliance with income tax laws and regulations. It involves preparing and filing income tax returns, identifying eligible deductions and credits and staying updated on changes in tax legislation.
FEMA (Foreign Exchange Management Act) compliance services assist businesses in complying with foreign exchange regulations. This involves proper reporting of foreign transactions, adhering to restrictions on foreign investments and fulfilling documentation requirements.
Reporting services involve preparing and distributing various financial reports to key decision-makers within the organisation. They are useful in providing insights into the business's performance and include reports like general ledger reports, financial statements, bank reconciliation reports, accounts payable and receivable reports etc.
This involves a thorough examination of a company's financial records which will include balance sheet, income statements and cash flow statements.
Help in examining organisation's internal processes and practices to assess their effectiveness and identify risks, ensure compliance with regulations and evaluate the efficiency of operations within the organisation.
Treasury management services focus on managing an organisation's financial assets, investments and cash flow. The goal is to minimise operational and financial risks while optimising liquidity. These services involve effectively managing cash flow, receivables, payables and interest rates.
Each of these services plays a crucial role in ensuring accurate financial records, regulatory compliance and informed decision-making for businesses.
Following entities are eligible and can opt for bookkeeping services:
General accounts bank statements with cancelled cheques Similar to trust accounts, bank statements and cancelled cheques for general accounts are essential for tracking business transactions and ensuring accurate financial records.
Invoices to clients Invoices issued to clients are crucial for recording sales, tracking payments and calculating revenue. They provide details of the services or products provided, along with the agreed-upon prices.
Bills from suppliers Bills or purchase invoices received from suppliers form the basis for recording expenses and tracking accounts payable. These documents contain information about the goods or services purchased and the amount owed.
Bank deposit slips/book Bank deposit slips or a deposit book is required to record all cash and check deposits made into the business's bank account. These slips provide proof of income and ensure proper tracking of revenue.
Credit card statements and receipts Credit card statements and corresponding receipts are necessary for tracking business expenses made using credit cards. They help in reconciling credit card transactions and ensuring accurate expense recording.
Cash expense (out-of-pocket expenses) receipts Receipts for petty cash purchases or out-of-pocket expenses are important for maintaining accurate records of business expenditures as they serve as proof of payment and support expense claims.
Merchant account statements (if accepting credit cards) If the business accepts credit card payments from clients, merchant account statements are required. These statements provide a record of credit card transactions processed and the corresponding funds deposited into the business's bank account.
The process of bookkeeping usually involves the following steps as mentioned below:
Meet with a bookkeeping service provider to discuss your specific needs and requirements. This step helps them understand your business and tailor their services accordingly.
You will receive an agreement after the consultation is done which will outline the terms, scope of work and fees associated with the bookkeeping services. Review it and sign the agreement if you agree to proceed.
Gather and provide the necessary financial documents to the bookkeeping services. Relevant records include bank statements, receipts, invoices, etc. and should be organised and easily accessible.
The bookkeeping service will enter the financial data from the provided documents into their accounting software. They will organise the data in a systematic manner, ensuring accuracy and completeness.
The bookkeeper will categorise and classify the financial transactions based on their nature and purpose. This step helps generate meaningful reports and enables better financial analysis.
The bookkeeper will reconcile your bank accounts, credit card statements and other financial records with the entries in the accounting software. This process identifies any discrepancies or errors and ensures the accuracy of the financial data.
The service will generate regular financial reports including profit and loss statements, balance sheets and cash flow statements.
The bookkeeping service will provide ongoing support and guidance regarding your financial records by answering your questions, addressing any concerns and offer insights.
During tax season, the bookkeeping service can assist you in preparing the necessary financial statements and documents required for filing your taxes. This ensures compliance with tax regulations and helps maximise your tax deductions.
It is advisable to periodically review your financial records with the bookkeeping service as it can identify potential issues, spot trends and make adjustments to financial strategies if needed.
Each bookkeeping service may have its own specific process, so it is important to discuss these details with the provider. StartupFino, with its team of trained professionals can help you align the process and ensure necessary steps along the way.
A reliable bookkeeping service should provide a comprehensive and accurate overview of the company's financial structure every month. This information is significant for gaining insights into the company's financial health and developing strategies to maintain and improve it.
Startupfino is a company that specialises in offering complete services for accounting and bookkeeping. We can help you with everything from providing advice in the initial phase to ensuring that you meet all the necessary requirements and compliances.
Our accounting and bookkeeping services include the following:
By availing our services, entrepreneurs can avoid the negative outcomes of non-followance of rules and compliances. StartupFino works hard to provide services that are prompt and effective, so you can manage your business without any issues and without facing penalties or problems.
StartupFino manages legal, financial & Compliance services through its team of professionals with the help our own technology.
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