Bank statement reconciliationīookkeepers can also help you to reconcile your bank statements to all relevant internal accounts. Remember that taxation requirements can vary, from monthly tax filings to quarterly and annual filings. In some instances, bookkeepers can also help you to find the best ways to reduce your payable taxes. Where they affect you, the bookkeeper will be able to provide information. Bookkeepers will be able to keep in tune with the changing taxation laws. In a world where tax laws change on a dime, a bookkeeper can help you maintain stability and weather the financial storm. If you hire a bookkeeping and accounting agency, it is even much better for you. Since they already hold details about your transactions, bookkeepers will be in the best position to help you compile Financial record planning and report documentationĮvery company is required to keep financial records and file financial reports with their local authorities. When it’s the salary period, the bookkeeper will ensure that your workers are paid and that other obligations are fulfilled. When you make new hires, they collect these workers’ bank account information. Payroll managementįull-charge bookkeepers can also help you to manage your payroll. Their connections with banking officials will go a long way in simplifying the deposit process. When you make profits and would like to deposit some of your money in the bank, a full-charge bookkeeper can help make things much easier. A full-charge bookkeeper can also engage in several activities, including the following: Deposit handling It might sound simple, but there’s some complexity to this that should be pointed out. These professionals have a basic duty of tracking your receivables and payables and documenting your entire financial transactions.
The next prong involves a full-charge bookkeeper. Some of the names on the Fortune 500 list could have as many as five accounting firms on their payroll. While this isn’t a necessity, it always helps to make sure that each person’s work is reviewed and double-checked.Īlso, some companies could get too big and would need to hire multiple accounting firms.
In some instances, companies will be able to hire more than one accountant to ensure financial compliance.
Remember to always demand full accountability from accounting services. It is expected that the paystub maker will also provide you with access to the document, ensuring that you can view your financial position at any point. This way, their services can be tailored to meet your needs and bespoke to your requirements. This specialist will be responsible for creating a file that contains all of your accounting data. The first prong involves the accounting specialist themselves. To do this, most of them use a three-pronged approach: The Accountant Primarily, a bookkeeping service looks into safeguarding your funds and protecting your financial interests. What a Bookkeeping and Accounting Service Does
If that's not enough, you also need to file GST Returns and Professional Tax Returns.
Have employees? You need a Professional Tax registration and Shops & Establishments Act Registration. For a food business, you need an FSSAI license. Started a manufacturing business? You need a GST Registration and a Trade License.
In India, you need a license for everything in business. In modern business, there is no other asset as valuable as intellectual property, and yet so many startups end up neglecting it., trademarks, copyrights and patents ensure that you have sole rights to your creation, be it your brand, your designs or your inventions. A private limited company registration, for example, would be a good fit for any venture that will look for funding at a later stage. There is no one size fits all for all businesses. Each of these has distinct advantages and disadvantages. Should it be a private limited company, limited liability partnership, partnership firm, one person company or a sole proprietorship. Many founders are confused about what kind of entity to register when they start their business. We have been particularly instrumental in ensuring startups are fully compliant with India's legal system. Since 2012, Virtual Auditor has been a one-stop solution for any business or entrepreneur looking for a, chartered accountant or company secretary. Virtual Auditor: Audit & Valuation Support for Indian businesses