Accounting and Bookkeeping Services
Bookkeeping is the procedure or work of keeping monetary records or money related records. Therefore, each organization or company must keep up legal and required books of records of its companies or firms. Because, bookkeeping can be understood as an approach so as to reflect the money related strength of a business.
In other words, it can be described as a method for evaluating the advantages, liabilities and income, or the future of an business for all present and future key factors. Above all, it is the backbone of a business and a wide range of business have essential data that is recorded to complete that activity. Therefore, Bookkeeping is the way toward putting away, arranging and recording money related matters.
So, all organizations are legally necessary to file their records to the Income Tax (IT) Department. Further they are also supposed to file certain forms with the Ministry of Corporate Affairs. Only good companies or organisation understands this and maintain all mandatory required documents so as to keep good compliance with applicable laws. In other words, it one can take it as, if a company employs a person as whole time employee then he will have to pay high cost to the full time employee. Therefore, to avoid the huge cost the accounting and bookeeping work should be outsourced to the professionals like us. In conclusion, we maintain your firm’s accounts at a very nominal fees which is comparatively low from employing a whole time employee.
Similarly, we can be reached as professional service providers because we provide best Online Accounting and Bookkeeping Services in India at very affordable cost. In addition we also offer wide range of services like GST, change in directors, allotment of shares, Change Company, Increase in Authorized Capital etc.
||Processing information & Online Accounting and Bookkeeping Services in India
1. Is it required or mandatory to maintain record of all financial transactions?
- The Income Tax Act makes it compulsory to audit in certain cases and audit can be done only when the books of accounts are maintained as per the applicable laws.
- The Private or Public Limited Companies are regulated by the Companies Act. Further, as per the Act every company is required to file annual return with ROC office. The audit and filing is mandatory even when there are losses or no income in a financial year.
- Helps individuals and businesses so they can keep a track of their expenses, monitor their revenues and so they can take informed financial decisions.
2. Why do I need services of an accountant?
An accountant understands the fundamentals of accounting. The proper classification of expenses as capital in nature(eg. Fixed assets) or revenue in nature(eg. purchases) is important. Incorrect accounting can lead to financial losses. Though various accounting tools have come up over the time but the human intelligence is irreplaceable.
3. I got my startup launched a couple of months back and there are very limited transactions. Do I need to appoint whole time accountant?
As the question itself is saying that there are only few transactions. So as per our experience and opinion, any new firm should not appoint whole time accountant. Because, most startups do not need a full time dedicated accountant as the volume of transactions is low and at times it is not economically feasible to hire one. Therefore, we have specially designed this pack to meet all your accounting needs. In conclusion, with our professional assistance your firm does not require whole time accountant which reduces the fixed cost of the company.
4. I have 500 transactions for the year. What will be the additional charges?
In our package, we prepare books of account upto 300 transactions. If your firm’s transactions are above 300, we will charge Rs.10 per additional transaction. Our experts will assist you with purchase of the right value plan as per your need.
5. Will the accountant visit my office in person?
The professionals from our Team will do the accounting from our office only using online softwares. We do not support in-person visit by our accountants. Our experts will be available on call and email to address any queries.
6. I already have an accounting software for my firm. Can your experts use the same software?
Sure, as long as your software can be accessed remotely we can use it. Once you provide us with the access to your software, our experts will login and prepare your accounts.
7. I need to get books of account prepared for my business for 2 years, i.e FY 2014-15 & FY 2015-16. The total number of transactions was around 250. Will the same plan cover accounting for 2 years if number of transaction is under 300? I will need two sets of financial statements each ending on 31st March, 2015 & 31st March 2016 respectively.
Yes, our package is only for for small businesses which have limited number of transactions. If the number of transactions is in the specified range(for current package-up to 300 transactions), the same plan can be used even if the duration is more than an year. The customer share the required information and data including all vouchers, bank statements and other documents pertaining to the relevant period. Further, it is one time service not ongoing.
8. I have an accounting software license. Will your CA be able to use the same software?
The Professionals of CoTaxo Team uses most commonly popular software like Tally etc. Our CA will guide you to share the data backup of your transactions from your software and use the same software to process your books of accounts. After completing the work, the final output will be shared with you.
9. What kind of financial reports will I get in this package?
Our Team Cotaxo will give you all the standard financial reports that generates by the accounting software. These will include at least:
- Trial Balance
- Balance Sheet
- Profit and Loss Account
Accounts Receivables and Payables
10. I am not using any accounting software. Will I get software access using this package?
If you are not using any accounting software, our CA will prepare your books of account using commonly popular accounting software such as Tally etc. Under this package, you will only get the final data backup of your accounts. This is to inform you that Software license will be charged separately and not included in the package. You will need to separately purchase a software license.
11. What are B2B invoices?
B2B invoices of taxable supplies made to registered taxpayers is B2B invoices .