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Book Keeping Services

OVERVIEW

Book-keeping refers to the process of keeping financial records pertaining to the business. It involves the process of recording, summarizing, analysing and reporting all the transactions.

The process of Bookkeeping helps us in assuring that all the financial impacts of these transactions are recorded properly in the books of accounts.

Bookkeeping is one of the key functions of all businesses. This key function is handled by an accountant in a small firm, or by a finance department with dozens of employees at larger companies.

The reports generated by various streams of accounting are useful for business decisions. These reports give detailed information about the financial status of the business.

Bookkeeping is the process where daily transactions are recorded in the respective ledgers, it consists of:

  • Recording financial transactions in the respective ledgers.
  • Recording sale & purchase invoices.
  • Recording of bank entries to adjust the payment received or paid.
  • Recording other non-revenue expenses to track them.
  • Preparation of the Trial Balances and Financial Statements for reporting purpose.
  • Recording of other compliance cost and entries such as statutory dues payable or paid.

Maintaining the ledger is one of the main parts of Bookkeeping services. A bookkeeper records the transaction that occurred from the purchase, sale & expenses in the respective ledger of the company.

Accounting services include a wide range of professional services such as bookkeeping, payroll processing, tax preparation, financial statement preparation, and analysis, audit and assurance services, budgeting and forecasting, and consulting services.

One of the primary benefits of outsourcing accounting services is cost savings. Hiring an in-house accountant or financial professional can be expensive, as it involves salary, benefits, and other overhead costs. Outsourcing accounting services, on the other hand, can be cost-effective, as it involves paying for only the services required, without the added costs of hiring and managing an in-house team.

Outsourcing accounting services can also help businesses to access expert advice and guidance from experienced professionals. Accounting firms employ qualified and experienced accountants and financial professionals who have in-depth knowledge of accounting standards, tax laws, and regulations. They can provide valuable insights and advice on financial planning, tax optimization, and risk management, helping businesses to make informed decisions and achieve financial stability and growth.

The complexities or requirements of a bookkeeping services majorly depend on the size of the business and the number of transactions that occur within the organization in any given timeframe.

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Benefits of online book-keeping services.

Online bookkeeping services offer several benefits for businesses of all sizes. Here are some of the key advantages of using online bookkeeping services:

  1. Cost savings: Online bookkeeping services are often more affordable than hiring an in-house bookkeeper or accountant. With online services, you only pay for what you need, and there are no additional costs such as salaries, benefits, or office space.
  2. Time savings: Online bookkeeping services allow you to focus on your core business activities, rather than spending time on bookkeeping and accounting tasks. This can free up valuable time for you and your team to focus on growing your business.
  3. Real-time access to financial information: With online bookkeeping services, you can access your financial information anytime, anywhere, as long as you have an internet connection. This allows you to monitor your finances in real-time and make informed business decisions based on up-to-date information.
  4. Enhanced accuracy: Online bookkeeping services use advanced software and tools to automate bookkeeping tasks, reducing the risk of errors and inaccuracies. This can help ensure that your financial records are accurate and compliant with accounting standards and regulations.
  5. Scalability: Online bookkeeping services can easily scale up or down to meet your business needs. You can increase or decrease the level of service as your business grows or changes, without the need for additional resources or infrastructure.
  6. Access to expert advice and support: Online bookkeeping services often offer access to a team of experienced bookkeepers and accountants who can provide expert advice and support on financial matters. This can be especially helpful for small businesses that may not have the resources or expertise to manage their finances on their own.

In summary, online bookkeeping services offer several benefits for businesses, including cost savings, time savings, real-time access to financial information, enhanced accuracy, scalability, and access to expert advice and support. By outsourcing your bookkeeping needs to a trusted provider, you can focus on growing your business and achieving your financial goals.

Scope of book-keeping services.

The scope of bookkeeping services varies depending on the size and complexity of the business. In general, bookkeeping services cover the recording, classification, and summarization of financial transactions, as well as the preparation of financial reports and statements. Here are some of the key areas covered by bookkeeping services:

  1. Recording Financial Transactions: Bookkeeping services involve recording all financial transactions, such as sales, purchases, receipts, and payments. This includes recording details such as date, amount, and description of the transaction.
  2. Bank Reconciliation: Bookkeepers reconcile bank statements with the company’s financial records to ensure accuracy and identify discrepancies.
  3. Accounts Payable: Bookkeepers manage accounts payable by ensuring timely payments to vendors and suppliers, tracking outstanding invoices, and managing cash flow.
  4. Accounts Receivable: Bookkeepers manage accounts receivable by generating invoices, tracking payments, and managing collections.
  5. Payroll Processing: Bookkeepers process payroll by calculating employee wages, taxes, and other deductions, generating pay stubs, and ensuring compliance with labour laws and regulations.
  6. Financial Reporting: Bookkeepers prepare financial reports and statements, such as balance sheets, income statements, and cash flow statements. These reports provide a snapshot of the business’s financial performance and help with decision-making.
  7. Tax Compliance: Bookkeepers help ensure tax compliance by preparing and filing tax returns, tracking tax payments, and maintaining accurate tax records.
  8. Budgeting and Forecasting: Bookkeepers assist with budgeting and forecasting by analyzing financial data and providing insights on revenue and expense trends, cash flow projections, and financial planning.

In conclusion, bookkeeping services cover a wide range of tasks related to financial record-keeping and reporting. By outsourcing bookkeeping services, businesses can focus on their core activities while ensuring accurate financial reporting and compliance with regulations. Bookkeeping services can be tailored to meet the specific needs of a business, providing flexibility and cost savings.

Why STARTUP SAMPARK?

Startup Sampark is a professional services firm in India that provides a wide range of legal and financial services to businesses of all sizes. Here are some reasons why Startup Sampark is a good choice for accounting services:

  1. Expertise: Startup Sampark employs a team of qualified and experienced accountants who are experts in their field. They have in-depth knowledge of accounting principles, tax laws, and regulations, and can provide valuable insights and advice to businesses.
  2. Technology: Startup Sampark uses advanced accounting software and tools to ensure accuracy and efficiency in financial record-keeping and reporting. They are up-to-date with the latest technology and industry trends, ensuring that their clients receive the best possible service.
  3. Customized Services: Startup Sampark offers customized accounting services tailored to the specific needs of each business. We understand that every business is unique, and we work closely with our clients to develop customized solutions that meet their individual needs.
  4. Cost-Effective: Startup Sampark offers cost-effective accounting services that are affordable for businesses of all sizes. We provide transparent pricing, and our services are designed to maximize cost savings for our clients.
  5. Compliance: Startup Sampark ensures compliance with all relevant laws and regulations, including tax laws, labour laws, and financial reporting requirements. We stay up-to-date with changes in regulations and advise our clients accordingly.
  6. Accessibility: Startup Sampark offers online accounting services, making it easy for clients to access their financial records and reports from anywhere at any time. This provides flexibility and convenience for businesses that operate in multiple locations.

In conclusion, Startup Sampark is a good choice for businesses looking for reliable, cost-effective, and customized accounting services. Their team of experienced accountants, advanced technology, and commitment to compliance ensure that their clients receive high-quality services that meet their individual needs.

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FAQs

What are accounting services?

Accounting services refer to the various tasks and processes involved in managing a company’s financial information. This includes bookkeeping, tax preparation, financial reporting, auditing, and other related services.

Outsourcing accounting services can help businesses and individuals save time and money, reduce the risk of errors and fraud, access expert advice and guidance, and focus on core business activities.

Bookkeeping services manages your transactions and record them in an accounting software which serve basis of various reporting and analysis of business decisions. It provides you flexibility in terms of hiring an expert certified professional for managing the bookkeeping services at an affordable prices as per the need of the business. Few other advantages listed here are:-

  • Timely and properly recording of the financial transactions.
  • Helps in taking accurate and timely decisions
  • It can help you to track the cash flow as per business requirements
  • Controlling of tax compliances and statutory compliances made easy to avoid any penalty.
  • Business reporting & business assessment.
  • To ascertain the profitability & growth of the business.

Accounting services are crucial for businesses to keep track of their financial transactions and ensure that they are in compliance with tax laws and other regulations. These services also provide businesses with valuable financial insights that can help them make informed decisions and improve their financial performance.

  • Examining the financial transactions from the data provided by the business and recording them in the specific accounts.
  • Segregating the expenses and incomes and booking of them in the appropriate accounts.
  • Listing entries to ledger accounts; and
  • Preparing the trial balance and adjusting the entries at the end of the financial year for preparation of financial statements such as Balance Sheet, Trading & Profit and Loss Accounts, Cash Flow Statements, and Annual Report of the business.

The Bookkeeper will perform the following accounting activities on daily or regular interval basis, such as-

  • Maintaining Ledger/Journal entries including sales and purchase and updating of bank statements.
  • Recording of expenses and miscellaneous incomes under various heads of accounts.
  • Managing the accounts receivables & accounts payables.
  • Payroll activities at end of the month.
  • Accounts reconciliation.
  • Preparing various financial reports or statements for the management such as Balance Sheet, Profit & Loss Statement or Cash Flow Statement etc.,

We use the bookkeeping software as per the business needs and as per the choice of business owners. However, we at Startup Sampark use traditional and renowned software for bookkeeping services for managing the bookkeeping services such as:-

  • Tally Prime.
  • QuickBooks Online
  • Zoho Books
  • Xero etc.

The charges for Bookkeeping services always vary from business to business as it mainly depends upon the number of transactions and the scale of business. Our team of Accountants will discuss with the client and analyze the requirements of the business for designing the plan to best suitable needs of the business in the budget of the client.

Yes, it is mandatory to maintain accounting books and records for businesses, organizations, and individuals in most countries, including India. Maintaining proper accounting books and records is necessary to comply with legal and regulatory requirements, to prepare financial statements, to file tax returns, and to make informed financial decisions. The accounting books and records typically include details of financial transactions, such as sales, purchases, receipts, and payments, as well as supporting documentation such as invoices, receipts, and bank statements. Failure to maintain proper accounting books and records can result in penalties, fines, and legal repercussions, as well as financial loss due to inaccurate financial reporting and tax assessments. Various Laws under which the accounting needs to be maintained are:-

Companies Act, 2013

Maintenance of Books of Accounts is one of the Mandatory compliances that every company needs to follow irrespective of its nature whether it’s a private limited, public limited, OPC, or LLP, each of these entities requires obeying Section 128 of the Companies Act, 2013 mandatorily.

It mentioned that every company must prepare and keep its books of accounts and other relevant books, financial statements, and papers at its registered office, such as:-

Income Tax Act, 1961

  1. Section 44AA of the Income Tax Act, 1961 specified that every Personcarrying on Business or Profession if their income from Business or Profession exceeds Rs.1,20,000 OR
    Total Sales, Turnover, Gross Receipts in Business or Profession exceeds Rs.10,00,000 in any one of the 3 years immediately preceding the previous year.

  2. Where Business or Profession is newly set-up in any previous year, if their income from Business or Profession Likely to exceeds Rs.1,20,000 OR
    Total Sales, Turnover, Gross Receipts in Business or Profession exceeds Rs.10,00,000 in any one of the 3 years immediately preceding the previous year.

  3. Where Assessee opts in to declare their income deemed under section 44AE (Business of Plying, Hiring or lasing of goods carriages), 44BB (Business of Exploration of mineral oils etc.), 44BBB (Foreign companies engaged in construction of civil construction in certain turnkey power projects) and claimed their income lower than deemed income as specified in above section.

Goods and Services Tax Act, 2017

Every registered person under GST has to mandatorily maintain Books of Accounts at their Principal Place of business as per section 35, read with rule 56 of Central Goods and service tax Act,2017.

Small business owners can benefit from accounting services as they can help them manage their finances more efficiently and accurately, stay compliant with tax regulations, and make informed financial decisions. However, the need for accounting services can vary depending on the size and complexity of the business’s financial operations.

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