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Anyone who manages finance may call themselves an accountant. But what accounting services in Mumbai do a professional accounting services agency provides that differentiates it from an unqualified individual? Read on to find out.
You are ready to build a brand and grow your enterprise. Still, you lack the financial experience to make an informed decision. What now? Perhaps, you will realize that you need the guidance of an accounting consultant to offer you accounting services in Mumbai.
Let us start from scratch and see what accounting services in Mumbai are and what they include.
At the end of the year, every business owner wishes to know financial information such as how much have they gained or lost during the year, how much capital is invested and what amount they owe to the creditors. Besides this, the properly maintained accounts also serve in the assessment of Income-tax and Goods and Service Tax, which are accepted as evidence in the court of law.
Accounting services in Mumbai essentially involve everything from bookkeeping, tax preparation, financial statements, and business consultation. This involves measurement, recording, processing, presentation, and communication of financial information and is not confined to accounting, management, auditing, and cost containment. An accountant offers financial guidance to individuals, firms, and business owners. Accounting services in Mumbai involve providing a full range of services ranging from payroll to collecting bills receivable and conducting accounting processes.
Bookkeeping involves recording and maintaining the books of accounts comprehensively. Accountants will have nothing to work on in the absence of bookkeeping. The critical document a bookkeeper works with is the ledger, wherein they mention all of the business’s accounting data. It is mainly concerned with the following activities:
1. Identifying transactions of financial nature amongst a myriad of transactions
2. Measuring the identified transactions in terms of money.
3. Recording the recognized transactions in the books of original entry (Journal and Ledger).
4. Classifying them into a ledger.
The best part about accounting services in Mumbai is that they can be outsourced. Thus, you will only have to have a business acumen while we take care of the rest. More than one-third of businesses are outsourcing their accounting. Here are a few reasons you should also outsource accounting services for your business.
Accounting services involves clearing your head on what you want an accounting consultant to do for you. You should also distinctly state what your in-house staff is responsible for to avoid ambiguity in the future.
Every accounting consultant has a separate payment scheme- some of them charge by the hour, while the others like getting paid every month. Thus, you can choose the payment term that suits you well. But remember not to decide solely upon cost-effectiveness as it hampers the quality of services provided.
As an employer, you shall hire experienced professionals with the right qualifications. Be assured that they are capable enough to deliver high-quality and consistent results.
This is the most important thing you have to take care of when outsourcing accounting services in Mumbai. Make sure to hire a reputed firm to handle your transactions so that your confidential data is in safe hands.
Bookkeeping is the process of recording financial transactions periodically. It enables you to keep track of the firm’s financial position and make relevant decisions accordingly. They are a reliable measure of the business’s performance.
Payroll accounting involves recording, managing, calculating, and analyzing employees’ compensation. It also includes reconciling deductions, employee benefits, withholding taxes, and making additions/deductions accordingly.
Accounting payables refer to the amount of money the company is obliged to pay to its creditors or suppliers in terms of short-term debt. The sum of all the amounts unpaid to the creditors is reflected on the liabilities side of a balance sheet.
Accounting receivables is the balance of money due to the firm not paid by customers on account of deliverables. Accounting receivables are listed as current assets on the assets side of the balance sheet.
The payroll processing process involves calculating the net compensation of employees after making the necessary deductions on account of taxes and adding up the benefits.
Accounting services in Mumbai such as transaction processing and basic reporting allow you to free up the time for handling your in-house finance and provide you with accounting resources to focus on higher value-added activities.
At Taxzona, we offer you confidentiality and a team of qualified professionals, together with accuracy and efficiency. We offer commitment towards building a sound accounting base for you rather than mere involvement in your tax management and accounting processes.
In this manner, you can retain control over accounting compliance and have access to a skilled team of experts willing to serve your compliance requirements and keep abreast of any changes in local regulations.
There are significant benefits for businesses that decide to outsource their accounting services in Mumbai. Cost-efficiency, flexibility in terms of contracts, or scaling the number of accountants is just a few benefits of outsourcing accounting services. Accounting and bookkeeping are not only quintessential parts of a business entity but also hugely complex. Without proper qualifications and experience, you might fail to handle your business well and, even worse, go bankrupt.
Taxzona is a reliable accounting services provider for small, medium, and large businesses. To know more, leave us a quote at:
Contact Number: +91 982044 447
Answers to All Your Questions! If you have any further questions, please do not hesitate to contact us.
You will save time. As your company expands, you'll find yourself spending more time managing money and less on scaling it. As a result, outsourcing administrative activities such as bookkeeping and accounting allows you to concentrate your attention, energy, and resources on developing company strategy.
TAXZONA Consultancy is today recognized as one of the respected firms in its area of practice. We are an active member of several tax professionals. All forms of accounting services and taxation are done here.
Accounting is built on the basis of bookkeeping. Accounting prepares financial reports and statements based on the information given by bookkeeping. Bookkeeping is a component of the overall accounting system. Accounting services in Mumbai extends beyond accounting and has a greater scope than bookkeeping.
We are a Team of Expert CA, CS, Lawyers & Professional Accountants with the objective to meet the Compliances requirement of the Businessman. We provide end-to-end Consultancy, Registration, advisory and Compliances Consultancy to our Clients.
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