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Accounting and Book Keeping Services
Finding it difficult to keep control over costs? Don’t have a clue about exactly how much profit you make? Any idea how much your debtors owe you? Can you afford the new machinery? Don’t know how the numbers will stack up next year? Don’t know what figures to share with the prospective investors? If any of the above is a challenge you face as an MSME/SME/Startup, please read on.
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The benefits of financial accounting & Book Keeping
Costs and revenue
A structured system of accounting provides an accurate view of the financial position at all times. This enables the business to make data-driven decisions.
Financial Forecast
As a new startup, there will be a need to approach lenders/investors for funds. Every lender/investor will be interested in the business model and the financial forecasts to decide whether he is going to put in money or not.
Budget
Every business will need to draw up a budget to have a fair idea of the expenses in the future. This is needed to decide how much to allocate to each head of expense and to prioritize expenses based on availability of funds.
Profitability
The bottom line is what matters for every business. Mere growth of topline and the failure to generate profits is not a viable proposition for any business in the long run. Financial accounting helps you to determine the profitability of the venture.
Tax planning
It is important for every business to have tax planning. This needs to be figured out at the initial stages to have optimum results. Some simple steps like legal formalities, GST registration etc. at the early stages can save pain later.
Compliance with laws
All compliances like filing of GST and TDS, Income Tax filing and annual auditing of accounts are dependent on financial accounting.
How Taxified can help you?
we offer accounting and bookkeeping services to startups. We offer end to end services from journal entries to financial reporting. We make financial accounting services a breeze for you so that you can concentrate on running your business and leave the number-crunching to us. These services are offered remotely. No matter where you are, we can handle your accounting for you.
Doing these mentioned below activities will give you a head start to focus on your business and make informed data-based decisions while we manage the accounting side of things and deliver all the reports to you. Financial accounting is the backbone of the accounting process and the basis for all the business numbers and ratios. An efficient financial accounting system at the initial stages of a startup gives you a good opportunity to use accurate data to plan the future on a strong footing. So, opt for outsourced financial accounting services from Startup Movers and kickstart your growth plan.
Still need reasons to keep your accounting and book keeping updated
The success of your startup is dependent on managing your budget, balancing your books and making informed decisions based on the financial data available. Effective accounting practices and good financial management enhances ROI for all the stakeholders.
(Document Required format) Maintenance of Books of Accounts
Income Tax Act, Companies Act 2013 and GST Act require books of accounts including vouchers and receipts to be maintained.
Under Income Tax Act
If the sales/turnover/gross receipts from the business or profession is more than Rs 25,00,000 or income is more than Rs 2,50,000 in any of the previous 3 years, then books of accounts will need to be mandatorily maintained. Bools will have to be maintained for 6 years from the end of the relevant year.
Under Companies Act
Every company has to maintain its books of accounts at the registered office or any other office that the board of directors may decide. In the latter case, the company will need to inform the Registrar of Companies. Records can also be maintained in electronic form. Books should be maintained for a period of 8 years from the end of the relevant financial year.
Under GST Act
Every registered person has to maintain GST records at the principal place of business. Books will need to be maintained for 6 years from the last date of filing the annual return for that year.
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Business Goal
Taxified is here to help. Our team of dedicated professionals is committed to understanding your unique needs and objectives, crafting customized solutions, and empowering you to succeed. Partner with us today and unlock the full potential of your business!
Our Testimonals
At Taxified, we take pride in delivering exceptional service and value to our clients. But don’t just take our word for it – hear what our satisfied clients have to say:
How Taxified Can Help You?
- Book-keeping
- Payroll reconciliation
- Account reconciliation
- Bank Reconciliation
- Accounts Receivable
- Accounts Payable
- Preparation of management accounts and statutory accounts