Best Small Business Bookkeeping and Accounting
Accounting services managed for preparing monthly/periodical financial statements, such as the balance sheet and income statement whenever required. Monthly accounting services are a set of services that are performed on a monthly basis to keep a business's financial records up-to-date.
Starting From
₹2,800
with in *5 working days
Bookkeeping Overview
Bookkeeping in India is the process of recording and summarizing financial transactions of a business in accordance with the Generally Accepted Accounting Principles (GAAP) in India. It begins with entering all financial transactions into a ledger, which may be recorded in a book or computer system that tracks the financial activity of a business.
The main objectives of bookkeeping
- To keep an accurate and up-to-date record of all financial transactions.
- To provide information for decision-making by management.
- To comply with legal requirements, such as the Income Tax Act, 1961.
- To facilitate auditing by a qualified accountant.
Benefits of monthly Accounting
Benefits of outsourcing monthly accounting services to a professional accounting firm:
Accuracy
Professional accountants are trained and experienced in the latest accounting practices and standards. This will ensure that keeping of business financial records are accurate and up-to-date.
Time savings
Outsourcing your monthly accounting can save you a significant amount of time. This is especially beneficial for businesses that do not have an in-house accountant.
Peace of mind
Knowing that your financial records are being handled by a professional accountant can give you peace of mind. This allows entrepreneur to focus only on running or growing their business.
Important aspects of bookkeeping
The double-entry system
This is the most common system of bookkeeping in India. It requires that every financial transaction be recorded twice, once as a debit and once as a credit. This helps to ensure that the books of accounts are balanced.
The accounting standards
The Institute of Chartered Accountants of India (ICAI) has issued a set of accounting standards that must be followed by all businesses in India. These standards provide guidance on how to record and report financial transactions.
The auditing process
All businesses in India are required to have their financial statements audited by a qualified accountant at least once a year. This ensures that the statements are accurate and compliant with the law.
Connect with us for Monthly Accounting
Businesses are considering outsourcing your monthly accounting services, we recommend that you get affordable and professional approach and consistency from our Aanoor Team.
Procedure for online Bookkeeping Services
Recording of transactions
Bookkeeping is an important part of the accounting process and is essential for any business, regardless of its size or industry. All financial transactions are recorded in the books of accounts in chronological order.
Classification of transactions
The recorded transactions are classified into different accounts, such as assets, liabilities, equity, income, and expenses.
Summarizing of transactions
The classified transactions are summarized in ledgers.
Preparing financial statements
The summarized transactions are used to prepare financial statements, such as the balance sheet and income statement.
Bank reconciliation
This involves comparing the business's bank statement to its accounting records to ensure that they match.
Tax planning and preparation
This involves helping the business to comply with its tax obligations.
Consulting
This involves providing advice to the business on its financial matters. By keeping accurate and up-to-date records, businesses can ensure that they are compliant with legal requirements, make informed decisions, and track their financial performance.
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