Our Accounting & Bookkeeping services covers various steps in analysing the business requirements and the final outcomes. The most important steps are as follows:-
- Understanding your business and workflow
- Selecting the perfect accounting software based on your business needs
- Setting up company profile and chart of accounts
- Connecting bank account for automatic transaction import in accounting software
- Entering opening balance /converting from the previous accounting software.
- Regular updating books of accounts as per your need
- Generating management reports on regular basis
- Doing yearend task
- Liasoning with the local accountant for any tax filling.
Understanding your business and the workflow
First step is collecting the details of the business and the current workflow. This includes invoicing process, customer collection, supplier bill processing, supplier payments, stock management & file system management. Also we collect the details regarding the tax filling requirement and reporting.
Selecting the right software based on your business needs
We are using various software according to the need of the business. Some of them are:-
- Tally ERP
Depend on the business and personal requirement of client, we will suggest the best cost effective software.
Setting up company profile and chart of accounts
Once the accounting software is finalized, we will move ahead in setting up the company details and customization. Also we will set up chart of accounts, products, services, tax rates, supplier & customer of the business.
Connecting bank account for automatic transaction import in accounting software
Now a day’s most of the accounting software provide the features to connect with the checking account, PayPal accounts as well as credit card. We help in setting up this connection with the accounting software. This is one of the important manner to keep the books of accounts updated regularly and save lots of time in data entry.
Entering opening balance /converting from the previous accounting software
The next important step is to enter the conversion balance/opening balance from the previous accounting software in use.
Regular updating books of accounts as per your need
Once all the things have been setup, we will keep updating the books of accounts on regular basis. We can update books of accounts on daily, monthly or quarterly basis as required. Keeping books of account updated help in managing business quite efficiently. It helps in finding out the overdue invoices, cash flows, stock levels etc.
Generating management reports on regular basis
We have a process of submitting the standard report such as Profit and Loss Account, Balance Sheet, Cash flow statement, Stock reports, Tax reports and other ad-hoc reports as required after updating books of accounts. This helps the business owner to have a clear understanding of the business performance. We also provide various other reports which help in comparison with the last year/month figures.
Doing yearend task
Yearend task includes clearing out the books of accounts for any invoices, bills, stock etc. which are required to write off. This also include passing the journal entries for depreciation, stock adjustments etc., loan accounts reconciliation etc.
Liasoning with the local accountant for any tax filling
This is one of the most important part as it require timely submission. We will coordinate with your local accountant to provide all the required information for filling the VAT returns, yearend income tax returns, payroll return etc.