What are Accounting services - An overview
Accounting is the systematic process of recording, analyzing and interpreting the financial transactions. It is the responsibility of every business – whether large or small to furnish their accounting records to the Income Tax Department. Usually, start-ups ignore and after few years, they have to face problems. To avoid problems like raid and fines, it is always good to maintain your financial records and furnish details to the government agencies.
How we help in Accounting - Why bigvakil
With the ever-changing business landscape, bigvakilcertified auditors and accounting professionals, and payroll specialists assist in a broad spectrum of financial services that cover:
Basic financial consultation:
We have expert chartered accountants and financial professionals who offer basic financial consultation that your company needs.
Bookkeeping:
Bookkeeping is a process of recording financial transactions and information on a daily basis. The account bookkeeping services may include payments made to suppliers, loan payments, customer invoice payments, monitoring asset depreciation and generating financial reports.
Preparation of accurate annual financial statements and monthly reports:
One of the major concerns of creditors and investors is a company’s financial health. Financial statements serve as a source for a company’s investor to gauge the profitability and safety for their investment.
Financial statements, which include balance sheet, income statement and cash flow statement give insights into the company’s financial position, an overview of assets and liabilities, stockholders’ equity. It also helps understand the company’s revenues and expenditure, how the company pays its debts and how it meets its expenses for operations.
Assistance in designing invoices:
Invoices are records of sale transactions that a company makes. They contain the details of the shipment like the number of items, item description, total sale price and selling price per item, terms of the sale, buyer’s and seller’s information, amount due, invoice number, method of payment and the payment due date. Invoices establish the legal rights wherein if the customer fails to make the due payment, the company can take it forward legally.
Basic taxation advisory:
At bigvakil, our taxation experts offer the best-in-class tax planning strategies that are suitable for your business structure. We understand the changing tax regimes in India and offer timely information.
Filing of IT returns:
Cloud-based accounting software license: We provide Zoho online accounting software that helps in staying compliant with GST and managing your finances and business workflows. With the software, you can take complete control of the end-to-end accounting system, create GST invoices, filing of tax returns, update expense receipts, create purchase orders, track your inventory and more. Right from profit and loss statements, GST reports to inventory reports Zoho lets you generate more than 500 reports. It also lets you customize reports and filter the data for better insights.
Net worth Certificate
- Certificate of Good Standing
- Identity Certificate
- Statement of Accounts
- Form 15CA
- Form 15CB
Advantages of Online Accounting
Always Available
Our services are offered on the cloud, which means that you'll have 24x7 access to your accounts and can be sure of confidentiality.
Equity Eligibility
If you're going to raise funding or ask for a loan at a later stage, you would need to provide your books of accounts from the start of operations. The proper record of transactions helps you reduce your compliance.
Review Efficiency
All businesses make decisions based on financial data as they provide an unbiased account bookkeeping of the efficiency of the business. In their absence, it is always possible for bias to creep in to decision-making.
Documents required for Accounting and Book-keeping
In India, Accounting and Book-keeping cannot be done without proper identity and address proof. These documents will be needed for all the directors and the shareholders of the company to be incorporated. Listed below are the documents that are accepted by MCA for the online company registration process acceptable.
Identity And Address Proof
- Scanned copy of PAN Card or Passport (Foreign Nationals & NRIs)
- Scanned copy of Voter’s ID/Passport/Driver’s License
- Scanned copy of the latest bank statement/telephone or mobile bill/electricity or gas bill
- Scanned passport-sized photograph specimen signature (blank document with signature [directors only])
For the foreign nationals, an apostilled or notarized copy of the passport has to be submitted mandatorily. All documents submitted should be valid. The residence proof documents like the bank statement or the electricity bill must be less than 2 months old.
Registered Office Proof
For online company registration in India, the company must have a registered office in India. To prove admittance to the registered office, a recent copy of an electricity bill or the property tax receipt or water bill must be submitted. Along with the rental agreement, utility bill or the sale deed and a letter from the landlord with her/his consent to use the office as a registered office of the company should be submitted.
- Scanned copy of the latest bank statement/telephone or mobile bill/electricity or gas bill
- Scanned copy of Notarized rental agreement in English
- Scanned copy of No-objection certificate from the property owner
- Scanned copy of sale deed/property deed in English (in case of owned property)
Note: Your registered office need not be a commercial space; it can be your residence too.
