Definition

Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company’s operations, financial position, and cash flows.

Service Planing

Importance

  • It helps in evaluating the performance of business.
  • It ensures statutory compliance.
  • It helps to create budget and future projections.
  • It helps in filing financial statements.

Benefits

  • Helps in the maintenance of business records.
  • Helps in the preparation of financial statements.
  • It helps in Comparison of results .
  • It helps in decision making.
  • Helps in evidence in legal matters.
  • Provides information to related parties or users.
  • Helps in taxation matters.
  • Valuation of business.

Eligibility

  • All the people who are maintaining the daily transaction of the company.
  • People who are appointed by the company as accountant managers.
  • An individual who have data and wants to avail accounting services.

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Subcategory

Accounting Services

1. Data Entry

Data entry refers to the process of recording the transaction of the company that wants to have a clear picture of the inflows and outflows of cash, it is the process of recording everything in the books of the company on any of the software they are using.

Need

  • It helps companies in reducing their cost.
  • It reduces the infrastructure cost as it needs less space.
  • It helps in reducing errors.

Document Required

  • Bank statements
  • Vouchers, Cash Memo
  • Invoice
  • Receipt
  • Pay-in-Slip
  • Cheque
  • Voucher
  • Remittance Advice
  • Account statement
  • Quotes
  • Orders
  • Goods Received Note
  • Material Received Note
  • Goods Dispatch Note
  • Sales Order
  • Purchase Order
  • Employee Time Sheet
  • Packing Slip
  • Deposit Slip
  • An electronic copy of accounting documents
  • Business documents in accounting
  • Income statement and balance sheet

2. Prepration of Financial Statement

Financial statements are the statments like Profit & Loss A/c, Balance Sheet, and Cash Flow Statement prepared for the financial year to know the real position of the company or any organization.

Need

  • Financial statements are needed to have the visual report at the end of the financial year so that companies can analyse them and can take corrective measures it needed.

Document Required

  • Profit and loss statements
  • Balance sheets
  • Cash-flow statements
  • Tax returns and aging reports

3. ERP/Tally Accounting

ERP/Tally Accounting is done on the software to record all the transactions to have a clear picture of all the statements of the company as a tally is required at the time of auditing of the company.

Need

  • It is needed at the time of auditing and when a company wants to have transparent and error-free books of accounts to showcase to the authorities and regulators.

Document Required

  • All the bills and receipts and the list of transactions have been taken place in the company (like passbook of the company etc).
  • Balance sheet
  • Profit and loss account
  • Trading account
  • Trial Balance
  • Receipts and payment account.

4. Consultancy

Consultancy in accounting means gaining or acquiring the knowledge about the best advice for preparing financial statements of the company.

Need

  • It is needed when the company is newly started or in case any company is facing an issue with their financial statements in the company.

Document Required

  • no documents Required