Regular Book Keeping
Brief about book keeping and accounting
Accounting and book keeping is the most prominent aspect of any organization since all the confidential information lies with this department. It is imperative for any organization to maintain their books of accounts up to date and that too in accordance with accounting standards to be followed as per income tax and other acts. Book keeping and accounting is regular day to day activity of the business needs to carried out thoroughly by expert accountants. Accountants plays a major role in keeping accounts in proper format. Accounting is the base for complying income tax, GST and other regulations like PF, ESI and so on. Thus, it is impossible for any organization to imagine their growth without proper maintenance of books or accounts.
Betterment or relevance of accounting and book keeping
To comply with law: The income tax act and GST act requires certain books of accounts to be compulsorily maintained by an organization. In such situations, an accountant must have knowledge about which are the ledgers or accounts that are mandatorily required to be kept. The amount of tax payable or GST payable largely depends on the proper maintenance of accounting ledgers.
To ascertain profitability: Profit is the basic goal of any organization. Regular evaluating the profitability of the business enables an organization to take strategic decisions for business. It brings the actual picture of business.
Performance appraisal: A businessman or leader must ascertain the performance of the business which can be carved out by evaluating the accounts of the business. How particular business is performing is the basic question that any entrepreneur should ask themselves.
For getting funds: While applying loan or subsidy from banks or government authority, the presentation of profit and loss account and balance sheet plays a major role. The profit and loss account and balance sheet are the deciding factors whether the funds shall be granted to an organization or not.
Maintenance of liquidity: Liquid cash is the running factor of business. It runs the daily expenditure of business such as tea/coffee, stationary exp, raw material procurements and so on. The books of accounts helps the businessman to plan the cash inflow and outflow which ultimately saves an organization from cash crunch and liquidity crisis.
How OC can help you in maintenance of accounts and book keeping
OC will look after following aspects:
1) Advising on which books are to be maintained as per income tax act and GST?
Our team of expert accounts and professionals like Cas will guide you about which ledger accounts are to be maintained by you as per GST and income tax act. We will also provide a dedicated accounting expert for you who will look after each and every accounting entries.
2) Daily Entries: Our expert accountant will complete your accounting on a daily basis. Your daily sales, purchase invoices will be taken care off in a proper manner. Apart from that your daily cash deposits, withdrawals or cheque deposits or any banking transactions will be entered in your books of accounts on a regular basis. Thus, you can check your status of bank account or cash account at any point of time. You can also verify your daily sales or purchase.
3) Invoicing format: We will facilitate you with proper format of invoice which is in accordance with the invoice rules under GST act so that you may not be penalized in future regarding any discrepancy found in your invoices.
4) Preparation of final accounts: At the year end or at the particular interval of time our expert accountant will finalize your account so that you can file your audit report or income tax returns. from day to day entries to finalization of accounts, your accounting job will completely take care off at OC.
Get answers to all your queries
Yes, a dedicated accountant will be allotted for maintenance of your accounts exclusively for you.
Yes, we will maintain your account in reputed software.
Yes, you can request us any reports which can be derivable from the software will be made available to you.
You can provide us your data and we will maintain it as per your requirements. You can send your data on weekly basis, or monthly or quarterly, we will do accounting entries as soon as we received the data.
OC adopts the best practices when it comes to maintaining confidentiality in the data of our customers. We ensure your information is not leaked or disseminated to the third party. The accounting software we use is completely safe, secure and confidential. We keep the data in password protected software so that only dedicated accountant allotted to you can access it.
You can email us your data. For example, you can mail us your sales and purchase bills copies at particular interval of time. If there is a huge number of bills, then you can send us on a daily basis. Hardcopies of data can only be accepted subject to Surat jurisdiction.
