What is Accounting?
Accounting is the systematic process of recording, measuring, classifying, verifying and interpreting financial transactions. It reveals profit and loss for a given period and value of assets and liabilities of company. It is mandatory for every business to maintain accounts and submit to Income Tax Department. Although it is time consuming and tedious to maintain books of accounts but if it is done regularly then fewer efforts will be required and defines the way how business is running. Several start-ups pay no attention in maintaining accounts on regular basis, but when they need to raise funds for investment then they rush for making books of accounts. Books of accounts will be required in case of loan requirement from banks and defining promoters, shareholders and investors about how business is running and their funds are used.
Five Reasons You Need an Accountant
Is it necessary to have accountant during start up of business?
An Accountant is required during the continuance of business not even in start up. Maintaining books of accounts is required for all type of business, no matter how small business is. As there is strict provisions in Income tax for the payment of tax at the end of year. Thus maintaining books of accounts is very important. For calculation of correct tax liability, there should be recording of all expenses and incomes.
What will happen if account is not maintained regularly?
If books of accounts are not maintained regularly then there will mismatch and confusion in account. There will be wrong profit amount and accordingly wrong tax calculation .Thus it is not beneficial for person to miss accounting even for one day.
What is the role of accountant?
An accountant plays major role in maintaining books of accounts in true and fair view. An accountant is able to correct classify assets, expenses and liabilities .He is able to tally balance sheet at the end of year. A person who is not accountant would not be able to prepare proper books of accounts. Although accounting software is available in market but an accountant is required even then.
In case company makes losses, can books of accounts be avoided?
No, maintaining books of accounts can never be avoided even if company suffers losses. It is necessary to submit books of accounts specifying details regarding sale and purchase of goods at the end of year to the Income tax
Is it necessary to maintain accounts even if my tax liability is low under PTS?
Yes, it is mandatory to maintain books of accounts even if there is low tax liability under PTS scheme. Books of accounts will be treated as proof to show that you are required to pay low taxes at the end of year.
Why choose us?
No hidden cost
- We will provide you all our services with predefine price. No extra cost will be charge. We provide you fast services with economical cost.
Promise of quality and commitment
- We assure you to provide quality of service and commitment to our service. We take all your responsibilities related to government regulations and will fulfill all compliances and paperwork on your behalf.
Team of professionals and experienced legal advisors
- We are providing you a good team of professionals such as CA, CS and various experienced legal advisors who will clarify all your doubts related to service and provide you all legal guidance.
- We provide you 24*7 supports to handle your all queries and doubts.
Advantages of Online Accounting
Easily Accessible and Available
We will provide you our services 24*7 as we offer services through cloud .All your financial information will remain confidential and save with us.
Lower Compliance Cost
As accounts are prepared by us on regular basis and provide you true image of your financials, thus there will be lower compliance cost. It will be very easy and effortless if you need loan from banks or to raise funds as all your books of accounts will be up to date and from initial stage of running business.
Analyzing efficiency and true financial image of company
We will provide you unbiased accounts so that efficiency and true image of company can be determined otherwise all decisions based on financial position of company will be ineffective.