Maintenance of Books of Account
What is Accounting?
Accounting is the process of storing, sorting and recording financial transactions. All businesses are required by law to submit their accounts to the Income Tax (IT) Department. Several start-ups tend to ignore this requirement early on, and then scramble to put together their accounts when they are raising funding or being acquired. Maintaining the books in-house certainly is a tedious and possibly expensive affair, but getting it done would significantly reduce pains in complying with the requirements of the IT Department, give the promoters and shareholders a good sense of how the business is doing, prove eligibility for loans in later years, and even satisfy investors.
Payables & Receivables and Weekly Cash Flow Statements
Financial Statement & Bank Reconciliation Statement
ADVANTAGES OF ONLINE ACCOUNTING
Our services are offered on the cloud, which means that you’ll have 24×7 access to your accounts and can be sure of confidentiality.
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. If you have a proper record of transactions, your compliance costs would be reduced.
All businesses make decisions based on financial data as they provide an unbiased account of the efficiency of the business. In their absence, it is always possible for bias to creep in to decision-making.