Accounting and Book Keeping are the Backbone of Any Business

Recording financial transactions and day-to-day activities is a crucial function. It forms the basis for all other aspects like receivables management, banking functions, paying taxes, statutory compliances, audits, MIS, etc.

Financial statements of any organization are more than numbers. Meaningful analysis of this data can present in-depth and actionable insights about the financial health of an entity. Apart from statutory requirements like follow accounting standards, reporting formats, etc., preparation of proper accounts, finalization and error checking are also as important.

The role of an accountant is further amplified under the current regulations and structure of Direct and Indirect Tax in India. Availability of error-free financial data and reporting is vital, and companies are expected to be able to furnish this without any delay.

Robust Accounting Helps Businesses

  • Prepare for tax compliances under GST, Income Tax, TDS, etc.
  • Undertake debtors and creditors management
  • Manage overall planning and decision making – internal reporting
  • Undertake Ratio Analysis and Financial Analysis
  • Stay up to date with the financial position and performance
  • Report to external agencies like banks, shareholders, etc.

Aspects of Business Accounting & Book Keeping

Every business is unique, and so are its accounting and book keeping requirements and mandates. The nature of the business warrants some or all of these processes:

Setting up of Internal Accounting System

The first step in establishing an effective accounting and reporting system is defining roles and responsibilities. This is followed by delegation of powers and developing reporting standards. These stages lay the foundations for a strong internal team and a robust accounting system.

Data Entry and Book Keeping

This involves preparing and maintaining day-to-day accounts. An error free accounting and financial system paves the way for all the subsequent stages defined below:

  • Preparation of Financial Statements
  • Budgeting and Forecasting
  • MIS and Internal Reporting
  • Financial Analysis
  • Vendor Reconciliation
  • Tax Planning and Returns
  • Regulatory Compliances
  • Fixed Assets Management Systems/ Asset Accounting Management
  • Liaison with External Agencies - Financial Institutions/Banks/ Tax Authorities

Need to Outsource Accounting & Book Keeping Functions

Most small and mid-sized companies in India are unable to maintain the required level of preparedness with respect to books of accounting and financial data. Challenges such as unavailability of trained professionals, lack of understanding of prevailing systems, and inability of the management to devote enough time to the accounting function lead to ballooning issues and severe bottlenecks.

In a competitive business environment, companies strive to have their best brains working on the most critical aspects of their core business. There is little scope for them to deviate and dwell deep into allied functions such as accounting. Hence, outsourcing makes strategic sense.

Why Outsource Accounting & Book-Keeping Processes to V. Purohit & Associates

We provide end-to-end accounting and book keeping services in India. Our expertise pans across multiple business verticals and accounting environment.

Based on the specific client requirement, we offer onsite as well as offsite account writing services with flexible engagement models. As a young Chartered Accounting company, we are agile and flexible. We ensure that we engage the most experienced and trained staff so that you experience peace of mind and focus on your core business functions.

Talk to us

share your accounting and book keeping requirements. We will be glad to assist you.

We are a new-age financial accounting company, that upholds age-old values and principles of Chartered Accountancy. We offer a fairly-differentiated set of services, tailored to specific business goals and challenges.