All You Need to Know About Starting a Company
What is Accounting?
Accounting is the process in which we store, sort and record all the information related to financial transactions of a business. All businesses need to submit their account statements to the Income Tax Department. Various start-ups do not practice the same procedure and face difficulty when they are trying to raise funding or being acquired. Maintenance of all the records by in-house team is very time taking, tedious and expensive procedure. So, we help you in getting it done efficiently and hassle freeby fulfillingall the requirements of the income tax department. It will also give the promoters and shareholders a better understanding of how the business is doing and also satisfy the investors. It also improvesyour eligibility for loans in future without any complications.
Five Reasons You Need an Accountant
Accountant for your start-up
All businesses need to submit their account statements to the Income Tax Department. Various start-ups do not practice the same procedure and face difficulty when they are trying to raise funding or being acquired.Maintenance of all the records by in-house team is very time taking, tedious and expensive procedure. So, we help you in getting it done efficiently and hassle free by fulfilling all the requirements of the income tax department.
Missing out the record of a day or two in your accounting
If you miss out the record of a day or two, you will have misplaced bills and confusing records. It will create implications at the end of the year while doing tax calculations or profit-sharing process. So, maintenance of records regularlyis a must and the expert in the field like an accountant will be much needed to achieve so.
Need of an expert like an accountant
For a non-accountantperson, it is very difficult to tally your balance sheet at the end of the year. Because, you will not be able to classify your expenses, assets and liabilities correctly. To have no implications in future, you must ensure to correctly classify all aspects of the business. And it will be possible only if this job is done by an experienced accountant.
Need to maintain records even though the company incurred losses
It is mandatory to maintain account records even if your businessis incurring losses. You have to record and update every financial transaction of the business such as purchase of goods, selling of goodsetc. at the end of the year to file income tax.
Need to maintain records if your tax liability for the year is very low, under the PTS
Yes, even if your Tax liability is lower than what you would pay under the PTS scheme, account records are required to show at the end of the year. Account maintenance should not be avoided under any circumstances.
Advantages of Online Accounting
Easy Availability
Online services of accounting are available on the clock, which means that you can access your records 24x7 and we ensure you of confidentiality of your accounts.
Equity Eligibility
In order to raise funding or asking for a loan in future, one need to provide account details from the start of operations. If you have a proper record of all the transactions, your compliance costs would be reduced to minimal.
Review Efficiency
Financial data related to any business provides an unbiased measure of efficiency of the business. If account records are not maintained, the decision-making process will be biased and inefficient. So, the efficiency of the business is properly reviewed with help of account records.
