Accounting is the systematic process of recording, analyzing and interpreting the financial transactions. It is the responsibility of every business – whether large or small to furnish their accounting records to the Income Tax Department. Usually, start-ups ignore and after few years, they have to face problems. To avoid problems like raid and fines, it is always good to maintain your financial records and furnish details to the government agencies.
How We help in Accounting – Why StartupGenie
With the ever-changing business landscape, StartupGenie certified auditors and accounting professionals, and payroll specialists assist in a broad spectrum of financial services that cover:
Basic financial consultation:
We have expert chartered accountants and financial professionals who offer basic financial consultation that your company needs.
Bookkeeping is a process of recording financial transactions and information on a daily basis. The account bookkeeping services may include payments made to suppliers, loan payments, customer invoice payments, monitoring asset depreciation and generating financial reports.
Preparation of accurate annual financial statements and monthly reports:
One of the major concerns of creditors and investors is a company’s financial health. Financial statements serve as a source for a company’s investor to gauge the profitability and safety for their investment.
Financial statements, which include balance sheet, income statement and cash flow statement give insights into the company’s financial position, an overview of assets and liabilities, stockholders’ equity. It also helps understand the company’s revenues and expenditure, how the company pays its debts and how it meets its expenses for operations.
Assistance in designing invoices:
Invoices are records of sale transactions that a company makes. They contain the details of the shipment like the number of items, item description, total sale price and selling price per item, terms of the sale, buyer’s and seller’s information, amount due, invoice number, method of payment and the payment due date. Invoices establish the legal rights wherein if the customer fails to make the due payment, the company can take it forward legally.
Basic taxation advisory:
At StartupGenie, our taxation experts offer the best-in-class tax planning strategies that are suitable for your business structure. We understand the changing tax regimes in India and offer timely information.
Advance payment of income tax every quarter:
Filing of IT returns:
Cloud-based accounting software license: We provide Zoho online accounting software that helps in staying compliant with GST and managing your finances and business workflows. With the software, you can take complete control of the end-to-end accounting system, create GST invoices, filing of tax returns, update expense receipts, create purchase orders, track your inventory and more. Right from profit and loss statements, GST reports to inventory reports Zoho lets you generate more than 500 reports. It also lets you customize reports and filter the data for better insights.
Net worth Certificate
- Certificate of Good Standing
- Identity Certificate
- Statement of Accounts
- Form 15CA
- Form 15CB
FAQs on Accounting & Bookkeeping Service
Can accounting be computerised? Or only manual transactions are approved by the Income Tax Department?
Yes, one can submit computerised accounts, too. Now, it is easier to maintain records and all details of financial transactions on designated software or through computerized records, to eliminate any errors and miscalculations.
Do I need to maintain books on my premises or can I appoint an agent to do the needful?
Although accounting can be done individually, it is highly recommended to avail the assistance of accounting professionals who can maintain the records and help you save a lot of time and effort spent on dealing with everyday bills and transactions There is an advantage in taking the opinion of an expert, such as an agent who can maintain the accounting records as demanded by the income tax, and thus, save you a lot of man-hours and hassles of dealing with daily bills and transactions.
How secure is my financial data with you?
StartupGenie 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.
How does better accounting contribute to my company?
By following better accounting you can analyze the intricate financial details, prepare reports to accurately include quarterly and year-end closing documents, monitor and check taxation issues and filings, etc.
How does cloud-based software help and how does it differ from traditional software?
Cloud-based software can be accessed from anywhere, moreover, your financial position can be tracked on fingertips (through mobile app) on real-time. There is no need to manually take the back-up and worry of losing the data. Some of the advanced features like integration with the bank, GST portal, API based automation are also possible through cloud software. As your organisation grows, you can add additional modules
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. The proper record of transactions helps you reduce your compliance.
All businesses make decisions based on financial data as they provide an unbiased account bookkeeping of the efficiency of the business. In their absence, it is always possible for bias to creep in to decision-making.