Accounting & Bookkeeping Services for Small Business: Maintaining Books of Accounts Is No More a Headache Now!
It is said that finance is the lifeblood of a business. In order to have a systematic record of the financial events, maintaining accounting records for a business is an indispensable task. However, the same is a cumbersome job for the small businesses.
Establishing accounting & bookkeeping services for small business is an uphill task. Setting up an accounting department, recruiting and training the accounting personnel and retaining them becomes time-consuming because these ventures primarily focus on the growth of their businesses as their top priority.
Do Small Businesses Need an Accountant?
Every business requires to maintain its accounting records. This could be either for some statutory reason or facilitating its management in insightful decision-making. Small business houses operate on a low scale and generally lack adequate financial resources. Hence it is important that it utilises its liquidity optimally.
Generally, accounting is not the forte of a small business concern and it might face difficulties to find a skilled and responsible accountant. Statutory compliance, a must-do, becomes difficult to comply with owning to a lack of expertise.
Apart from these, making sound business decisions is highly dependent upon the availability of timely and reliable accounting data. So, it is highly recommended that small businesses hire accountants to take care of their bookkeeping jobs for efficient and streamlined operations to go on!
What do Bookkeeping Services Offer?
Outsourced accounting and bookkeeping services provide a plethora of solutions for the small businesses. They pass accounting entries on a monthly basis and take care of the bank reconciliation part as well.
They are solely responsible for maintaining accounting records in a legible form. This helps their clients to provide the required information and furnish records to their auditors.
The expert organizations providing accounting and bookkeeping services for small business in India also help their clients to effectively attend auditors’ queries. They provide their clients with periodical MIS Reports which facilitate the latter in their strategic decision-making process.
An accounting services firm also looks after the statutory compliances of the client, involving Payroll and Taxation compliance. Maintaining Internal Financial Control also falls under the scope of work of an outsourced accounting and bookkeeping service provider.
How Do you Maintain Bookkeeping for a Small Business?
An accounting service provider maintains the books of accounts on the accounting system as preferred by the clients. They carry out periodic review of accounting data of their clients and monthly closure of the books.
Such experts are also skilled in meeting statutory dues and ﬁling returns on time, relieving entrepreneurs off such pivotal tasks. They not only prepare books of accounts but also provide all necessary information and explanation to the auditors.
During an internal audit, the accounting firms conduct periodic meetings with the management of small businesses and discuss irregularities observed in the process.
What if a small business maintains its own accounting records? Don’t they need the services of accounting experts at all?
Well, in this case, a senior team member pays frequent visits to the client’s premise and reviews the effectiveness, existence and continuity of the Internal Financial Control system. If any discrepancies are observed, the same is made good and the in-house team members are provided with adequate training. It could be a possibility that the daily bookkeeping is handled by the client while the external accounting firm ensures that the statutory compliance for the auditors is in place.
It is not necessary to carry out or review physically as such services can be rendered virtually. There is always an availability of accounting and bookkeeping services for small business in Pune, Mumbai, Kolkata, Bangalore, New Delhi and many other cities in India.
The Way Ahead!
In today’s world, everything is dynamic. Business growth and success depend on its scalability and flexibility. Many small businesses undergo enormous struggle to keep up with the pace of the industrial growth. Accounting function at times becomes a burden for them. They find it difficult to carry out their key functions properly by getting diverted towards smoothening their accounting process.
Therefore, if an organisation provides accounting and bookkeeping services for small business at affordable pay, it will definitely be a blessing for the latter. Paysquare offers such services in line with its vision of being the most trusted and recognised partners. So go ahead and partner with Paysquare to be benefitted today!