WHAT ARE ACCOUNTING SERVICES
In a Company, a record of all financial transactions needs to be properly maintained and reported. An organized manner, in which all these debit and credit entries are recorded is called Accounting services. The first part is to make an entry of all these transactions, which is also called book-keeping. The second part is to understand what needs to be booked as an expense, and what needs to be considered as depreciation under the applicable regulations. At periodic frequencies, multiple reports are generated, which show the health of the business, cash flows etc, so that the management can be clear about the directions of the company.
WHAT IS BOOKKEEPNG SERVICES
Bookkeeping services are necessary for all businesses to ensure accurate operational / financial information. Such information is required by Management, Regulators, and Investors. Also, it is a legal requirement for any business to maintain appropriate books of accounts to ensure that all relevant taxes are paid, and tax filings are being done on time.
Bookkeeping is the process of recording financial transactions of a business in an accounting system and the creation of reports. However, many businesses do not have complete accounting departments and require external bookkeeping services. Paysquare can provide your business with bookkeeping services through a network of Business Experts and Chartered Accountants across India.
Accounting and bookkeeping work can take up a significant amount of a business owner. Trying to balance your company’s accounting and all of your other tasks can be a challenge. Some business owners attempt to resolve these issues by hiring an in-house accountant, which can be expensive, or purchasing electronic accounting software, which may compound the problems due to the steep learning curve involved with using many of these programs. Instead of bogging yourself down in a sea of numbers, consider the freedom you can have when you take advantage of Paysquare ‘s expert business bookkeeping services.
Accountants may handle more advanced tasks like tax preparation, budget analysis, and investment development.
OUR ACCOUNTING SERVICES BUSINESSES:
1. Bookkeeping Services- :
- Setting Up Chart of Accounts.
- Billing for goods sold or services.
- Recording receipts from customers.
- Verifying and recording invoices from suppliers
- Paying suppliers
- Processing employees’ pay and the related governmental reports
- Recording depreciation and other adjusting entries
- Entering Bank Details
- Allocating the account entries
- Value-added bookkeeping
- Month-end or year-end closing
2. ACCOUNTS PAYABLE SERVICES:
- Invoice imaging and storing
- Invoice approval
- Expense allocation
- Online payment approval
- Check processing
- Handling of vendor inquiries
3.ACCOUNTS RECEIVABLE SERVICES:
- Order management.
- Customer billing
- Customer aging
- Collections management
- Cash forecasting & reporting
- Bank statement reconciliation with your bank statement.
- Credit card reconciliation with your statement records
- Matching of invoice with your ledger as well as journal entries
- Sequencing of checks
- Balance sheet reconciliation
5.FINANCIAL REPORTING SERVICES:
- Balance sheet
- Income statement
- Cash flow statement
- Bank reconciliation report
- Detail general ledger report
- Fixed asset account
- Payroll setup
- Payday calculations and direct deposits
- Payroll taxes calculation and form filling
- 941, 1099, 940 and quarterly state tax returns
Organizations, these days, not only look for cost-effective solutions to systematically run non-core activities like accounting and payroll services, but also expect to add value in order to achieve better control and understanding of cash flow and thereby make informed decisions.
Despite being considered as non-core, accounting services form an integral part of an organization’s operational capabilities and systematic functioning. Therefore, outsourced accounting and payroll processing services definitely help streamline core business operations of an organization.
Advantages of Bookkeeping Services:
- Time Effective
- Higher Profits
- Reduced Tax Liabilities
- Peace of Mind
Advantages of Accounting Services:
- Cost Efficiency
- Better time allocation
- Daily monitoring
- Achieving high level of accuracy
- Direct deposit through
efficient payroll processing
- Staying informed with up-to-date accounting status