Accounting
LLP vs Pvt Ltd – Which Business Structure is Right for You?
Introduction Choosing the right business structure is crucial for long-term success. Two of the most popular structures in India are the Limited Liability Partnership (LLP)
Keep track of all your financial transactions and ensure complete transparency in your business activities with our Accounting and Bookkeeping Services.
For any strategic decision, Owners/Managers need a clear understanding of their organization’s financial position. This is where professional Accounting and Bookkeeping come into play. While managing it in-house is an option, it’s always wise to seek expert guidance.
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Bookkeeping involves recording the day-to-day financial transactions of a business, while Accounting refers to the preparation of financial statements. Accounting is mandatory for all types of businesses, including small enterprises and freelancers.
Beyond compliance, maintaining accurate and up-to-date financial records helps avoid confusion and financial issues. Whether you’re running a home-based business or an industrial enterprise, proper account management is essential. Businesses must adhere to mandatory accounting standards, making it crucial to seek expert assistance to ensure compliance and accuracy.
To ensure smooth operations and transparency, every individual, firm, or corporation must have a clear understanding of their income and expenditure. This knowledge allows for better planning and strategic management of financial resources, enabling businesses to optimize and utilize them effectively.
Up-to-date records provide real-time access to operational information for management. Since business owners or managers are not involved in every transaction, accounting and bookkeeping enable them to monitor all activities and make informed decisions at any time.
Monthly or quarterly reconciliation of data helps management identify the beneficial or detrimental aspects of a business. Accounting services often include this periodic reconciliation, allowing for more informed, rational decisions based on a detailed analysis of profit and loss. This ensures that future strategies are built on accurate financial insights.
Investors make decisions based on a thorough analysis of a business’s financial condition. When seeking investment, it’s crucial to ensure your books of accounts are accurate and up-to-date. Any inconsistency in your financial statements could discourage investors from committing to your business.
Accounting simplifies the process of extracting data and ensures timely submission for regular return filing, compliance, and scrutiny of any business. This helps maintain transparency and avoid penalties.
Since 2020, the trend of remote working has increased in all fields and streams. Even though cloud-based accounting existed before that, now it’s no less than the need of the hour. Traditional Accounting was software installed on the user’s Desktop hardware, whereas Cloud-based Accounting software is directly accessible through the cloud (i.e. online). Being able to store and access data through the internet has been extremely helpful to make remote operations accessible. Some of the most common Cloud Accounting Systems are Quickbooks Online, Xero, Zoho Books etc. There are numerous benefits of cloud-based accounting, such as:
Automation enhances efficiency and saves time by streamlining tasks. It also reduces the likelihood of errors in financial statements, ensuring more accurate and reliable data. This minimizes the risk of mistakes and improves overall productivity.
Thanks to cloud-based accounting, companies from the U.S. and U.K. have begun outsourcing their work to organizations in India. Since cloud accounting software is entirely internet-dependent, it allows businesses to access and manage financial data from anywhere, facilitating easy collaboration across borders.
With cloud-based accounting, not only accountants but also management and owners have real-time access to all financial transactions, enabling them to make informed decisions instantly.
Cloud-based accounting not only saves time but also helps the environment by making your financial transactions paperless, reducing the need for physical documents and promoting sustainability.
Cloud-based technologies are highly customizable, allowing you to tailor them to suit your specific needs. They are beneficial for all types of businesses, as we understand that each entity has unique requirements.
Real-time access to data online not only improves accessibility but also ensures secure backups. Even if your hardware crashes, your data remains safe and secure in the cloud, preventing loss and minimizing disruptions.
The answer depends on your personal needs, which are based on many factors such as the number of employees, your business activities, etc. There are many Automated Accounting Software options. The best ones suitable for Small Enterprises are Quickbooks Online and Zoho Books. Furthermore, even freelancers need to keep track of their income. While working on your terms can be fun, managing your accounts can be a difficult task. Software like Quickbooks Self-Employed will be your savior!
we have fixed packages and if your entries exceed the package chosen by you, we will upgrade your services in a few easy steps on a pro-rata basis.
You can always do certain tasks on your own but expert help is always the safer option. These are the reasons why you should hire an expert for your Accounting and Bookkeeping needs:
Generally, if you are well versed with the basics of accounting and bookkeeping, maintaining daily entries will take up an excessive part of your day. As a business owner, this situation is not very profitable for you. Instead, delegating your Bookkeeping to experts will save that part of your day and enable you to focus on strategies and developmental planning.
No, you do not lose control of your Accounts if you get services from us. Our experts stay in constant touch with you. Furthermore, you can access the data any time you want as the whole process is handled over the Internet. In case LegalWiz.in experts are using Tally for accounting purposes, you can ask for extraction of data at any point of time.
Yes, in this technological era where everything can be done online, your Financial Data stays completely confidential on Cloud. Various security measures are taken to protect your data.
Yes, if you are already using a software, submitreturn.com Experts will adapt to your software and take care of your accounts. Our experts can maintain your accounts in software like Tally, Zoho Books, Quickbooks, and others.
Yes, as per the governing norms, all Registered Private Limited Companies have to go through Statutory Audits. To comply with this, you need to maintain the books of accounts even if your company has zero transactions.
You can opt for Accounting Services at any time. However, the best time to go ahead with these services is at the beginning of a Financial Year, so that the records can be maintained properly.
No, the service does not include Stock Management, but it includes other reports such as:
The best way to cut down the time spent on Accounts is by taking help from LegalWiz.in experts! Yes, it becomes very helpful to handle your Accounts by investing in an Accounting Software. The software not only helps you stay in control of your Accounts, it makes the task of Accounting easier for you as well as your Accountant.
Generally, any and all types of businesses can outsource their accounting and bookkeeping. Home-based businesses, small and medium enterprises, large scale Industries and even Freelancers are required to keep their accounts in order. All types of businesses have better chances of growth if the core team is focused solely on their development and not worried about their Financial Statements.
Introduction Choosing the right business structure is crucial for long-term success. Two of the most popular structures in India are the Limited Liability Partnership (LLP)
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Keep a track of your finances by maintaining Books of Accounts