About This Plan
This plan is designed to provide a comprehensive solution to all your accounting needs . Proper accounting helps in establishing an effective management information system (MIS) and helps you manage your finances better.
Services Covered
- Recording of entries (100 - 300 transactions for one year) for the completed financial year
- Preparation of Ledger Accounts-Cash, Sales, Purchases, Expenses
- Preparation of Receipts and Expenses Statement/Profit and Loss Account
- Preparation of Balance Sheet
- Bank Reconciliation Statement as on date
- Statement of balance of Account Receivables and Payables as on date
- Stock Summary as on date
Who Should Buy
Proper maintenance of books and accounts is a prerequisite to any business entity. Further, it is mandatory for firms undergoing statutory or internal audit.
This plan is designed to address the accounting needs of businesses and professionals operating as :
- Goods Traders
- Professionals & Consultants
- Share Market Traders
- Individual Freelancers
- Small Business Owners
How It's Done
- Purchase of Plan
- Call session with Expert on accounting requirement
- Upload all vouchers
- Preparation of financial Statements
Information Guide
Documents To Be Submitted
- The documents needed shall depend on the service you need at a particular point of time. The same shall be communicated to you by our experts based on your requirements.
FAQs
- Is it mandatory to maintain record of all financial transactions?
- Income tax act requires compulsory audit in certain Expert'ses and that is possible only when books have been maintained as per the law.
- Companies are regulated by the Companies Act and as per the Act every company is required to file annual return with registrar of companies. It is mandatory even if there are losses or no income in a financial year.
- Helps individuals and businesses keep a track of their expenses, monitor their revenues and take informed financial decisions.
- Why do I need services of an accountant?
An accountant understands the fundamentals of accounting. The proper classification of expenses as capital in nature(eg. Fixed assets) or revenue in nature(eg. purchases) is important. Incorrect accounting can lead to financial losses. Though various accounting tools have come up over the time but the human intelligence is irreplaceable.
- I got my startup launched a couple of months back. There are very limited transactions. Should i hire a full time accountant?
Considering that most startups do not need a full time dedicated accountant as the volume of transactions is low and at times it is not economically feasible to hire one, we have specially designed this pack to meet all your accounting needs. Get your accounts maintained by our experts and get your accounting done without having to employ a full time accountant.
- I have 500 transactions for the year. What will be the additional charges?
In our package, we prepare books of account upto 300 transactions. If your firm’s transactions are above 300, we will charge Rs.10 per additional transaction. Our experts will assist you with purchase of the right value plan as per your need.
- Will the accountant visit my office in person?
The accounting services will be done remotely using online softwares. We do not support in-person visit by our accountants. Our experts will be available on call and email to address any queries.
- I already have an accounting software for my firm. Can your experts use the same software?
Sure, as long as your software can be accessed remotely we can use it. Once you provide us with the access to your software, our experts will login and prepare your accounts.
- I need to get books of account prepared for my business for 2 years, i.e FY 2014-15 & FY 2015-16. The total number of transactions was around 250. Will the same plan cover accounting for 2 years if number of transaction is under 300? I will need two sets of financial statements each ending on 31st March, 2015 & 31st March 2016 respectively.
Yes, our package is designed for small businesses having limited number of transactions. If the number of transactions is in the specified range(for current package-up to 300 transactions), the same plan can be used even if the duration is more than an year. The customer is required to share all vouchers, bank statements and other documents pertaining to the relevant period. The service will be delivered at one point of time and not on going basis.
- I have an accounting software license. Will your Expert be able to use the same software?
Our Expertfirms are trained on commonly popular accounting software such as Tally & QuickBooks. Our Expertwill guide you to share the data backup of your transactions from your software and use the same software to process your books of accounts. The final data backup of your accounts will be shared with you.
- What kind of financial reports will I get in this package?
Our Expertwill be able provide all the standard financial reports that can be generated by the accounting software. These will include at least:
- Trial Balance
- Balance Sheet
- Profit and Loss Account
- Accounts Receivables and Payables
- I am not using any accounting software. Will I get software access using this package?
If you are not using any accounting software, our Expertwill prepare your books of account using commonly popular accounting software such as Tally & QuickBooks. Under this package, you will only get the final data backup of your accounts. Software Access or license is not included in the package. You will need to separately purchase a software license.
- Can I specify the accounting software to be used?
Presently, we can only prepare your accounts in Quickbooks or Tally. For other software requests, we will check for feasibility with our Expertand advise you.
- What are B2B invoices?
B2B invoices are invoices of taxable supplies made to registered taxpayers is considered as B2B.