Get assistance for Accounting and Bookkeeping
Get your best accountant assistance to maintain Book of Accounts of your business enterprises or Profession. We serve clients all over in India for accounting and bookkeeping services. Here we using Tally and Quick Books platforms for bookkeeping services. We are qualified professional accountants practicing in accounting, tax and business consulting affairs. Here we provide lot of accounting models like monthly, quarterly, half yearly or annual basis. Clients can choose the required models as per their requirement and Budget. In these days accounting is very much essential to comply the GST compliance's. We help you to prepare GST complied accounts by follow Indian Accounting Standards. Ourtaxpartner.com is one of the best accounting firm in Kochi, Kerala, now we extend our services to rest of India.
Best accounting / Internal Auditing service provider in Kochi, Kerala
Accounting and Bookkeeping Services
“Accounting is the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of a financial character, and interpreting the result thereof”
Book-keeping is an activity concerned with recording and classifying financial data related to business operation in order of its occurrence
Book-keeping is a mechanical task which involves:
Collection of basic financial information
Identification of events and transactions with financial character i.e., economic transactions
Measurement of economic transactions in terms of money
Recording financial effects of economic transactions in order of its occurrence
Classifying effects of economic transactions
Preparing organized statement known as trial balance
Maintain book of accounts is mandatory for business constitutions like Private Limited Company, Public Limited Companies, LLP, Trust and Societies as per laws and rules. There is exceptions for proprietorship firms and Partnership Firms on some extent. Every business even it is proprietor or partnership must keep books of accounts, if law prescribed such;
Objectives / Importance of Accounting
(A) Providing Information to the Users for Rational Decision-making
The primary objective of accounting is to provide useful information for decision-making to stakeholders such as owners, management, creditors, investors, etc. Various outcomes of business activities such as costs, prices, sales volume, value under ownership, return of investment, etc. are measured in the accounting process.
B) Systematic Recording of Transactions
To ensure reliability and precision for the accounting measurements, it is necessary to keep a systematic record of all financial transactions of a business enterprise which is ensured by bookkeeping. These financial records are classified, summarized and reposted in the form of accounting measurements to the users of accounting information i.e., stakeholder.
C) Ascertainment of Results of above Transactions
‘Profit/loss’ is a core accounting measurement. It is measured by preparing profit and loss account for a particular period. Various other accounting measurements such as different types of revenue expenses and revenue incomes are considered for preparing this profit and loss account. Difference between these revenue incomes and revenue expenses is known as result of business transactions identified as profit/loss. As this measure is used very frequently by stockholders for rational decision making, it has become the objective of accounting.
D) Ascertain the Financial Position of Business
‘Financial position’ is another core accounting measurement. Financial position is identified by preparing a statement of ownership i.e., Assets and Owings i.e., liabilities of the business as on a certain date. This statement is popularly known as balance sheet. Various other accounting measurements such as different types of assets and different types of liabilities as existed at a particular date are considered for preparing the balance sheet. This statement may be used by various stakeholders for financing and investment decision.
E) To Know the Solvency Position
Balance sheet and profit and loss account prepared as above give useful information to stockholders regarding concerns potential to meet its obligations in the short run as well as in the long run.
Major Functions of Accounting
The major functions of Accounting are -
1) Measurement : - Accounting measures past performance of the business entity and depicts its current financial position
2) Forecasting :- Accounting helps in forecasting future performance and financial position of the enterprise using past data
3) Decision-making :- Accounting provides relevant information to the users of accounts to aid rational decisionmaking.
4) Comparison & Evaluation :- Accounting assesses performance achieved in relation to targets and discloses information regarding accounting policies and contingent liabilities which play an important role in predicting, comparing and evaluating the financial results.
5) Control :- Accounting also identifies weaknesses of the operational system and provides feedbacks regarding effectiveness of measures adopted to check such weaknesses.
6) Government Regulation and Taxation :- Accounting provides necessary information to the government to exercise control on die entity as well as in collection of tax revenues.
Ourtaxpartner.com provides customized packages for our clients which serve and mange accounting and bookkeeping requirements of your business or profession. We help you to prepare monthly reports on basis of accounting data and helps to develop your business. Accounting is very much essential for grow any business in this competitive economy. Accounting data helps the entrepreneurs to take right decision at right time. As like "Finance is the blood of a business", "Accounting is the language of the business".
Our Packages includes the services like :
Bank Reconciliation Statement Preparation
Accounts Payable and Receivable Management
Cash Flow Management
Taxation and Monthly Filing (GST, TDS, Advance Tax etc)
ESI, EPF, Professional Tax and Labour Welfare Fund Compliances
Monthly Analytics and Reporting
Audit Finalization Support
Internal Audit Support
Financial Statements Preparations (Profit/ Loss Statement , Balance Sheet, Cash Flow)
Income Tax Provisions relating to Maintaining Book of Accounts
According to section 44AA and Rule 6F of Income Tax Act, 1961 , there ia specified list of professionals who required to maintain nook of accounts for Income Tax payment purpose.