Accounting and Bookkeeping Services in Delhi, India
The history of accounting goes back a 1000 years, but the relevance of it still stays strong, today! Keeping up with the multiple aspects of a business can be difficult, and that is why we are here to offer bookkeeping, succession planning and strategic planning, so that you can focus on other important matters and not worry about the financial accounting of your organization.
- Book Keeping and Accounting for Individuals, Firms, NGOs and Companies including foreign Companies
- Design, implementation and review of accounting manual
- Advice on various Accounting Standards, Ind AS & IFRS
We are a vibrant Firm of Chartered Accountants with the objective of creating a single window for the entire array of financial services.
We believe integrity is the quintessential value that is the engine behind getting things done in the organization.
Professional integrity and independence is an essential characteristic of all the professions but is more so in the case of accountancy profession.
Mr. Kedia's View
Frequently Asked Questions (FAQ'S)
From our Team of Experts
Ans- Following are the benefits of accounting outsourcing 1) It’s cost effective Outsourcing accounting is generally less costly than hiring someone in-house. It saves you the time and money required to recruit and train, and also relieves you from paying payroll taxes, salary, insurance, benefits, time-off etc. 2) Drive core business functions Hiring an internal accountant won’t necessarily drive revenue. Outsourcing accounting allows people to put money toward activities that will increase revenue – developing a website, building inventory, hiring staff in sales departments, improving current products, etc. 3) Use a leading software A powerful and scalable software such as Sage Intacct, can make complicated, time-consuming accounting a snap. A standard software can handle your core or basic financials, but a great software can take on more complex functions like revenue recognition, inventory management, and project accounting, as well as connect to business applications you already use. 4) Access to trustworthy data Good financial data should be the backbone of your business decisions. When you outsource your accounting and gain access to a powerful software, you can collect the data you care about, and build charts and reports around it.
Ans- Not quite, but they do go hand in hand. Bookkeeping is responsible for the recording of financial transactions, whereas accounting is responsible for interpreting, classifying, analyzing, reporting, and summarizing financial data. Bookkeeping is very reactive, where you are recording transactions that have already happened. Accounting is more proactive, anticipating future financial needs and planning on how to meet them.
Ans- Bookkeeping services is the process of keeping records of financial transactions and preparing financial statements, such as balance sheets and income statements. It is the responsibility of the bookkeeper to check the day to day operation by checking monthly reports, data entries , reconcile the bank accounts, handle the payables and receivables, and handling payroll and so on. All aforesaid services are included in bookkeeping.
Ans- Single-entry Bookkeeping System is commonly used for small businesses with very little or minimal transactions. It is often referred to as simple, practical and informal way of recording. Usually, it only maintains a record of cash disbursement, cash receipts, sales and purchases. All the rest of the accounting records, such as inventory, equipment, capital, etc., are only recorded in the form of memorandum or notes.
Ans- Double-Entry Bookkeeping System is the standard method of record keeping normally used by most businesses, bookkeepers and accountants. The procedure of double-entry bookkeeping system is more detailed and complex than single-entry bookkeeping system. It introduces the concept of debit and credit, which means that for every transaction there is something received (debit) and given up (credit), as such, recorded transaction affects two or more accounts.
Ans- Bookkeepers who are engaged in bookkeeping services in Delhi responsible for on-going maintenance of their clients’ general ledgers. Their common responsibilities consist of: Compiling data on a daily basis Categorizing expenses in the general ledger Reviewing the general ledger for accuracy Reconciling bank statements against the general ledger Generating financial statements Accountants who are engaged in accounting services in delhi use the accurate and up-to-date general ledger maintained by the bookkeeper to provide advisory services, such as: Preparing the company’s financial statements Analyzing the company’s financial data Preparing income tax returns Providing tax planning advice Thus accounting is a much broader term in comparison to bookkeeping.
Ans- 1. Work with accounting experts Work with accounting experts any person can gain access to accounting professionals who are trained, experienced, and knowledgeable in finance and accounting. They can help for better understanding of finances, provide guidance, and handle complex situations and tasks. 2. Increase controls & reduce fraud If most of the business’ accounting functions are in the hands of one or two people, any business is at a greater risk of experiencing fraud. Moving accounting to a third-party reduces this risk and allows for greater internal controls. And, accounting professionals will be able to identify where there are problems – flagging errors and notify of any of the inconsistencies. 3. Tie in additional services If service provider offers other business services such as payroll, tax, and retirement plan administration, you could easily feed all related data into the accounting software for greater visibility. There could be an opportunity to bundle services, and you gain peace of mind knowing these services are handled by professionals, in one place.