Accounting is foundational in business because accounting helps examine a business’s exact financial status. An overall financial analysis allows companies to develop progressive strategies, comply with the laws and regulations governing the state, and evolve with time. However, the role often requires expert help that goes beyond analyzing financial data. Accountants provide insight into many facets of business valuations, profit acquisition, cybersecurity, and bookkeeping management.
Every business must have up–to-date financial records while filing its company taxes. The more detailed and clear the income tax file, the fewer the problems. If not, you may have to scramble your way through the piles of old receipts and invoices that you have filed in the past. But an organized bookkeeping record alleviates stress during such a crucial time of the year.
Arranging financial documents for review in any business audit is essential. Having an efficient and accurate bookkeeping system makes it easier to find what you’re looking for during an audit. If you are unable to provide substantial documentation for an audit, you may be required to pay additional taxes and penalty fees.
Every business owner must keep track of the money that enters and exits their business account. Proper bookkeeping & accounting practices help visualize your cash flow and identify problem areas where you can save money.
Reconciling your financial ledgers once a month helps owners detect errors or fraud. Since every transaction is checked to see any discrepancies between your statements and what’s on the books, business owners get to have a clearer and more accurate status of their business’s position.
✅ Talk to Experts: Once you send us your query, an expert will respond to your queries to understand your business’s accounting requirement.
✅ Document Collection: We ask you for the necessary and relevant documents only to obtain In-depth information. We will suggest all the appropriate paperwork you should have to get the process started.
✅ Execution: Don’t worry! We will handle all the boring stuff as promised.
We offer scalable ways to support your growing business’s accounting needs through a combination of innovative bookkeeping and technology so you stay informed about your bad debts, overheads, and expenses. We will reconcile your financial records securely so you can make smart decisions.
Understanding the distinction between accounting and bookkeeping is essential for effective financial management.
Definition: The process of tracking income and expenses, analyzing financial data, and preparing reports.
Scope: Broader than bookkeeping, encompassing data interpretation, financial planning, and decision-making.
Purpose: Converts bookkeeping data into meaningful financial statements to aid informed business decisions.
Key Activities: Analyzing and evaluating business transactions.
Expertise Required: Requires highly skilled accountants proficient in analyzing and interpreting financial data.
End Result: Financial statements like profit & loss accounts, balance sheets, and cash flow statements.
Definition: The process of recording business transactions and preparing initial financial records.
Scope: Forms the foundation of accounting by systematically organizing financial data.
Purpose: Focuses on identifying, measuring, and recording day-to-day transactions.
Key Activities:
Expertise Required: Does not require advanced skills; basic knowledge of financial recording is sufficient.
End Result: Provides the raw data used for accounting purposes.
JustStart offers reliable, comprehensive bookkeeping and accounting services, supported by a team of qualified professionals, including CS, CA, lawyers, and business administrators.
Choose JustStart for cost-effective, and professionally managed bookkeeping and accounting services.
We provide a full range of services, from incorporations to online accounting, bookkeeping, and other professional services, all under one roof.
Expect prompt and efficient support through multiple channels, including calls, emails, and chat.
We offer cost-effective services compared to other providers, ensuring quality at competitive rates.
Receive point-to-point updates and guidance on compliance and upcoming requirements from a dedicated relationship manager.
Well, accounting and bookkeeping allow business owners to stay on top of their tax returns, keep their businesses organized, and prepare them for future investments. Finance analysis is a crucial component of this service that also helps a business through the following:
No! Accounting and bookkeeping are central to running a business in India. This process includes tracking every business transaction, cash inflow and outflow, and data. This data assists owners in knowing exact expenditures, spending, and new revenues a business makes.
There are many stages in bookkeeping, such as equity, costs, revenue, assets, and liabilities, that make the process of recording financial data a bit difficult. Bookkeeping requires a strategy to manage a company’s finances using professional accountants and the latest software.
Absolutely. Professional service providers monitor your startup’s progress carefully, allowing them to:
Accounting and bookkeeping services are a must, whether you are a startup or an established business. Along with financial tracking, an expert in the field will also guide you to be responsible and ask you to look out for a few things, such as
Yes. There is an abundance of virtual bookkeeping services being offered by professional service providers like JustStart. Companies like these perform tasks such as traditional bookkeeping, on-site or online bookkeeping.
Bookkeeping is essential for businesses of all sizes, whether small or large. A few tools that you can use to maintain a manageable record digitally are saving bank receipts and tracking revenues, assets, liabilities, and invoices to increase your company’s efficiency.
As per the Income Tax Act, it is mandatory to have an audit annually after you cross a certain threshold of turnover, which is possible if you have a record of all financial transactions for a completed year.
No! JustStart’s accounting and bookkeeping services are performed remotely using highly innovative software and technology. We do not ask our clients to have an in-person visit. However, clients are always welcome to visit us for any expert help. We are available via call, email, WhatsApp chat support, or website.
Based on the kind of service your business requires, we will provide standard services and generate a plan that will include analyzing balance sheets, profit and loss accounts, checking payables and receivables, and revenue.
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