Book Keeping and Accounting
Book Keeping and Accounting for business
India Kickstart provides customised accounting package based on actual business volumes for Accounting and Maintenance of financial records
Package is inclusive of
- Computerised Accounting
Detailed Computerised Accounting Records and registers with monthly accounting of business
- Financial Statements
Complete finalisation of Accounts and preparation of Annual Financial Statements
- MIS and Financial Reports
Periodic MIS and Financial reports to the management ensures apt financial reporting
- CA Assisted Review
Our expert CA will assist, prepare and review Accounting of business
- Business Hour Support
Business Hour phone and E-mail support is available for query resolutions
Accounting and Book Keeping
Business needs to maintain accounting records for all the business transaction of Income, Expenses, Purchases, Sales, Petty Cash, and Banks etc. Accounting is very important part of every business. With accurate and correct accounting records, business owners can ascertain profitability of the business. Further, Accounting records needs to be maintained for various regulatory purpose under Income Tax Act, Companies Act, Bank Loan purpose etc.
Accounting Records generally comprises of the following:
- Sales Register – Accounts for Sales made by the business
- Purchase Register – Account for Purchase made by the business
- Bank Book – Records transactions of Bank payments and receipts
- Cash Book – Records transaction of Cash payments and receipts
- Journal Register – Records Journals for Expenses, Depreciations, Debit and Credit Notes etc.
- Fixed Asset Register – Records transaction of Fixed Assets purchase, Sales, Depreciation
Importance Financial Reports generated from Accounting
It is generally prepared at the end of the financial year ( 31st March). Balance sheet comprises of Comprehensive Detail of Assets and Liabilities of the business as on the reporting date. Assets are divided into Fixed Assets, Current Asset, Investments, Loans and Advances, Cash and Bank Balances amongst the major heads. Liabilities of the business includes Share Capital invested by the owners, Borrowings and loans taken, Current Liability of the business to vendors, provisions for expenses and taxes etc.
Balance sheet and Profit and Loss account are the important reports used by the stakeholders to assess the financial standing of the business.
Profit and Loss Account
Profit and Loss as the name suggest provides details of Profits earned or losses incurred by the business during the financial year. Income and expenses for the year are reported under multiple heads and profits are derived. Income Tax computation are worked out based on Net Profit declared by the business.
MIS is also called as Management Information System Report, which is generally short version of PL of the business. It summaries details of Income and expenses for the particular period, (generally Month, quarter or year) with comparative figures of the previous period. It also provide essential quality analytical picture of the business volumes and factors driving the profitability to the senior management and helps in taking informed decision for the business.
Audit of Accounts is carried out by practicing CA to assess and certify the accounting records represents true and fair picture of the state of affairs of the business and Assets and Liabilities for the stakeholders. Several stakeholders rely on the financial information of the business and thus Audit requirement provide much needed authenticity and improved credentials of the business.
Get the right accounting package for your business, India Kickstart expert CA will prepare the maintain the accounting records with confidentiality assured.
Talk to us, fill up Enquiry form and get contacted by our experts to resolve queries.
See How it Works
About India Kickstart
Just tell us a little bit about your business and you’ll have the incorporation certificate in 20 working days. It’s that simple. In addition to yours, we’ll be handling around 400 requests this month.
We make your interaction with government as smooth as is possible by doing all the paperwork for you. We will also give you absolute clarity on the process to set realistic expectations.
Our team of experienced business advisors are a phone call away, should you have any queries about the process. But we’ll try to ensure that your doubts are cleared before they even arise.