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5 Simple Steps to Startup Book-keeping & Accounting

1
Evaluation of required Books of Accounts
2
Implementation of Accounting System
3
Implementation of Internal Control System
4
Implementation of Reporting System
5
Start Book-keeping & Accounting

Why early stage Book-keeping is so important ?

If any start up want to get early stage funding then it is very important that how their books of accounts are being prepared because without any showcase no one want to invest in their business. 

Therefore, while chooching the early stage book-keeper or accounant startup should evaluate the experience of such book-keeper or accountant must experience in Startup Organization. In the growing phase accounting system and internal control must be implemented. 

​We have various experience about startup accouting & internal control implementation as well as startup funding.

Following books are required to maintained initially: 

  • Sales Register
  • Purchase Register
  • General Register
  • Cenvat Register
  • Other vouchers

 

 

Accounting System and its Process

What is Accounting Cycle?

When complete sequence of accounting procedure is done which happens frequently and repeated in same directions during an accounting period, the same is called an accounting cycle.

Steps/Phases of Accounting Cycle:

The steps or phases of accounting cycle can be developed as under:

  • Recording of Transaction: As soon as a transaction happens it is at first recorded in subsidiary book.
  • Journal: The transactions are recorded in Journal chronologically.
  • Ledger: All journals are posted into ledger chronologically and in a classified manner
  • Trial Balance: After taking all the ledger account closing balances, a Trial Balance is prepared at the end of the period for the preparations of financial statements
  • Financial Statements: Financial statement can now be easily prepared which will exhibit the true financial position and operating results.

What is Book-keeping ?

As defined by Carter, ‘Book-keeping is a science and art of correctly recording in books-of accounts
all those business transactions that result in transfer of money or money’s worth’.
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.
4000

Basic

All Inclusive Fees

  • Accounting Software-QuickBooks/Tally
  • Dedicated Account Manager-BOOK-KEEPER
  • State and Central Tax Compliance- Yes
  • Corporate Compliance-Optional
  • Locations-One State
6000

Silver

All Inclusive Fees

  • Accounting Software-QuickBooks/Tally
  • Dedicated Account Manager-ACCOUNTANT
  • State and Central Tax Compliance- Yes
  • Corporate Compliance-Optional
  • Locations-Two States
25000

Gold

All Inclusive Fees

  • Accounting Software-QuickBooks/Tally
  • Dedicated Account Manager-Fractional CFO or Controller
  • State and Central Tax Compliance- Yes
  • Corporate Compliance-Optional
  • Locations-Multiple States

Basic Features of correct Accounting System

To Know Financial Position

With the right records, a business owner can identify areas for expansion or improvements. Proper records also help the business owner to secure financing for the business. Additionally, proper analysis of records can help in making the strategic decision of changing business focus.

Comparison of result

Systematic Maintenance of business record enables the accountant to compare profits of one year with those of earlier years to know the basic change.

Avoidance of Interest & penalty

Proper accounting records help business owners to avoid interest and penalties as they make it easier for them to pay the right amount of tax and at the right time

Help full for Audit

 If a business is chosen for an audit, the business owner will be asked to produce the necessary backups to the info filed on the income tax return. Once the business operator has produced the right records, then the tax auditor will be able to examine the records provided and make a timely decision on the accuracy of those records

Tax Saving

Well kept accounting records act as a reminder of a person’s deductible credits and expenses. It’s only by keeping correct records of business expenses that owners are able to proof various expenses that were incurred while carrying out business operations.

 

Back up for Audit

Without good records, tax auditors may be forced to make decisions based on their "best judgment" of what value the income and expenses may be, according to the size, location or type of business.

 

Full fulfillment of Statutory Compliance

One of the main advantages of keeping good accounting records is to comply with the law. By simply being organized, businesses not only enjoy the above benefits but also stay within the law.

Note: All the package are based on monthly basis and Actual Price of Gold pack will be subject to the final dicussion.

Start 4000 /- all inclusive fees
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