What is Accounting/ Bookkeeping Service?
Accounting & Book Keeping comprises of recording all financial transactions the business enters into. This includes -
Purchase and Sale Transaction recording - including maintenance of Order Books
General Ledger Accounting
Recording transactions through Banking channels and Cash receipts/ payments where information available
Reconciling Bank and Cash balances on a regular cadence
Accounting for Fixed Asset transactions
Closing Books on Monthly, Quarterly and Annual Basis
Assisting in Audit and Financial Reporting
Features of Accounting with Padmanaban & Associates
We give you multiple options to customize how we deliver accounting services.
Real Time Accounting/ Cadence Based accounting - We can set up accounting to be real time with the flow of information which would take away the delay in outsourced accounting concepts or have accounting completed on a regular cadence of weekly/ monthly.
Online and offline - We have various modes of accounting - online where you can access your accounts on a live basis or offline where we can manage things offline for you making it cost efficient.
Dedicated / Shared Staff - For accounting purposes, we can have dedicated staff working on your records alone - leading to more efficiency in terms of work or have shared staff resources which will make it more cost efficient than having your own team.
Reporting - Customized reporting to suit your needs and lets you concentrate on what may be important to you.
How is this going to help us?
Accounting and book keeping are necessitated for various purposes including -
Reporting
Compliances
Business Valuations
Management Information and Decision Making
When we prepare your books, we are aware of the compliance requirements related to your industry/ segment and are already making sure you are compling with several of them from a book keeping perspective. - Treatment of Generally Accepted Accounting Principles
We are in position to advise on a day to day basis need for compliances with critical areas such as Tax Deductions, expense reallocation etc.
We can present the details of your activities by divisions/ departments/ locations/ other classifications which will make it easier and faster to make changes and adjust when required
Invoice creation on the basis of inputs received from the client - compliant with requirements of GST and other statutes.
Creating E-Invoices and E-way bills for movement of goods and services.
Reconcile AR & AP Balances on a regular cadence
Provide Ageing for AP & AR Transactions
Initiate Payment for AP and recognize receipts by each invoice for AR
Presentation of Financial Reports in accordance with Compliance Requirements
Presentation of MIS reports customized to suit client requirements
Prepare Annual Financial Statements for audit preparation