5 Steps for private limited company registration

Different Types of Accounting Services

Accounting refers to the process of keeping financial records related to the business. It involves the process of recording, summarising, analyzing, and reporting of all the transactions. Nowadays many firms are providing accounting services with a well-qualified team of professionals who will take care of all the matters related to accounts and finances. There are different types of accounting services that such accounting firms offer like bookkeeping, preparation of the financial statements, payroll services, tax accounting, management accounting, and many more. It totally depends on the need of the business firm that which of accounting services it needs:

• Bookkeeping services: It is the fundamental step in assessing the financial accounts of any organization. It is a systematic approach to maintain accuracy in recording your transaction, analyzing the data, and interpret the same which makes sure the health of the business in the long run.
• Payroll Services: Payroll is the total of the compensation a business must pay to its employees for a set period of time or on a given date. Payroll services take care of proper payment to the employees, submitting withholdings, and paying state and federal payroll taxes.
• Tax Accounting: The most common reason that any business uses the services of an accounting firm is to file yearly tax returns. Tax Accountants are specialists when it appears to requirements and how to avoid paying taxes unnecessarily. They also help in fixing issues related to the filing of returns.
• Preparation of Financial Statements: Financial Statements include preparation of income statement, cash flow statement, profit and loss account, and balance sheet. An accountant prepares this critical document and also helps in understanding these financial statements for better decision making.
• Consultation Services: Accountants also provide accounting services which will be a better understanding of the business and help in good decision making for the business. They will evaluate your business comparing it to previous years and will strategize on how you can increase your profit or what decision will be beneficial for the growth of the company.

Touch Millions is one of the leading accounting firm in Pune of experienced and qualified professionals offering various services such as Accounting Services, Online GST Registrations, Tax Planning, Stock Audit, GST Return filing, Business Registration Services. Having an experience we always come with plan to lay out a smooth process that is effective and efficient. Owing to large networks across India, we tend to deliver your accounting needs simultaneously at multiple locations.

About Author

CA Sundram Gupta is a Chartered Accountant and forensic auditor having 10 years of experience in the field of Auditing, GST, Income tax and Accounting. He has given consultation to distinct industries over these years.

Read more-How Accounting Services help your Business