You run a business to earn money. But, earning money also involves keeping an account of its transactions including income and expenditures apart from ensuring compliance with the country\u2019s statutory regulations, managing investors\u2019 money, paying government taxes and financial information needed to make business decisions. This explains the need to hire the services of one or several accounting firms in India to avail their accounting & bookkeeping services and benefit from their expertise.\u00a0<\/span><\/p>\n
Small businesses cannot do without making necessary provisions for <\/span>accounting & bookkeeping services<\/span><\/a>. Apart from recording income details like profit and loss or creating a balance sheet to know the financial status of the business in a year or generating a cash flow statement to justify the imbalance between the P&L account and balance sheet, there are myriad reasons for which you must seek the help of an accounting firm. Some of them include:<\/span><\/p>\n
Updated records enabled by accounting & bookkeeping services help in decision making, thus, propelling the business efficiency. Decisions regarding the amount you must charge on your products or services are taken based on accounting information. Product or service pricing is not easy as one needs to be aware of myriad costing concepts like fixed costs and variable costs. Information like these is only possible through cost and management accounting. Also, the opportunities available in your line of business can only be gauged based on the analysis of competitors\u2019 business performance. Choice of financing opportunities is only possible after an in-depth study of accounting details.<\/span><\/p>\n
Your business\u2019 financial records are more than just numbers. If interpreted correctly, they tell you about where your business stands. Reading your firm\u2019s P&L account, balance sheet, cash flow and funds flow statements will give you a better understanding of where your business stands compared to your competitors.\u00a0 The current financial position of your business will tell you where to invest and the liabilities you need to get rid of to advance with your business plans. Comparing your current financial details with your prior accounting records will tell you at which you have grown each year.\u00a0<\/span><\/p>\n
Different countries have different rules regarding taxes or maintaining books of accounts. If you are doing business in India, hiring any of the accounting firms in India will help as they would apprise you of the various business processes and changing regulations like the introduction of the GST, investment in tax-free bonds, compliance with employee provident fund (EPF) rules, etc.\u00a0<\/span><\/p>