Keeping accounting records is essential for running a business. Sometimes the tax office requires it, sometimes banks and investors require it. Outsource your accounting and let professionals manage your company's financial reporting. Accounting is the process of recording a company's financial transactions in an accounting system and producing reports. Section 128 of the Companies Act 2013, as amended, requires every company to create and maintain an account at its registered office. However, many small businesses do not have a complete accounting department and require outside accounting services. SAR Tax Buddy can provide accounting services to your business through our network of business experts and chartered accountants across India.

ACCOUNTING SERVICES

• Accounting System Design & Implementation

Accounting system design refers to the process of planning, developing, and implementing an accounting system tailored to meet the specific needs of an organization. This process involves identifying the organization's financial reporting requirements, defining the components of the accounting system, and ensuring that the system is user-friendly, efficient, and compliant with applicable accounting standards and regulations. A well-designed accounting system is essential for maintaining accurate financial records, supporting effective decision-making, and promoting the overall financial health of the organization.

• Financial Accounting

Financial accounting is a specific branch of accounting involving a process of recording, summarizing, and reporting the myriad of transactions resulting from business operations over a period of time. These transactions are summarized in the preparation of financial statements—including the balance sheet, income statement, and cash flow statement—that record a company's operating performance over a specified period.

• Budgeting

Budgeting is the tactical implementation of a business plan. To achieve the goals in a business's strategic plan, we need a detailed descriptive roadmap of the business plan that sets measures and indicators of performance. We can then make changes along the way to ensure that we arrive at the desired goals.

• Financial Reporting

 For many businesses, the growth and expansion phase is an exciting time. It creates new opportunities, brings in new customers, and generates more revenue and higher profits.
However, if your team lacks crucial financial reporting and analysis capabilities, making informed decisions to manage and grow your business can be challenging.
So, what is financial reporting, exactly? Financial reporting is one of the most critical business processes that accounting, finance, and the business must understand and appreciate.
Financial reporting is the comprehensive review of monthly, quarterly, or yearly financial data to drive better business performance and results. A timely and accurate financial reporting process helps you understand your company's performance and identify opportunities to make the right business decisions for future growth.

• MIS Reports

An MIS report, which stands for Management Information System report, serves as a crucial tool that provides a comprehensive overview of an organization's performance. MIS reports include in-depth analyses of key factors such as sales, revenue, market trends, and challenges. Management information reports empower businesses to make informed decisions and execute their strategies more effectively. While the specific requirements may vary between businesses, manually creating MIS reports can be a time-consuming process. Fortunately, the utilization of reliable MIS reporting software streamlines the generation of these critical insights, facilitating quicker decision-making. Discover how MIS reports can enhance your organization's efficiency and propel it toward greater success.


• Financial Analysis

 Financial analysis is the process of examining a company's performance in the context of its industry and economic environment in order to arrive at a decision or recommendation. Often, the decisions and recommendations addressed by financial analysts pertain to providing capital to companies—specifically, whether to invest in the company's debt or equity securities and at what price. An investor in debt securities is concerned about the company's ability to pay interest and to repay the principal lent. An investor in equity securities is an owner with a residual interest in the company and is concerned about the company's ability to pay dividends and the likelihood that its share price will increase.

• Asset Accounting Management

Accounting and Asset management go hand in hand when taking a look at any accounting process for any size business. It can be difficult to find the time and the tools to devote the needed attention to assets that they deserve. The truth is that a company's assets are the largest investments most companies make. Sound management of assets can yield substantial tax savings in depreciation deductions. Without thorough management of assets, the accuracy of financial reports will be threatened and there will be a negative impact on your bottom line. Establishing the highest standards of depreciation accuracy and best practices in fixed asset management will pay off in the form of savings and efficiency.

Accounting services are necessary for all businesses to ensure accurate operational/financial information. Such information is required by management, regulators, and investors. Here are some benefits:

ADVANTAGES

• Cost Efficiency

By maintaining accounting books, we can easily determine the cost of a product as a whole or per unit. Which ultimately leads to knowing where more money is being spent or where you need to control?

• ON TIME

ACCOUNTING RECORDS This allows you to determine accurate profits and losses in a timely manner, ensure that all related taxes are paid, and that tax returns are filed on time.

• Increase Profits

With the help of accounting, you can generate profits. From time to time we may learn what we need to do to determine the correct prize.

• Reduced Tax Rates

With the help of proper accounting books, you can easily check whether individual invoices are recorded or not, ultimately giving you the correct tax summary.

• Tax Planning

Bookkeeping facilitates tax planning by properly recording all transactions related to expenses, banking, sales and purchases, etc.

• Budget

Accountants can perform more complex tasks such as tax preparation, budget analysis, and investment development. Both bookkeepers and bookkeepers often use sophisticated financial software to record and track information.