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    Accounting Services Manual: Setup Fund

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    cr4satyajit
    1) Accounting services involves recording, reporting, and analyzing financial transactions of a business to reveal performance and financial position. 2) Accounting uses a double-entry system where each transaction affects at least two accounts with equal debits and credits. 3) Key accounting services include preparing financial statements and tax returns, setting up accounting systems, and providing bookkeeping, payroll, and consulting services. Maintaining accurate financial records allows businesses to make better decisions, obtain financing, and scale operations over time.

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    Accounting Services Manual: Setup Fund

    Uploaded by

    cr4satyajit
    106 views5 pages
    1) Accounting services involves recording, reporting, and analyzing financial transactions of a business to reveal performance and financial position. 2) Accounting uses a double-entry system where each transaction affects at least two accounts with equal debits and credits. 3) Key accounting services include preparing financial statements and tax returns, setting up accounting systems, and providing bookkeeping, payroll, and consulting services. Maintaining accurate financial records allows businesses to make better decisions, obtain financing, and scale operations over time.

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    1) Accounting services involves recording, reporting, and analyzing financial transactions of a business to reveal performance and financial position. 2) Accounting uses a double-entry system where each transaction affects at least two accounts with equal debits and credits. 3) Key accounting services include preparing financial statements and tax returns, setting up accounting systems, and providing bookkeeping, payroll, and consulting services. Maintaining accurate financial records allows businesses to make better decisions, obtain financing, and scale operations over time.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    106 views5 pages

    Accounting Services Manual: Setup Fund

    Uploaded by

    cr4satyajit
    1) Accounting services involves recording, reporting, and analyzing financial transactions of a business to reveal performance and financial position. 2) Accounting uses a double-entry system where each transaction affects at least two accounts with equal debits and credits. 3) Key accounting services include preparing financial statements and tax returns, setting up accounting systems, and providing bookkeeping, payroll, and consulting services. Maintaining accurate financial records allows businesses to make better decisions, obtain financing, and scale operations over time.

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    ACCOUNTING

    SERVICES
    MANUAL
    BANK 3
    4

    FUND SETUP
    5

    SHOP
    ACT
    2

    BUSINESS
    START MARKET

    1 6

    OPEN

    PLAN RUN

    1
    Accoun�ng Services

    About
    Accoun�ng services involves recording, repor�ng, and analyzing financial transac�ons of a business or
    individual. It reveals business performance in terms of profit or loss for a given period, and the value
    and nature of a firm's assets, liabili�es and owners' equity.

    What is Double Entry Book-keeping?


    In the double-entry accoun�ng system, at least two accounts are involved to record each financial
    transac�on. These entries may occur in asset, liability, capital, expense, or revenue accounts. Record-
    ing of a debit amount to one account and an equal credit amount to one or more accounts results in
    total debit being equal to total credits for all accounts in the general ledger.

    Following are the specialized fields of Accoun�ng


    1) Financial Accoun�ng :-
    Financial accoun�ng is an area of accoun�ng that deals with the recording, classifying, repor�ng and
    interpre�ng of a business financial performance and economic condi�ons.

    2) Managerial Accoun�ng :-
    Reports prepared on a weekly, monthly, quarterly and yearly basis depending on the needs and desire
    of the business/firm.

    3) Cost Accoun�ng :-
    Cost Accoun�ng is an area of accoun�ng that captures and accumulates manufacturing or produc�on
    costs for internal use of an en�ty’s management.

    4) Budgetary Accoun�ng :-
    Budgetary Accoun�ng is an area of accoun�ng that deals in se�ng up a tool or control device to help
    management measure performance against its approved budget or plan.

    5) Tax Accoun�ng :-
    Tax Accoun�ng is an area of accoun�ng that provides the prepara�on and filing of required tax returns
    of a business or organiza�on imposed by local, state and central government.
    Following Business Transac�ons are required to be recorded such as:
    1) Sales: - includes cash sales, credit (Unpaid Sales), List of Debtors (i.e. unpaid customer’s List) and
    sold goods returned.
    2) Purchases: - includes cash purchases, credit purchases (i.e. unpaid purchases), list of creditors (i.e.
    unpaid suppliers), purchased goods returned.
    3) Purchase of Assets (Capital Goods):- includes Cash, credit for e.g. Furniture, equipment, Vehicle etc.
    4) Receipts: - includes credit sales realized, advances received from the customers, Capital/Deposits
    brought in, Revenue receipts such as Interest, Discount, Commission etc.
    5) Payments: - include payment for purchases, advances paid to suppliers, revenue expenses such as
    salary, rent, transport, interest, discount etc.
    6) List of Mode of receipts and payment: - includes cheque, cash, credit card, debit card, net banking
    etc.

    Accoun�ng Services
    Providing financial informa�on to our clients in a �mely and accurate manner is a commitment that
    we feel cannot be compromised. Well-organized financial records ensure that your business opera-
    �ons will run more efficiently on a daily basis. Following are the important accoun�ng services:-
    1) General ledger & financial statement prepara�on
    2) Bookkeeping (Monthly/Quarterly/Annual)
    3) Accoun�ng system setup for new businesses
    4) Computerized payroll services
    5) Business tax return prepara�on (Sales & Use/Business Property)
    6) Personal financial statements

    Benefits of Accoun�ng Services


    1) Financial accoun�ng helps you to know your current financial situa�on and hence improves decision
    making.
    2) It helps you analyze in which tax slab your business fits into.
    3) It helps to iden�fy projec�ons & set targets for coming years
    4) It helps in preparing financial reports, which shows the financial status of the business.
    5) It helps you ge�ng loans as your balance-sheets and profit and loss statements are readily avail-
    able.
    6) It Improves ability to scale up opera�ons based on your business development.
    List of Documents required
    1) Details such as Income & Expenses occurred during the year
    2) Record of the invoices
    3) Receipt and Payment Vouchers
    4) Books of accounts roughly maintained if any
    5) Cash book & bank account statement
    6) Value of Inventory as on date
    7) Periodical GST/ITR returns if filed
    8) Details of assets acquired during the current financial year if any

    Deliverables
    Accoun�ng services handbook

    TAT
    Depends upon the size, ac�vity of the business and exis�ng accoun�ng prac�ces if any used.

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