VIRTUAL ACCOUNTING AND BOOKKEEPING SERVICES
Remote Bookkeeping is not a new concept, however in India small and medium businesses have started to realize the benefit of virtual bookkeeping services. In Countries like the USA, Australia, Canada businesses outsource accounting and bookkeeping because it helps them take out time to deal with more critical issues and opportunities within their core business. It is a good investment and smart decision to outsource bookkeeping.
In a virtual accounting and bookkeeping set up you can have experts perform the majority of your bookkeeping tasks. You will still have control and access to your data in a shared environment. Tax Vic takes care of data safety, confidentiality, quality control and any advanced features as required by clients.
WHY ONLINE ACCOUNTING BOOKKEEPING SERVICES
Professional Bookkeeping services are available online which helps your business with a full accounting and book keeping solution. You can approach a professional such as Chartered Accountant online who can be your solution to Accounting services in India. Here are some benefits of outsourcing accounting & bookkeeping:
Anytime report availability
Reduced cost of your accounts department
Low risk of work loss, audit risks
Increased productivity in business
Data Confidentiality & safety
No risk of trouble with authorities
Flexibility & Cost efficiency
Helps to forecast numbers, prepare roadmap
Makes decision making better for management
PROFESSIONAL BOOKKEEPING SERVICES IN INDIA
TaxVic provides Accounting & Bookkeeping Services all over India. Your virtual accountant under supervision of an expert will efficiently manage your day to day records, periodical reporting as per your demand, timely completion of work, compliance checking, and completion of filings on a timely basis.
Most of the small and medium enterprises find it challenging to manage the accounts & compliance as they hardly find time to look into accounts regularly and lack of affordable resources who they can handover the bookkeeping & accounting makes it more difficult. Bookkeeping apart from day to day recording of inflow outflow is a long term managed approach to maintain accuracy in recording your transactions, analyze interpret numbers in book to ensure greatest health of business.
Professional bookkeeping services ensure no risk of tax notices or any kind of trouble form income tax departments, this helps save your brand image and saves you time and hassles. As owner of any business it is wise and smart to outsource accounting and bookkeeping to professionals.
COST OF ONLINE BOOKKEEPING SERVICES
Cost of bookkeeping services varies based on the nature of your business.
For any small and medium businesses the monthly cost should be such that it should cost you less if you compare it to having your own bookkeeping team.
Cost should be affordable but the most important factor is that a
professional services provider handling your accounting and bookkeeping must have experience of handling clients like your business.
At TaxVic our aim is to simplify the process and make bookkeeping affordable to startups and small businesses.
Bookkeeping and audit services of small and medium businesses in India is our core competency.
WHAT COMES UNDER BOOKKEEPING AND ACCOUNTING
Preparing tax returns
Payroll Accounting
Preparing financial statements
Accounts payable/receivable
Recording information
Debt planning & reduction
PF, ESIC Filing
Invoice processing services
Business consulting
Cash flow management
Internal controls
Tax department representation
Business valuations
GST Filing, TDS Filing
Cash flow management
Frequently asked questions
What is Bookkeeping and Professional Accounting Services?
Bookkeeping is a systematic approach of recording all the financial transactions of a business of a particular fiscal year. Bookkeeping records capital expenditures, Sales, Purchase, all payments & receipt.
Bookkeeping is generally done by a professional bookkeeping services provider. Professionals are those having expertise in respective laws of the country. In India those having expertise in company law, income tax law such as chartered accountants are professional service providers.
What are the consequences of failing to maintain bookkeeping?
If you fail to maintain books of accounts as prescribed, you may be charged a penalty of Rs 25,000 or in some cases where you may have international transactions and you have failed to maintain information and documents for such transactions – 2% of the value of each international transaction.
It would be diligent to maintain your books of accounts and keep track of all your expenses and income in a methodical way.
Why TaxVic for online accounting services and bookkeeping outsourcing?
We are smart and experienced who will not only make entries but guide you on every aspect of tax and compliance in India. We will be your virtual most trusted partners. We provide guarantee on the service excellence.
Will I lose control of my business by outsourcing my accounting procedure?
No, there will be better control.
How to select the best professional bookkeeping services / online
accounting services in India?
You will have to assess several factors before you choose your online accounting service provider. Some important factors are:
Don’t fall into the cheapest cost claims. It should be affordable though. Check feedback from customers. Set you expectations and hear what your service provider has to say. Experience of professionals should also be checked.
How to find the best bookkeeping services near me/ accounting
services near me?
You can see if you really need to visit CA or your work can be done online. If your work can be remotely managed (as almost every business accounting and bookkeeping is done online these days) you could simply approach TaxVic, your virtual accountant.
What is a virtual bookkeeping system and advantages of virtual bookkeeping?
Virtual bookkeeping is a system of having your accounts and bookkeeping maintained and controlled remotely. It is a favored method due to its several advantages. Payroll ledgers, Purchase, Sales, expense receipts, everything will be managed electronically. Under virtual bookkeeping, both the accountant and the business uses same software
ADVANTAGES:
* Flexible and cost-saving.
* Updates on new notifications/ regulations.
* No requirements for office space, supplies
* Along with accounting you get additional compliance service at one place
Can you help provide an accountant at physical location if required?
No, we provide only online services.
What are the most important components of books
that every owner needs to know about?
Cash
Loans Payable
Accounts Receivable and Payable
Inventory
Sales
Payroll Expenses
Owners’ Equity
Retained Earnings
Purchases
How to find CA near me for accounting and bookkeeping services?
Accounting and bookkeeping can be managed from a remote location. But if you still want a CA Near You, you find a few chartered accountant near me options and speak to each one and decide.
Under what law bookkeeping becomes compulsory?
In India there are different laws under which bookkeeping becomes compulsory:
Companies act, 2013
Section 128 of the companies act, 2013 says books of accounts have to be maintained by companies incorporated under companies Act, 2013 for a period of 8 years immediately preceding the current year.
Non-profit companies are required to keep books of accounts for a period of not less than 4 years.
Some other records/accounts which need to be maintained as per companies act, 2013 are; register of directors/members, register of employees stock options and other securities bought back.
Income tax act, 1961
If the sale/turnover from the business or profession exceeds INR 25, 00,000 or the income from business/profession exceeds INR 2, 50,000 in any of the 3 previous financial years, then it becomes mandatory on the part of businesses or professionals to maintain books of accounts.
Section 6F specifies the list of various books which needs to be maintained as per the Income tax laws- Cashbook, general ledger, Copy of receipts for more than Rs 25, Original bills of expenditure incurred by you which are more than Rs 50
As per income tax laws books should be maintained for a period of 6 years from the relevant preceding year.
I launched my startup just recently, there are very few transactions, is it
necessary for me to have a full time accountant for bookkeeping and accounting?
Outsource your accounting and bookkeeping functions. It will save your cost tremendously. Find online CA services and go ahead with outsourcing your bookkeeping.
When is the right time to hire an CA (Chartered Accountant)?
The day you start your business. At TaxVic we believe that a professional will not only help you record your transactions but guide you on preparing a roadmap and make your entity 100% compliant. So better to have a professional accounting service provider from day 1.
I already have an accountant, do I still need CA services for my accounting
and bookkeeping?
Yes, it is better to have an experienced person to review the work of your accountant.
Why should I choose TaxVic for providing an accountant?
Affordable, experienced, approachable. As a business owner if you don’t have an efficient system to manage your accounts, it becomes difficult to measure the success of your efforts. We at TaxVic make sure that you are able to measure your success and prepare your company for further growth.
I have losses, do I still need to maintain book of accounts?
Yes certainly.