Top 5 Accounting Services Every Small Business in India Needs

Introduction

Accounting is the backbone of any business regardless of its size. For the small businesses in India, effective accounting services that help them stay tab on cash flow, track every expense, and comply with tax laws are in urgent need. The blog shortlisted here will discuss the top 5 accounting services every small business should look at.

1. Bookkeeping

• Importance of maintaining accurate records of all financial transactions.

• Benefits of hiring professional bookkeeping services in managing day-to-day expenses, income, and payments.

• How proper bookkeeping can be reduced in tax liabilities, and also to make sure that there is no fiscal error.

2. Payroll Management

• Why payroll management outsourcing is the best for cost saving on a small business.

• Process working towards timely payment of salaries, provident fund computations, TDS, and other benefits for employees.

• Avoid legal problem of payroll compliance.

3. Tax Planning and Compliance

• Why effective tax planning saves money and also keeps penalty..

• Registration of GST and services of filing for small businesses.

• Corporate tax planning strategies and how professional services ensure compliance with Indian tax laws.

4. Financial Statement Preparation

• How professional financial statement services can give an edge to small businesses

• The role of the financial statements in ensuring loans and investor attraction

5. Audit and Assurance Services

• Need for internal as well as external audits in order to maintain transparency.

• How can audit services help small companies in the early detection of financial malpractices?

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• Understanding types of audits, such as statutory audit, tax audit, etc., and their benefits.