Accounting is the systematic process of recording, analyzing and interpreting the financial transactions. By law, all businesses are required to submit their accounts to the Income Tax (IT) Department. Several start-ups tend to ignore this requirement
early on and then scramble to put together their accounts when they are raising funding or being acquired. Maintaining the books in-house certainly is a tedious and possibly expensive affair, but getting it done would significantly reduce pains in complying with the requirements of the IT Department; it gives the promotersand shareholders a good sense of how the business is doing and proves eligibility
for loans in later years, and even satisfies investors.
Why Accounting is important for business? Benefits
An effective accounting system in place helps startups and established companies in:
Budgeting helps organizations in effectively controlling the income and expenditure of the company while monitoring the managerial policies and goals of the business. It provides a disciplined approach to developing strategies; directing capital and other resources into profitable channels.
Evaluating The Performance Of The Business:
Accounting system acts as a yardstick in measuring the performance of the business with respect to key metrics like net profit, sales growth,
Managing Cash Flow:
Regular tracking of the money that comes into the business helps in predicting the trends, paying to staff and suppliers, covering debts, etc.
Presenting Information To Investors And Stakeholders:
While approaching potential investors, creditors, banks or borrowers, the financial statements and other reports serve as financial scorecards of the company. Investors will get a better sense of the financial health of the business which includes the net worth, debts, savings, amount spent on fixed expenses. In addition, they will get to know the solvency, creditworthiness, liquidy, stocks and bond issuers of the business.
Mandatory By Law:
In India, as the Registrar of Companies demands a strict record of income tax payments at the end of the year, without maintaining accounts companies may end up paying tax in excess.
How we help in Accounting - Why Tally champion
With the ever-changing business landscape, Tally Champion’s certified auditors and accounting professionals, and payroll specialists assist in a broad spectrum of financial services that cover:
Basic Financial Consultation:
We have expert chartered accountants and financial professionals who offer basic financial consultation that your company needs.
Bookkeeping is a process of recording financial transactions and information on a daily basis. The account bookkeeping services may include payments made to suppliers, loan payments, customer invoice payments, monitoring asset depreciation and generating financial reports.
Preparation Of Accurate Annual Financial Statements And Monthly Reports:
One of the major concerns of creditors and investors is a company’s financial health.
Financial statements serve as a source for a company’s investor to gauge the
profitability and safety for their investment.
Financial statements, which include balance sheet, income statement and cash flow
statement give insights into the company’s financial position, an overview of assets
and liabilities, stockholders’ equity. It also helps understand the company’s revenues
and expenditure, how the company pays its debts and how it meets its expenses for
Assistance In Designing Invoices:
Invoices are records of sale transactions that a company makes. They contain the
details of the shipment like the number of items, item description, total sale price and
selling price per item, terms of the sale, buyer’s and seller’s information, amount due,
invoice number, method of payment and the payment due date. Invoices establish the
legal rights wherein if the customer fails to make the due payment, the company can
take it forward legally.
Basic Taxation Advisory:
At Tally Champion, our taxation experts offer the best-in-class tax planning strategies
that are suitable for your business structure. We understand the changing tax regimes in
India and offer timely information.
Advance payment of income tax every quarter:
Filing Of IT Returns:
Cloud-based accounting software license: We provide Alitra.ERP online accounting
software that helps in staying compliant with GST and managing your finances
and business workflows. With the software, you can take complete control of the
end-to-end accounting system, create GST invoices, filing of tax returns, update
expense receipts, create purchase orders, track your inventory and more.
Right from profit and loss statements, GST reports to inventory reports Alitra.ERP
lets you generate more than 500 reports. It also lets you customize reports and filter
the data for better insights.
How does cloud-based software help and how does it differ from traditional software?
Advantages of Online Accounting
Our services are offered on the cloud, which means that you'll have 24x7 access to your accounts and can be sure of confidentiality
If you're going to raise funding or ask for a loan at a later stage, you would need to provide your books of accounts from the start of operations. If you have a proper record of transactions, your compliance costs would be reduced.
All businesses make decisions based on financial data as they provide an unbiased account bookkeeping of the efficiency of the business. In their absence, it is always possible for bias to creep in to decision-making.
Why Tally Champion
1k Businesses Monthly
We maintain the accounts of around 200 companies and LLPs every month with a small team, by leveraging our tech capabilities. Come on board and experience convenience.
9.1 Customer Score
We make your interaction with government as smooth as is possible by doing all the paperwork for you. We will also give you absolute clarity on the process to set realistic expectations.
78 Strong Team
Our team of experienced business advisors are a phone call away, should you have any queries about the process. But we'll try to ensure that your doubts are cleared before they even arise.
Trusted by 1,200 clients and counting, including …