Accounting And Bookkeeping Services

Accounting And Bookkeeping Services

Get expert support from trained professionals at TaxMyles for all your accounting and bookkeeping needs.

Our services include:

  • Outsourced accounting solutions
  • Comprehensive accounting and bookkeeping services
  • Reconciled and up-to-date bookkeeping
  • Cloud-based accounting and bookkeeping support
  • Accurate and efficient financial management

Overview of Accounting and Bookkeeping Services

Accounting and bookkeeping services involve recording, organizing, and managing a company’s financial transactions, including income and expenses. They also include the preparation of key financial statements such as income statements and balance sheets. This process requires maintaining accurate records in journals and ledgers, as mandated by law and regulations. Bookkeeping is essential for the smooth financial operation of any business.

In bookkeeping, five main types of accounts are maintained:

  • Assets (company-owned capital and resources)
  • Revenue (income generated by the business)
  • Liabilities (debts and financial obligations)
  • Equity (the residual interest after deducting liabilities)
  • Expenses (costs incurred for salaries, utilities, and other operations)

Process of Accounting and Bookkeeping Services

1. Bookkeeping:

  • Recording Transactions: Tracking all sales, expenses, and payments.
  • Journal Entries: Updating daily financial records.

2. Financial Reporting:

  • Balance Sheets: Overview of assets, liabilities, and equity.
  • Income Statements: Revenue, expenses, and profit for a period.
  • Cash Flow Statements: Monitoring cash inflows and outflows.

3. Tax Filing and Compliance:

  • Tax Preparation: Filing tax returns as per regulations.
  • VAT/GST Reporting: Correctly reporting sales tax.
  • Tax Deductions: Applying deductions to minimize tax liability.

4. Payroll Services:

  • Salary Management: Calculating wages, bonuses, and benefits.
  • Tax Withholdings: Deducting taxes from employee pay.
  • Benefits Administration: Managing insurance and retirement plans.

5. Financial Analysis:

  • Performance Monitoring: Evaluating business health.
  • Budgeting and Forecasting: Planning future expenses and revenue.

6. Account Reconciliation:

  • Bank Reconciliation: Matching accounting records with bank statements.
  • Vendor and Customer Reconciliation: Ensuring accuracy in amounts owed and owed to.

7. Audit Support:

  • Internal Audits: Reviewing financial records for errors or inefficiencies.
  • External Audit Preparation: Ensuring readiness for third-party audits.

Importance Of Accounting and Bookkeeping Services for Your Business

  • Financial Control and Planning: Enables clear financial insights for better budgeting and resource allocation.
  • Legal Compliance: Ensures adherence to tax regulations, avoiding fines and legal issues.
  • Decision Making: Provides data-driven insights to improve profitability and success.
  • Time and Cost Efficiency: Saves time, allowing focus on core business operations.
  • Financial Transparency: Builds trust and credibility with stakeholders and regulatory authorities.

Documents Required for Accounting and Bookkeeping Services

To avail of outsourced accounting and bookkeeping services, the following documents are typically required:

  1. Company or business registration documents
  2. Bank statements for the financial year or monthly bank records
  3. Purchase and sales invoices (if available)
  4. Receipts for business expenses
  5. Details of accounts receivable and accounts payable
  6. Copies of any relevant government registrations
  7. Records of cash expenditures
  8. Bank statements of partners or members related to business transactions
  9. Details of expenses incurred by promoters for company or LLP registration

Why Choose TaxMyles for Accounting and Bookkeeping Services?

Reliable accounting and bookkeeping services should provide a clear monthly overview of your company’s financial health. This information is crucial for evaluating performance and identifying opportunities for improvement and growth.

At TaxMyles, we offer end-to-end accounting and bookkeeping solutions. Our team supports you from the initial setup phase to ensuring full compliance with all regulatory requirements, helping your business stay financially strong and well-managed.