Online Accounting Services
Online accounting services/Remote Accounting /Virtual accounting
Online accounting services are the new age emerging services that the start-ups and mid-level entrepreneurs are looking for. The main reason to hire these service providers is the difficulty in finding a right accountant with an acumen to handle the bookkeeping and accounting services in the changing business scenario and the changes in the compliance’s coming up.
Enterprises that are looking for dynamic business growth in India and abroad are seriously looking towards online accounting services to scale up and match the accounting and consulting requirements for their growing needs.
We are aiming at reducing the finance and accounting costs of clients by helping them with their bookkeeping, accounting and tax preparation services.
We function as accounting partners for your bookkeeping and accounting work right from accounting set-up, transaction processing, filing of returns, preparing of a management information system for the management to take the right decisions when needed.
Value proposition to the entrepreneurs
- High efficiency of the accounting firm w.r.t knowledge and updates on the compliance cannot be matched by a standalone accountant
- The cost of hiring an efficient online accountant is much lower than hiring an individual accountant
- Good accounting firms support the client with yearly budgets and budget tracking on a monthly basis which helps the entrepreneur to understand where he stands and the way forward.
- An entrepreneur can save costs like hiring of an accountant, choosing a right accounting software, infrastructure to place an accountant and other admin costs.
- The online accounting software gives the entrepreneur access his key business information at all times and from all the places
- Documentary evidence is stored and managed in a way which can be retrieved at any point of time for all foreseen and unforeseen purposes. This saves a lot of place in the office and a person to do that.
- If a localized server fails, it’s possible that access to a company’s financial records may be temporarily restricted. An online accountant uses a cloud-based that system helps to ensure that users can access financial records whenever and wherever they have internet access.
- The new age software used by the online accountants is user-friendly in nature which does not require any training to use them.
- Since a team would be working on your data, they would always be available either on chat or call.
Our online accounting Approach
Business analysis
We interact with the entrepreneur to understand the business of the client and understand the business process flow as a whole and arrive at the list of compliance’s to be made by the client and the reports that clients should have before him to make informed business decisions.
Preparing client
We define the accounting process which includes invoicing setup, bank account integration for seamless banking transactions entry, accounts receivable procedure and accounts payable procedure, payroll setup and the compliance chart the business owner should be aware of and the kind of reports we deliver every month and how should the business owner interpret it.
Process begins
We discuss with the management and draft a business plan and convert that into budgets for the year. We track all the financial transactions and account them under appropriate heads as per the predefined Chart of Accounts.
Compliance
After the bookkeeping activity, we work on the compliances part and see that all the compliances are in place and the payments to all the statutory authorities are made.
Reporting
Once all the transactions are accounted, we share the reports with the management to keep them updated on their business and analyse the exceptions. Also, the budgets vs actuals are reviewed to see the variances and act accordingly.
Year-end closure and Audit support
At the end of the year, we consolidate the financials and finalise it for the income tax purposes and to present before the Auditors.
Frequently asked questions
When should an accounting firm/an online accountant be hired?
An entrepreneur should hire an accountant on day one of the business. This helps the entrepreneur to budget his incomes, expenses and be ready with all the compliances required from day one.
Can I account for books for my business?
Yes, but since the core business of you is not accounting, it is good to assign this work to an accounting firm who can handle this in a very professional manner.
Is the control of business lost if accounts are maintained by an accounting firm?
No, we are accounting partners with continuous interaction with you. We are available with you at all times to handle your business with care.
Do I need to document all the invoices, bills and documents?
Yes, all the documents need to be compiled for your future reference as well as to comply with all the statutes.
Do I need any reports?
Yes, reporting is an important form of inputs you get from the accounting service providers to understand where you stand. This gives a complete picture of what are the revenues you have made, expenses met and the profitability. This helps to plan your cashflows and be prepared for future contingencies.
Do I need to maintain the books of account legally?
Yes, You are required to maintain books of accounts as mandated by their governing statutes, namely Companies Act, 2013 and Limited Liability Partnership Act, 2008 if you are a Company or an LLP. Also, the Income Tax Act, 1961 obligates the maintenance of the books of accounts, irrespective of the form of business.
Our online accounting Pricing model | |||
| Start-Up | Growth | Expansion | |
| No. Of transactions (Purchases, Sales, Journal, Cash, Bank) | Upto 100/month | Upto 200/month | More than 200/month |
| TDS return filing-26Q | Yes | Yes | Yes |
| GST Filing-Single state | Yes | Yes | Yes |
| Professional Tax return filing | Yes | Yes | Yes |
| Providing form 16A | Yes | Yes | Yes |
| Professional fees | Rs. 6,500 | Rs.10,000 | Will be discussed after business review meet |
| (Excluding GST) | (Excluding GST) | ||