• 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.

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.