Accounting

Whether you are a professional business person running an established company or a young entrepreneur who is looking to start a business, there are several key accounting services that are essential for the smooth operation of the business:

1. Bookkeeping Services

It is the process of recording all financial transactions on a day-to-day basis. These records serve as the foundation for all future financial reporting, which is important for accurate tax filings. Bookkeeping services help businesses keep track of:

• Sales and purchases
• Receipts and payments
• Payroll transactions
• Bank statements

Bookkeeping ensures that all the financial records are accurate and readily available for audits and tax returns.

2. Preparation of Financial Statements

Financial statements are crucial for understanding the financial health of a business that later play an important role in decision-making. The three primary financial statements are:

• Balance Sheet: It shows the business’s financial position, like assets, liabilities, and equity.
• Income Statement (Profit & Loss Statement): It helps in tracking the revenue, expenses, and net profit or loss of the company.
• Cash Flow Statement: It reflects the movement of cash in and out of the business.

3. Tax Filing and Planning

Tax compliance is a the most important responsibility for businesses in India. Every business whether small or big has to stay complaint with all the tax laws in India. It is pertinent to note that a major portion of the accounting work involves filing income tax returns, GST returns, and other applicable state-specific taxes. Better tax planning helps the businesses to minimize the liabilities and ensure their timely filing to avoid  any penalty.

4. GST Services

As mentioned above, GST compliance is also one of the most essential accounting services in India. All the eligible businesses, even voluntary registered businesses in India, have to maintain accurate records of sales and purchases to file their GST returns. Indian tax laws have placed heavy emphasis on timely filing and penalizing those who do not comply with the tax regulations. Heavy penalties, such as interest charges and the loss of input tax credits, await taxpayers who violate the GST.

Businesses may make sure they file their GST returns on time and stay out of trouble with the law by seeking the support of professional accounting services.

5. Payroll and Salary Processing

The law mandates that every employer disburse the salaries of their employees on time, and payroll management of the company includes calculating employee salaries, processing deductions for taxes, Provident Fund (PF), and Employee State Insurance (ESI), and distribution of pay slips (if required). Payroll processing services have to ensure:

• Accurate employee payments
• Correct tax deductions
• Compliance with labour laws

Not managing the payroll efficiently can lead to several legal consequences, therefore, hiring a profession can help the businesses to accurate payroll and avoid legal issues.

6. Auditing and Assurance Services

Auditing is the process of examining and evaluating the financial records, statements, and operations of an enterprise. Professionals with specialized knowledge (CA) are the auditors who carry out this process for the businesses. In India, there are mainly two types of auditing:

1. Financial Audit: In this type of audit, the main focus is on reviewing the financial statements and record of the enterprise to make sure that they are accurate, complete, and in accordance with law.
2. Internal Audit: This type of audit is done by the employees within the business to assess internal control, risk management practice, and improve the efficiency of the business.

Auditing helps in ensuring that the financial data of the business is accurately filed and to detect any fraud or mismanagement.

7. Financial Consultancy

Nobody can run a business blindfolded. Planning and strategies are essential to ensure the smooth operation of the business. Financial consultants are the experts that provides strategic advice to the clients to improve the financial performance of the organization. It includes better budget planning, forecasting, financial risk management, and advising on capital structure. These services are not only essential in running the day-to-day operations of the business but also plays a significant role at the time of mergers, or acquisitions.

Why Choose Kanakkupillai for Your Accounting Services?

In the contemporary era, where opportunities to grow the business are no less, you need a reliable partner to help you manage the finances of your business. Over the years, Kanakkupillai has emerged as one of the top accounting services providers in India, and it has helped more than 50,000 clients with financial management. We have been offering a full range of accounting services that include:

• Bookkeeping and Record Keeping
• Tax Filing and Taxation Services
• GST Registration, Filing, and Compliance
• Payroll Processing and Compliance
• Financial Statement Preparation (Balance Sheets, P&L Statements)
• Internal and External Audits
• Management Accounting and Reporting
• Business Consulting and Advisory Services
• Corporate Tax Planning and Advisory
• Company Incorporation and Registration
• Budgeting and Financial Forecasting
• Cash Flow Management
• Cost Accounting Services

With the qualities that make us stand out in the market, we provide

1. In-Depth Knowledge

It is important to stay up to date because the rules are always changing. Due to lomg standing in the business, our team is well-versed with the Indian accounting and tax system and have excellent command over complex financial legislation. At Kanakkupillai, we make sure to stay up to date with emerging laws and market trends. We guarantee that your business continues to adhere to any modifications to financial policies, including those concerning income tax, GST, or other laws.

2. Services That Meet the Needs of Your Business

We offer customized services because we believe that every business is different. Regardless of the age of your business, we provide solutions that are especially made to satisfy your needs. We'll help you with everything, including keeping track of your daily transactions, preparing financial statements, and handling tax filings. Our goal is to make sure your business runs well without you having to worry about the complexities of accounting.

3. Compliant with All the  Regulations

It might be difficult to stay on top of India's complex accounting and tax laws. You don't have to be concerned about missing deadlines or getting in trouble when you use Kanakkupillai. We make sure your company abides by all relevant tax laws, including income tax, GST, and other regulations unique to the requirements of your business. Our goal is to keep you always on the correct side of the law and assist you in avoiding any legal problems.

4. Affordable Pricing

One of the most common issues for businesses is the expense of accounting services. We at Kanakkupillai are aware that companies, particularly small and medium-sized ones, require affordable solutions. Our competitive and upfront pricing guarantees that you will receive excellent services without going over budget. We provide a variety of packages to fit a range of spending limits.

5. Timely and Reliable Support

We are aware of how critical it is to have prompt, dependable assistance when needed. Our staff is always on hand to respond to your inquiries, offer updates, or address any issues you may be experiencing. We respect your schedule and are aware that delays are unaffordable for your company. You will, therefore, always have trustworthy support when you choose Kanakkupillai.