Accounting Services
We offer a broad spectrum of accounting, financial, and consulting services across a number of industries to give business owners and managers the insight they need to prosper.
We have 12 years of experience in accounting field and provide best services to our clients in terms of consultation as well as tax saving. Our service include:
- Financial statement preparation: reviews and compilations.
- Income tax planning, preparation and compliance.
- Monthly, quarterly, and annual financial reporting statements.
- Bill paying services
- Payroll and sales taxes
- Financial assessment reports
- Bookkeeping.
- Sales and payroll tax return preparation.
PROFESSIONAL HELP IN PLANNING YOUR BUSINESS
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The experts at notaxstress.com are here to assist you with all of your tax needs. Taxes can be stressful and confusing, but our consultants can make it easy.
Benefits of
accounting and bookkeeping
Detailed recording
Detailed recording of all financial transactions and data, which can help in auditing, analysis, and decision-making.
Easier planning and prediction
EPR of the future based on accurate and updated financial information, which can help in setting goals, solving problems, and seizing opportunities.
Instant reporting
Instant reporting of the current state of the accounts, which can provide confidence and transparency to stakeholders, such as investors, shareholders, banks, or customers.
Better tax prediction
Better tax prediction and preparation, which can help in avoiding surprises or errors when filing tax returns or paying taxes.
Some facts you must know
Accounting and bookkeeping
Why do I need services of an accountant?
An accountant understands the fundamentals of accounting. The proper classification of expenses as capital in nature(eg. Fixed assets) or revenue in nature(eg. purchases) is important. Incorrect accounting can lead to financial losses. Though various accounting tools have come up over the time but the human intelligence is irreplaceable.
What is the difference between accounting and bookkeeping?
Both bookkeeping and accounting are necessary for any business, but they aren’t the same thing. Bookkeeping is the recording of financial transactions, whereas accounting is the interpreting, classifying, analysing, reporting, and summarising of financial data.
In accounting there is interpreting and analysing data, in bookkeeping there is not.
Big picture outlook: Bookkeepers handle the recording aspect of all accounting processes, accountants handle all parts of the accounting process.
What common Bookkeeping Accounts For Small Businesses?
Bookkeepers for small businesses will typically record
- cash
- accounts receivable
- inventory
- accounts payable
- loans payable
- payroll expenses
- owners’ equity
- retained earnings
If these items are recorded correctly, bookkeeping can be your best friend and the reason a business runs effectively.
Is it mandatory to maintain record of all financial transactions?
Yes, it is mandatory to maintain record of all financial transactions for any business. There are several reasons why maintaining record of all financial transactions is important, such as:
- Complying with the law: All Public and Private companies require businesses to keep 7 years of all financial records and transactions relating to their tax and superannuation affairs.
- Preventing fraud: Businesses that deal with financial transactions are required to maintain records of all transactions, both domestic and international, to enable them to comply with information requests from the competent authorities and prevent money laundering activities.
- Managing finances: Maintaining records of all financial transactions helps businesses to organize and classify their financial data, assess their cash flow, prepare financial statements, reconcile their accounts, review and adjust their books, prepare for tax time, make better financial decisions, catch tax deductions, get business loans, catch financial mistakes, and report crucial financial data to potential investors or other stakeholders.
What are the 2 types of bookkeeping systems?
The two main types of bookkeeping systems are the single-entry system and the double-entry system.
The single-entry system uses a cash book and simply looks at the inflow and outflow of cash. Each transaction would be entered into just one account within one cash book. This system can be used by small businesses with few and uncomplicated financial transactions.
In the double-entry system, single transactions are recorded as two entries — a debit and a credit. Each transaction entered into an account is then traced with an opposite entry to a corresponding account. This system is used by businesses with more complex financial transactions.
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Get in Touch
Come and visit our quarters or simply send us an email anytime you want. We are open to all suggestions from our faithful clients.
Email us : support@notaxstress.com
Call us : +91 9871912646
Address
253/L-2, Third Floor, Munirka , Behind MCD Parking , Above LEO Store, New Delhi-110067, India
Hours
Weekdays - 10AM to 6PM
Saturday - 11AM to 4PM
Sunday - Holiday