Accounting and Bookkeeping

Keep track of all your financial transactions and maintain complete transparency in your business activities with our Accounting and Bookkeeping Services.

To make any strategic decision for an Entity, all the Owners/ Managers need to have a clear idea of where their organization stands financially.

This is when Accounting and Bookkeeping come into the picture. While you can manage Accounting and Bookkeeping in-house, it is always advisable to take expert help. Choose the best suitable package for you with LegalWiz.in today!

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OVERVIEW

What is Accounting and Bookkeeping?

Recording the day-to-day financial affairs of a business is a part of Bookkeeping. The preparation of financial accounts is known as Accounting. Accounting is mandatory for all forms of businesses including Small Enterprises and Freelancers. Apart from the compulsion, it is always better to keep the financial statements up to date and accurate to avoid financial muddles. Maintenance of accounts is as essential for a home-run business as it is for an industrialist. There are mandatory standards of accounting a business needs to follow. To conform to such criteria, it becomes essential to take help from experts.

BENEFITS

Benefits of Accounting and Bookkeeping

To gauge the income and expenditure of the business

To ensure smoothness and transparency, every individual, firm, or corporation must know about the income generated and expenditure incurred. This helps them to plan and strategize their financial resources and exploit them accordingly.

Timely access to operational information

Up to date records provide access to operational information at any time to management. Since business owners or managers are not directly associated with all transactions, accounting and bookkeeping will help them to keep an eye on all the activities from time to time.

Regular reconciliation rationalizes decisions

Monthly or quarterly reconciliation of data helps the management to analyze the beneficial or detrimental aspects of a business. Accounting services come with the additional benefit of periodical reconciliation of data. Hence, future decisions can be rationalized after analyzing the profit and loss.

Attract investors with accurate financial statements

Investing in any business is followed only after a complete analysis of its financial condition. While approaching investors, you need to make sure that your books of accounts are up-to-date and accurate. Inconsistency in financial statements may refrain investors from jumping into your business.

Ready to furnish data for timely compliance

Accounting makes it easy to extract data and submit it on time for regular return filing, compliances, and scrutiny of any business.

ONLINE REGISTRATION

Documents required for Accounting and Bookkeeping Services

Company / Business Incorporation Documents
Bank statement of a financial year or monthly statement (with remarks)
Purchase-Sales invoices, if any
Expense bills, if any
Any receivable and payable detail
Any other Government registration taken
Cash Expenses
Bank Statement of partner/ members with remarks if used for business transactions
Expenses made for company or LLP registration by promoters

What is cloud-based Accounting?

Since 2020, the trend of remote working has increased in all fields and streams. Even though cloud-based accounting existed before that, now it’s no less than the need of the hour. Traditional Accounting was software installed on the user’s Desktop hardware, whereas Cloud-based Accounting software is directly accessible through the cloud (i.e. online). Being able to store and access data through the internet has been extremely helpful to make remote operations accessible. Some of the most common Cloud Accounting Systems are Quickbooks Online, Xero, Zoho Books etc. There are numerous benefits of cloud-based accounting, such as:

Automated Processing:

Automation helps in increasing efficiency and saving time. In addition to this, the chances of making errors in statements also decrease with the help of Automation.

Remote Accessibility:

With the help of Cloud-based accounting, Companies from the U.S. and U.K. have started outsourcing their work to organizations in India. In simpler terms, cloud accounting software is accessible from anywhere as it is wholly dependent on the internet.

Allows Real-time Data Management:

Not only the Accountants but the management/ owners also have real-time access to all their financial transactions.

Protects the Environment:

While cloud-based accounting saves time, it also helps the environment by turning your financial transactions paperless.

Customize the Cloud as per your Needs:

You can modify Cloud-based technologies to suit your personal needs. It is helpful to all types of businesses as we understand that different types of entities have different needs.

Secure backup:

Having real-time access to data online can also be helpful as the net creates a secure backup. Even if your hardware crashes, the data online will be safe and secure.

Online Registration

Manage Books in 3 Easy Steps

1. Follow Quick Process

Pick the best suitable Package for accounting and bookkeeping
Spare less than 10 minutes to fill our online Questionnaire
Upload required Documents
Make quick payment through our secured gateways

2. Experts at LegalWiz.in are here to help

We assign a dedicated Relationship Manager
Provide the details of the Business and transactions
Entries in the Books of Accounts for a complete Financial Year
Maintaining the books of accounts daily
Deliver up-to-date data

3. Get access to updated Accounts

Get access to updated Accounts as per your requirement
For us, data secrecy is a priority

FAQs

Frequently Asked Questions

2022-03-14T12:32:12+05:30

What is the best Automated Accounting option for Small Businesses/ Freelancers?

The answer depends on your personal needs, which are based on many factors such as the number of employees, your business activities, etc. There are many Automated Accounting Software options. The best ones suitable for Small Enterprises are Quickbooks Online and Zoho Books. Furthermore, even freelancers need to keep track of their income. While working on your terms can be fun, managing your accounts can be a difficult task. Software like Quickbooks Self-Employed will be your savior!

2022-03-14T12:37:34+05:30

If our transaction entries exceed the package we bought, what can we do?

At LegalWiz.in, we have fixed packages and if your entries exceed the package chosen by you, we will upgrade your services in a few easy steps on a pro-rata basis.

2022-03-14T12:35:32+05:30

Why take an expert’s assistance when I can maintain my own Accounts?

You can always do certain tasks on your own but expert help is always the safer option. These are the reasons why you should hire an expert for your Accounting and Bookkeeping needs:

Save your time and focus on more important tasks.
Chances of errors in your account are reduced.
Even in case of any errors, you won’t have to worry yourself, as the experts will have it covered!
You won’t have to worry about missing out on any transaction.

2022-03-14T12:34:48+05:30

What makes LegalWiz.in different from other providers?

Experts at LegalWiz.in consist of a highly qualified group of professionals like Accountants, Chartered Accountants and Advisors. Furthermore, our team of experts also believes that client satisfaction is of utmost importance. We firmly believe in our motto “SIMPLE – AFFORDABLE – TRANSPARENT” and always work hard to achieve it.

2022-03-14T12:39:20+05:30

Does LegalWiz.in provide Cloud-based Accounting services?

Yes, LegalWiz.in provides Cloud-based Accounting service. You can share credentials of the software that you have bought for Accounting with our experts and they shall complete the Accounting using the same software. In case you haven’t bought the software, you can always ask your relationship manager to guide you to purchasing the Accounting Software.

2022-03-14T12:39:54+05:30

How much time will I save by delegating my bookkeeping tasks to you?

Generally, if you are well versed with the basics of accounting and bookkeeping, maintaining daily entries will take up an excessive part of your day. As a business owner, this situation is not very profitable for you. Instead, delegating your Bookkeeping to experts will save that part of your day and enable you to focus on strategies and developmental planning.

2022-03-14T12:40:22+05:30

Do I lose all control of my accounts if I take up your Accounting services?

No, you do not lose control of your Accounts if you get services from us. Our experts stay in constant touch with you. Furthermore, you can access the data any time you want as the whole process is handled over the Internet. In case LegalWiz.in experts are using Tally for accounting purposes, you can ask for extraction of data at any point of time.

2022-03-14T12:40:53+05:30

Is it secure to opt for Online Accounting Services? // Is our data safe/ confidential?

Yes, in this technological era where everything can be done online, your Financial Data stays completely confidential on Cloud. Various security measures are taken to protect your data.

2022-03-14T12:41:19+05:30

If we are using cloud-based software, will LegalWiz.in still be able to work on our Accounts?

Yes, if you are already using a software, LegalWiz.in Experts will adapt to your software and take care of your accounts. Our experts can maintain your accounts in software like Tally, Zoho Books, Quickbooks, and others.

2022-03-14T12:41:47+05:30

I have a Private Limited Company with no transactions. Do I still require Accounting and Bookkeeping for my entity?

Yes, as per the governing norms, all Registered Private Limited Companies have to go through Statutory Audits. To comply with this, you need to maintain the books of accounts even if your company has zero transactions.

2022-03-14T12:42:16+05:30

What is the difference between Traditional Accounting vs Cloud-based Accounting?

Functionally, Traditional Accounting and Cloud-Based Accounting are similar. The major difference is that Cloud-based Accounting is practiced through remote servers which has become the norm in all fields of work.

2022-03-14T12:42:40+05:30

When is it suitable to get accounting & book-keeping services for an entity?

You can opt for Accounting Services at any time. However, the best time to go ahead with these services is at the beginning of a Financial Year, so that the records can be maintained properly.

2022-03-14T12:44:22+05:30

Does Accounting & Book-keeping include Stock Management or any other reports?

No, the service does not include Stock Management, but it includes other reports such as:

Verification of the Invoices & bills
Ledger Accounts
Trial Balance
Profit & Loss Account
Balance Sheet
Bank Reconciliation Statement
Account Receivables & Payables

2022-03-14T12:44:48+05:30

How can I cut down the time I spend on accounts? Will it be helpful to invest in an Accounting Software?

The best way to cut down the time spent on Accounts is by taking help from LegalWiz.in experts! Yes, it becomes very helpful to handle your Accounts by investing in an Accounting Software. The software not only helps you stay in control of your Accounts, it makes the task of Accounting easier for you as well as your Accountant (LegalWiz.in expert).

2022-03-14T12:46:36+05:30

Which type/ structure of businesses can outsource their accounting and bookkeeping services?

Generally, any and all types of businesses can outsource their accounting and bookkeeping. Home-based businesses, small and medium enterprises, large scale Industries and even Freelancers are required to keep their accounts in order. All types of businesses have better chances of growth if the core team is focused solely on their development and not worried about their Financial Statements. LegalWiz.in experts are well-versed with Accounting for all types of businesses, so delegate accounting to us and focus on your Growth!