Accounting, Bookkeeping, and Payroll
Accurate bookkeeping is the foundation of every financial decision a business makes. Without reliable monthly numbers, tax filings are approximate, cash flow is a guess, and year-end financial statements are a scramble. Yet most small and medium businesses do not have the volume of work to justify a full-time accountant on payroll.
The firm provides outsourced accounting, bookkeeping, and payroll services for businesses in CSN (Aurangabad), across Maharashtra, and remotely across India.
Monthly Bookkeeping
Monthly bookkeeping includes recording all sales, purchase, expense, and bank transactions in the accounting system, reconciling bank statements, and maintaining the general ledger. The firm works with Tally, Zoho Books, QuickBooks, and other accounting software depending on the client's preference. Monthly books are closed by the 10th of the following month, ensuring that the business owner always has current financial data.
Financial Statements: P&L, Balance Sheet, Cash Flow
At year-end, the firm prepares the Profit and Loss statement, Balance Sheet, and Cash Flow statement in compliance with applicable accounting standards. For companies, financial statements are prepared as per Schedule III of the Companies Act. For other entities, statements are prepared in a format suitable for income tax filing and bank submission.
MIS Reporting
Monthly Management Information System (MIS) reports provide the business owner with a clear view of financial performance. Reports include revenue summary, expense breakdown, profitability by segment (if applicable), outstanding receivables and payables, and cash position. MIS reports are customised to the business owner's decision-making needs.
Payroll Processing
Payroll processing includes computing gross salary, deducting TDS under Section 192, calculating PF and ESIC contributions, generating payslips, and processing the net salary transfer. The firm handles payroll for businesses with 5 to 200 employees, ensuring compliance with the Payment of Wages Act, Minimum Wages Act, and other labour law requirements.
PF, ESIC, and Professional Tax Compliance
Businesses with 20 or more employees must register for PF (Provident Fund), and businesses with 10 or more employees must register for ESIC (Employee State Insurance Corporation). The firm handles PF and ESIC registration, monthly contribution calculations, challan generation, and quarterly and annual return filing. Professional tax registration and monthly or annual return filing is also handled.
Accounts Receivable and Payable Management
Managing receivables and payables is critical for cash flow. The firm maintains the receivables and payables ageing report, follows up on overdue receivables, ensures timely payment to vendors to maintain credit terms, and reconciles supplier statements. This service is often combined with monthly bookkeeping for a complete accounting solution.