Accounting Services

Today the statutory norms are very stringent and no business entity can afford its non-compliance especially in the very beginning of the business. It is desirable that maximum compliance of Tax and Regulatory are done with technical experts. Here comes the Outsourcing of Accounting and Tax Compliance activity to technical experts to enable the entrepreneur to concentrate on their core area of business at what they are best. The benefits of outsourcing are:

Services of experts made available under one roof

Enables you to concentrate on core business activities instead of focusing on compliance burden

Deployment of manpower for more important functions related to your business growth

Substantial Savings in Cost due to saving in your office space, manpower, electricity, stationery, etc.

Improved Internal Controls to safeguard your business interest

Off-site Backup of Data

Save on unnecessary Taxes, Interest and Penalties

Confidentiality insured when you are taking services of professionals

Enhanced reporting capabilities to provide more timely and accurate financial data

It is well said by Mr. David Norris that “How you spend your time is more important than how you spend your money. Money mistake can be corrected but time is gone forever.”

Availability of quality data and information on time is a critical element of decision making which helps in business growth. To identify the quality of outsourcing services, the small work can be outsourced first before outsourcing of their entire/ part of the Accounting and Tax compliances. While choosing your outsourcing partner you must ensure:

What to outsource

The Confidentiality of the business information

The timely availability of the guidance and information

The quality of processed data & information

INTERNAL AUDIT

OUTSOURCED SERVICES

We at S P A R K S, provide the Outsourcing Services for Accounting and Taxation Compliance. Accounting is the most important part of a business. It is necessary to keep the books of accounts up-to-date which will help in decision making on real data. Whereas the Taxation Compliance needs expertise of the tax laws to comply with statutory requirement in order to avoid unnecessary interest and penalty due to non-compliance.

The Accounting and Taxation areas are vital for compliance for every business. However, its compliance is time consuming and requires expertise, which can be managed by outsourcing of such services to an Accounting & Tax Professional like us. Our team is led by Chartered Accountant with trained, experienced & qualified personnel, who are well versed in the Accounting practises and Tax law compliances. This will give you leverage to concentrate on your core business competencies at what you are best. Our Services consist the following:

ACCOUNTING SERVICES

We at S P A R K S provide Comprehensive services to manage your accounts and keep them up-to-date. This will help you to get quality data and information at periodic interval or as required as per your business need. Some of the important highlights of the activity we undertake are as follows:

Setting the Accounting Process:A robust Accounting Process is the first basic and important area which helps an organisation to capture all the transactions with effective control procedure to safeguard the interest of the enterprises. To establish the Accounting Process, we customise COA “Chart of Accounts (Ledgers)”, Documentation process, Approval Process to build Internal Control in the system. This helps the organisation to set the required control processes and the proper documentations.

Statutory Documentation process: We guide Organisation to maintain the Documents required as per various statutory norms. This includes the legislation such as Income Tax Act, Services Tax Act, VAT, CST, Professional Tax, Provident Fund, etc.

Transactions Recording: An Accounting process is effective when transactions are recorded timely. At SRC we work on the most suitable solution with respect to reporting structure along with uniformity to capture the data, so that the accounts of the organisation are maintained uniformly and as required by law.

Balance Sheet, Profit & Loss A/c and MIS: Availability of quality information on time is vital for decision making. With this view, we provide periodical Financials viz. Balance Sheet, Profit & Loss A/c along with other MIS such as Bank Reconciliation, Debtors aging, Stock status, etc. These statements help the management to analyse the actual situation and plan for their actions accordingly.

Note: To enable effective Book-Keeping at off site location by us, we will provide customised MS-Excel sheets that suite your business needs. You need to book your business transactions (cash, bank, incomes and expenses) in the Excel Sheet and share it with us. It is as simple as recording the transactions on a paper.

TAXATION COMPLIANCE SERVICES

For every successful business, it is mandatory to comply with all the statutory requirements under various applicable laws. Our Taxation Compliance Services help to undertake the statutory compliance on behalf of our clients or offer our services for periodical review of the compliances made by the organisation on its own to ensure that all legal requirements are met on time with accuracy. Our Compliance check includes activities under various enactments, which are:

Income Tax: We review the various requirements of Income Tax that needs compliance in day-to-day accounting process such as deduction of TDS (Withholding Tax), filing of the E-TDS return, etc.

Goods & Service Tax (GST): This enactment requires ascertainment of Liability on monthly / quarterly basis, availing & Utilization of CENVAT credit, maintaining the proper documents, Filing of GST return on time and Audit. This helps the Organisation to maintain the required compliance status and to maintain their GST compliance rating.

Provident Fund / Professional Tax: These acts require Compliance on monthly basis and have to be monitored on regular basis. We help the Organisations to comply with the requirement on timely basis with respect to payment and return.