Accounting Consultant Services in Delhi Noida and Gurgaon

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What comes to your mind the first thing when you think of what is Accounting? Recording of financial transaction in any business…right? Well Actually Accounting is a much bigger term than this because it includes interpretation, analysis and presentation of financial data for the benefit of stakeholders.

For the business owner this means a lot because once you get the properly analysed information presented to you there are high chances that you maximise your sales and profit.

Whether you have a small start-up or a large-scale business, accounting is surely going to benefit you in terms of compliance, discipline, efficiency etc. You can setup your own accounting department or you can outsource this to a professional accounting firm/company.

Who can do the accounting?

While book-keeping and accounting might sound simple tasks but they are actually tricky and critical for any business. Therefore, it makes sense that this task is performed by qualified and experience accounting professional.

Challenges faced by organizations in accounting

Usually small and medium scale organizations face challenges with book keeping due to multiple reason. First and foremost, they want to save on cost and hence spend too little on book-keeping and accounting activities. This results in compromise with the quality, compliances and miss information to the stakeholders and ultimately these organization end up spending more on in terms of non-compliance penalties, efficiency losses and remedial actions etc.

Secondly, most small-scale organization think that a single person (full time or part time) will be able to handle the book-keeping and accounting work. However, even if there isn’t enough work for one employee, it is not the right strategy to hire just one employee and get the entire work done through him because it is not the efficient way of such critical work. Book-keeping work requires team efforts and built-in checks and controls, which is possible if multiple persons are handling the section of the process as per their experience and skills.

Next in line is loss on focus on core activity, when business owner tries to manage this non-core business activity, they kind of loose focus from the primary activity of the business. Many a times it is observed that this becomes a cause of failure of business or not growing the business with the pace, in line with capability and skills of business owner.

Should a small or medium scale organization to hire multiple employees in their accounting team?

Well, it’s a very good question and we understand it may not be viable for every organization to be able to hire multiple persons to do the accounting tasks that is where outsourcing the accounting seems more logical.

How does outsourcing the accounting function benefits an organization?

Outsourcing the accounting function comes with a lot of benefits to small and medium scale organisation, who are suffering with quality, staff and efficiency constraints in their accounting function. Some key benefits are as follows:

More focus on core business, increased business efficiency: By outsourcing the accounting function, business owners are able to focus more on their core business that generates top line and bottom line for them & other stake-holders and we know when you as a business owner focus on core areas the business is bound to experience growth, prosperity and success.

Cost effective: Outsourcing the accounting function is cost effective as generally hiring employees involves many one-time and routine costs like advertisement, payroll, employee benefits, computer, stationery, communication device, training, office space etc.

Experienced and qualified staff: Access to experienced and qualified persons in shared service model i.e. resource works on multiple clients and allocate sufficient time on each client.

Shared resources at no extra cost: Outsourcing solution providers normally use of many resources at no additional cost, this may include from internet, software, printer, computers etc.

Scalability and flexibility: Outsourcing has this very special advantage to entrepreneurs, when your business scales up you don’t have to worry about hiring additional team members, this will be taken care entirely by outsourcing solution provider. Further, in case of opposite scenario as well, you don’t have to worry about firing any employee, complying with any compliance w.r.t. such employee etc.

Advisors, not just accountants: Generally, the outsourcing solution providers are experts in their field. They will not only do the book keeping and accounting but in addition, advice you towards deviating trends, abnormal transactions, non-compliances, opportunities for improvement, any risks or threats etc.

Why It is important to maintain proper books of accounts

While there are many advantages of maintaining proper books of accounts but the biggest advantage is that it provides business owners the quick and accurate financial information, the help them take strategic decision and to evaluate whether or not they are making money from the business.

It is also very important because it works as a great tool to implement internal control in order to prevent and detect risk and frauds in the business.

Key benefits of maintaining proper books of accounts includes:

Statutory Compliance

Complying with law of the land is most important for growth of any organization. You will often see many organizations who do not give due importance to compliance of rules and regulation applicable to their business, would either wipe-off from the industry or they may not be able to grow beyond a certain level. There are couple of key reasons for it (1) most of their focus shifts from business to handling the consequences of non-compliances and (2) Heavy penalties struck them hard financially they start incurring losses and fail to survive.

Budget planning

Financial discipline is a must for any successful business. In business organizations the most popular tool to achieve the financial discipline is Budget planning. Budget planning is an exercise that heavily depends up on the quality and accuracy of historical data available. If you have that then deciding business strategies, finding loopholes, detecting risks etc. will be feasible and you can lead the business in much efficient manner.

Assistance in Decision Making

Strategic decision-making responsibility lies with top management and people sitting in those positions do not move a step ahead without looking at the numbers. These numbers are the key outcome of the accounts maintained properly. Top management relies on the financial information to take all key decisions such merger, demerger, dividend declaration, buying vs hiring, amalgamation etc. In nutshell, their decision will have direct relation with quality and accuracy of accounting information available in the organization.

Evaluate business performance

Financial information helps business owners track the performance of the business, key opportunities for improvement, risk areas. This in turns helps then turn things for betterment of the business for all stakeholders.

Types of Accounting

There are many types of accounting that organizations do and it depends on type of industry, purpose of accounting, prospective reader/user of the information etc. Following are the different types of accounting that organizations generally use:

Financial: Financial accounting is most popular form of accounting which is generally performed by organizations across the globe. In this the financial transactions are recorded as per the prevailing accounting principals in compliance with the law of the land in order to produce financial statement including Balance Sheet, Profit and Loss Account and Cash Flow Statement.

Tax: Tax accounting generally refers to the accounting being done in order to determine correct tax liability of the company. This form of accounting follows Income Tax rules & regulations for accounting and determination of amount of profit and tax.

Cost: This form of accounting is generally performed in manufacturing or such other organizations where unit cost or process cost are of high importance. In this form of accounting total cost of business is classified under different headings such as fixed cost, variable cost, semi variable cost, sunk cost in order to determine their controllability and efficiency.

Managerial: Managerial accounting is a form of accounting which uses outcome of other forms of accounting, derives trends, forecasts and other analysis to help managers take strategic decisions.

Business: This type of accounting is performed organizations which does business into multiple verticals. The purpose of business accounting is to evaluate performance of each such business vertical and improve the performance consistently.

Why Accounting Matters:
Accounting serves as the backbone of every successful business, providing invaluable insights into financial performance, profitability, and sustainability. Here's why it matters: