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Accounting & Bookkeeping Services

Evolving business practices demands efficient accounting skills. Increased urge for transparency, tax amendments, compliance with local GAAP or IFRS requirements, accounting pressure during consolidations, mergers and acquisitions, greater emphasis on harmonising the accounting standards, cyber security challenges and so on have made accounting jobs more complicated. These complexities may disrupt your focus on core business activities. We, with our trusted team of experts, tailor solutions according to your requirements. We have more than 30+ years of combined experience in various chartered accountancy services which allows us to anticipate the requirements of auditors, investors, regulators and other stakeholders.

About Accounting & Bookkeeping Services

Professional accounting services are crucial for businesses of all sizes, as they help in maintaining accurate and organised financial records. A well maintained accounting record helps in tax planning, reporting and compliance. It also provides an accurate picture of the organisation’s financial health and performance over time. The information thus derived aids the stakeholders to make informed decisions like investments, resource allocation, expansions, valuations, day-to-day operations etc. Accounting helps in assessing which projects are profitable and to be continued and which projects are not so profitable and to be dropped. Accounting data helps in comparing the business with the industry standards and understanding where they are and where they have to reach. Accounting forms the basis for budgeting and forecasting. Internal and external audits are conducted based on accounting records to ensure accuracy and reliability of financial statements giving confidence to stakeholders and investors.
Business Valuation Services
Accounting & Bookkeeping Service

Why Use Accounting & Bookkeeping Service:

  • Income tax act 1961, specifies to maintain the books of accounts for various professions like , legal, medical, engineering or architectural profession and to all people who carry any kind of business
  • As per CGST Act 2017, every registered person under GST,  must maintain all records at his principal place of business
  • The Companies Act 2013 also requires the maintenance of books of accounts for the registered Company in India
  • The LLP Act, 2008 makes it mandatory for registered LLP to have a Books of Accounts
  • The books to be maintained are Journal, Ledgers, Trading Account, Profit & Loss Account, balance sheet, notes to accounts and cash flow statement etc
  • For the compliance purposes as well as for effective administration of the business maintenance of Books of accounts is mandatory
  • Due diligence is important for business and that also adds to the reason accounts need to be maintained

How can BCL help you with Accounting & Bookkeeping Services?

BCL India provides a wide range of services like bookkeeping, tax preparation, financial reporting, payroll processing, auditing, financial analysis, advisory services etc., We collaborate with the business closely and manage bookkeeping tasks like recording transactions, accounts & ledger maintenance, bank reconciliations, managing accounts receivables and payables, cash flow & budgeting and preparation of financial statements: Trial Balance, Statement of Profit and loss and Balance Sheet, periodical MIS report preparation, reconciliation of statutory reports, compliance of accounting standards, compliance with other laws and so on.

Along with accounting services, BCL also offers management reporting services. BCL provides periodic variance analysis reports, employee attrition rate, AR/AP cycle, working capital cycle, etc. We use tools like Zoho analytics and Power BI Customised reports in line with your business model Which helps in contemplating critical decisions.

Management Reporting Matters

Beyond sophisticated book-keeping, an accounting firm can also assist you with the management reports monthly. Management Reporting consists of the precise, relevant and latest information regarding the performance of any business.

It is carried out by documenting, analyzing and communicating the financial affairs of a business such as comprehensive income statement, balance sheet & cash flow statements, profit & cost reporting, performance dashboards of KPIs, notes to major balances, budgeting and variance reporting and explanatory commentaries over specific periods – monthly, quarterly or yearly basis.

The management report provides you with visibility to the overall performance, helps you strategize your operations, increases your credibility & creditworthiness and also discloses the financial information to stakeholders that include investors, the public, lenders, and government agencies.

Our offerings of management reporting guarantee reliable, on-time, accurate and engaging reports that is custom curated for each of our customers according to their business operations and requirements.

Business Valuation Services
Accounting & Bookkeeping Service

Why should I choose BCL for Accounting & Bookkeeping Services?

  • We are one of India’s leading advisory & consulting firm. BCL is a one stop solution for all the Business compliance needs.
  • 30+ years of combined experience in the field of Accounting services & other business support services
  • Our dedicated team ensure that the service is flexible, timely and curated
  • Continuous learning and upskilling is a mandate at BCL India
  • We make sure recording of transactions and accounts comply with regulations and take care of applicable filings
  • We rely on cloud-based accounting software to enhance performance and delivery while reducing human intervention and possible errors
  • We stay up to date with the latest regulations and industry standards, ensure accurate and compliant financial reporting
  • Outsourcing accounting tasks to BCL saves time and resources that would otherwise be spent on recruiting, training, upskilling, updating and managing an inhouse accounting team.

We Club The Reports And Analytics:

Reports And Analytics

Frequently Asked Questions

Is maintaining books of accounts mandatory?

Yes, maintaining books of accounts is mandatory according to Income Tax Act 1961, GST Act 2017, LLP Act, 2008 & Companies Act 2013.

Does BCL use cloud based accounting?

Yes, BCL relies on cloud based accounting software systems to enhance performance and delivery while reducing human intervention and possible errors.

Which are the types of software suits you use?

Software suits you use according to client’s requirements. We mainly use Zoho books.

For how many years the books of accounts need to be maintained?

According to the Companies Act 2013, Books of accounts need to be maintained for a period of 8 years from the end of the relevant financial year.

What are the consequences of not maintaining the books of accounts?

According to the Companies Act 2013, if Managing Director, the whole time director, Chief Financial Officer or any other person of a company charged by the Board contravenes  to maintain the books of accounts, such person of the company shall be punishable with fine  which  shall not be less than fifty thousand rupees but which may extend to five lakh rupees. Apart from this there are various other penal provisions under other enactments like Income Tax Act, GST etc.

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