Recording financial transactions and day-to-day activities is a crucial function. It forms the basis for all other aspects like receivables management, banking functions, paying taxes, statutory compliances, audits, MIS, etc.

Financial statements of any organization are more than numbers. Meaningful analysis of this data can present in-depth and actionable insights about the financial health of an entity. Apart from statutory requirements like follow accounting standards, reporting formats, etc., preparation of proper accounts, finalization and error checking are also as important.

The role of an accountant is further amplified under the current regulations and structure of Direct and Indirect Tax in India. Availability of error-free financial data and reporting is vital, and companies are expected to be able to furnish this without any delay.

Robust Accounting Helps Businesses

• Prepare for tax compliances under GST, Income Tax, TDS, etc.
• Undertake debtors and creditors management
• Manage overall planning and decision making – internal reporting
• Undertake Ratio Analysis and Financial Analysis
• Stay up to date with the financial position and performance
• Report to external agencies like banks, shareholders, auditors, government authorities etc.