During the early stage of operations of any organization, it makes sense to outsource the accounting and finance function to a professionally managed firm since it not only saves cost to the organization but also enjoys expertise of team of professional advisors which is not possible in case of in-house operations.
We, at EzyBiz India offers accounting and book keeping services to corporates who want to outsource their entire finance, accounting and payroll function to us. With our expert team of CA, CS, MBAs and Accounting executives, we provide specialized services compliant with Indian and International best practices keeping in view various regulatory, accounting and tax standards of Indian regulations.
This not only saves cost to the corporates but also mitigates the risks of regulatory non-compliance and gives an option to have international standards of reporting.
Broadly, we outsource following services:
- Accounting and Book keeping
- Understanding the nature of business and setting up accounting systems
- Formulations of accounting codes, accounting policies and procedures
- Setting up internal controls in an organization
- Maintenance, Review and Verification of Fixed Assets and Fixed Assets Register
- Bookkeeping and analysis of monthly expenses, revenue, accounts receivable, accounts payable, profit margins, debtors and creditors
- Monthly bank reconciliations
- Customized financial reporting on monthly, quarterly and annual basis
- Preparation and analysis of financial statements
- Assistance in capital budgeting and MIS reporting
- Assistance in preparation of employment contract letter
- Structuring of staff salary from taxation and social security point of view and ensuring proper documentation is maintained regarding same.
- Computation of monthly withholding tax liability of employees
- Monthly processing of payroll and generation of salary slips
- Monthly computation of social contributions and deposit of P.F. & ESI, Maintenance of Employee-Wise Details for Employee’s P.F. & ESI
- Preparation and Filing of P.F. & ESI Return
- Loans and advances deduction, processing of reimbursements claims
Maintenance of payroll records and generation of any other MIS report required by the management
ONLINE BOOKKEEPING SERVICES
Recording of the day to day business transactions in a systematic manner is called as Bookkeeping. Proper accounting helps the users in analyzing the business records and also helps in financial interpretation and enable a user to take a more informed decision. we offer to online bookkeeping services to our clients.
It should take into consideration every aspect of a business transaction whether sale, purchase, cash, bank, expense, etc. Also, it shows a real picture of your business financial standing.
In India, every business has to maintain proper books of accounts as per statutory requirement. By bookkeeping, taxes are computed, and tax filings are done. Wrong bookkeeping will show false results and will either inflate or deflate the profits.
Previously bookkeeping was done manually. However, nowadays it is computerized, and various accounting software’s are used for recording of transactions like TALLY, BUSY, QUICKBOOK, XERO, etc.
Large organizations prefer to have an in-house accountant for doing bookkeeping. However, small businesses prefer to hire outside firms for the recording of transactions.
We at EZYBIZ India provides services relating to bookkeeping and another host of services like Tax filing, Tax Planning through our team of experts comprising chartered accountants and company secretaries.
Comparison between services offered by in-house accountants and Experts at Ezybiz India
For better understanding as of why you should go for outsourced accounting as a solution to your business accounting problems, please refer to the following comparison.
|Nature of Work||Online Accounting service through Ezybiz India||Part time in house accountants service||Full time In-house accountants Services|
|Whether Accounting standard and principles as defined by ICAI is followed?||Yes, always.||May or may not||May or may not|
|Accurate punching of data in correct heads of income and expenses||Yes, always||May or may not||May or may not|
|Preparation of Bills||Yes||Yes||Yes|
|ROC Return filing||Yes||No||No|
|Preparation of BS& PL as per schedule VI of Companies Act||Yes||No||No|
|On call advisory/guidance||Yes||No||No|
|Supervision of work possible||Yes||No||No|
|Aware of any changes in law or latest amendments||Yes||No||No|
|Risk of Non Compliance like non filing of return within due date||Low Risk||High Risk||High Risk|
|Cost to client for Infrastructure like computer, Laptop||No||Yes||Yes|
FAQ of Outsource Accounting
- MIS refers to Management Information System. Managers in major companies use MIS generated reports to evaluate their business’ profits, daily activities and even to track the problems that arise, which helps them make effective decisions and monitor progress.
- According to the requirements of our clients, we design a comprehensive package covering entire basket of services like accounting, finalization of books of accounts, payroll accounting, abiding all statutory compliance including tax return filing, secretarial compliance, auditing, on-call advisory etc. The package can also be customized suiting your needs.
Many companies prefer to outsource payroll services rather than having an in-house department for managing same. Outsourcing payroll services has following benefits:
- They are cost effective compared to a full-time in-house department.
- The company doesn’t have to bother about the cost involved in buying and managing the software involved and thus can focus on its core business.
- The outsourced agency also takes care of tax filings, in compliance with the payroll legislations.
- The company doesn’t have to invest in infrastructure, office space involved in keeping an in-house payroll managing department.
Payroll refers to a company’s employees but the term generally refers
- To the amount that a company pays to its employees
- The wages or salaries, bonuses a company pays to its employees
- The department in a company that keeps a track of salaries i.e. its calculation and payment.
Payroll accounting as the name suggests is accounting the payroll. This will include maintaining precise records regularly, regarding the compensations paid to the employees and the timely payments made to them, keeping a record of their wages, salaries, and overtime pay etc. This also includes making optimized salary structure of employees, tax planning and computation and filing of Income tax returns. We at Ezybiz India provide complete Payroll accounting Services that are cost effective and in compliance with the payroll legislations and regulations. Our team of expert professionals can handle your payroll issues very effectively with their Payroll accounting skills. Thus, you can then concentrate on your core business. Our professional team of payroll accountants takes care of the entire payroll accounting needs for you at a very pocket-friendly price.
It is a universal truth that accounting is a backbone of any company and precise accounting is a necessity for smooth business transactions. Accounting not only helps the company to gain information about its profits and losses, investments and expenditures etc. but also for any business to run smoothly, a proper accounting record is a must. Accounting, according to textbooks refers to the collection, organization, and interpretation of financial data. A small organization may have an only single accountant to handle all its accounting tasks whereas a large organization will have a separate accounting department with a group of accountants handling its financial accounting, payroll etc. Accounting was previously done manually. However, with a change in times, accounting has become computerized and now, sophisticated and advanced accounting software’s are available to do it all online. It is called ‘Online Accounting’ and it has numerous benefits. Online Bookkeeping Services helps the company at various levels. There is always a backup of data on the cloud which means there is no chance of books being lost. Secondly, reports can be generated to analyze the business’ profits or expenditures etc. which is useful in taking important business decisions. Also, the chances of occurrence of human-induced errors are reduced due to the transparent interface of the software. It thus becomes extremely difficult to even tamper the accounting records.