Accounting & Internal Control
What is Accounting?
“Accounts” typically refers to financial records that track the monetary transactions of individuals, businesses, or organizations. These records encompass various aspects such as income, expenses, assets, liabilities, and equity. In a business context, there are several types of accounts including:
Asset Accounts: These represent items of value owned by a business, such as cash, inventory, equipment, and property.
Liability Accounts: These represent the obligations or debts owed by a business, such as loans, accounts payable, and accrued expenses.
Equity Accounts: These represent the owner’s stake in the business and can include items like owner’s investments and retained earnings.
Income Accounts: These track the revenues generated by the business from its primary activities, such as sales or service income.
Expense Accounts: These track the costs incurred by the business in its operations, such as wages, rent, utilities, and supplies.
Properly maintained accounts provide insights into the financial health and performance of an individual or an organization. They are crucial for decision-making, financial reporting, and compliance purposes.
Why Accounting is Important for Business?
Accounting plays a crucial role in business for several reasons:
- Financial Planning and Budgeting
- Decision Making
- Monitoring Performance
- Compliance and Reporting
- Facilitating Communication
- Tax Planning and Compliance
- Risk Management
Our Accounting Services
Accounting Services
Accounting is the backbone of any business organisation.Proper accounting system with adequate internal controls not only help to make timely compliances under various legislations but also help in assessment of the periodic performance, avoidance of frauds and errors as well as implementation of budgeting & MIS system in the organisation.
From 5999 onwards*
Financial Reporting
“Comprehensive documentation of a company’s financial activities, providing insights for stakeholders, regulators, and investors, ensuring transparency and accountability.”
From 19999 onwards*
Payroll Management
Human resource and payroll management are vital processes for every business organisation. Our payroll services allows you to focus on your core business area while our specialized operational team take care of all your HR and payroll matters with due care
From 1999 onwards*
Expenses Accounting
Expenses accounting are crucial for assessing the financial performance and profitability of the business. Tracking expenses accurately helps businesses make informed decisions, manage costs, and maximize profitability.