Services We Offer
Accounting Services in Shimoga
MS Legal Associates:We provide accounting services in Shimoga.
Accounting or accountancy is the measurement, processing and communication of financial information about economic entities such as businesses and corporations. The modern field was established by the Italian mathematician Luca Pacioli in 1494. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms 'accounting' and 'financial reporting' are often used as synonyms.
Accounting can be divided into several fields including financial accounting, management accounting, external auditing, and tax accounting. Accounting information systems are designed to support accounting functions and related activities. Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to external users of the information, such as investors, regulators and suppliers; and management accounting focuses on the measurement, analysis and reporting of information for internal use by management. The recording of financial transactions, so that summaries of the financials may be presented in financial reports, is known as bookkeeping, of which double-entry bookkeeping is the most common system.
Accounting is facilitated by accounting organizations such as standard-setters, accounting firms and professional bodies. Financial statements are usually audited by accounting firms, and are prepared in accordance with generally accepted accounting principles (GAAP).
Our qualified accounting professionals have a minimum of ten years of accounting experience, and can provide valuable support to your existing accounting department or act as a virtual accounting team depending on the level of support you need. Once we understand and get familiar with your books of accounts and accounting procedures, we can start handle all your routine day-to-day tasks such as preparing Invoices, updating bills, applying customer payments to invoices, issuing checks to outstanding bills, updating and reconciling bank and credit card transactions, maintaining accounts receivable and accounts payable, handling complex accounting systems for multiple location-based organizations and also supporting the preparation of India tax returns for CPAs.
Our Accounting Services Benefits: We not only provide accounting and bookkeeping services,but also advise you to save cost in business
Accounting Services Engagement Model: We work onsite and offsitevisiting at different intervals: monthly, fortnightly, weekly or more.How much we are engaged is up to you and based on your needs.
Satisfaction Guaranteed With Our Accounting Services: We are the onlycompany in industry which provides 100% money back guarantee, if not satisfied with the services
Accounting and Reporting Services Scope:
Preparation of right chart of accounts
Maintaining books of accounts
Reconciliation of Ledgers at regular interval
Preparation of MIS Report/ Flash reports as per the requirement of Management
Preparation of Financial Statement for Audit
Coordinating with the Auditors
Recording Financial Transactions
Setting of Ledgers and Sub-Ledger
Setting up of Cost Centre
Recording Journal Entries
Recording Sales Invoices
Recording Purchase Invoices
Recording Receipts and Payments
Bank Reconciliation Statement
Monthly Profit and Loss Statement
Statement of Affairs
Cash Flow Statement
Fund Flow Statement
Projected Cash Flow Statement
Preparation of Payroll Files
We also provide Statutory compliance as part of bookkeeping services
Accounting and accountancy
Accounting has variously been defined as the keeping or preparation of the financial records of an entity, the analysis, verification and reporting of such records and "the principles and procedures of accounting"; it also refers to the job of being an accountant.
Accountancy refers to the occupation or profession of an accountant, particularly in British English.
Financial accounting focuses on the reporting of an organization's financial information to external users of the information, such as investors, regulators and suppliers. It calculates and records business transactions and prepares financial statements for the external users in accordance with generally accepted accounting principles (GAAP). GAAP, in turn, arises from the wide agreement between accounting theory and practice, and change over time to meet the needs of decision-makers.
Financial accounting produces past-oriented reports-for example the financial statements prepared in 2006 reports on performance in 2005-on an annual or quarterly basis, generally about the organization as a whole.
This branch of accounting is also studied as part of the board exams for qualifying as an actuary. It is interesting to note that these two professionals, accountants and actuaries, have created a culture of being archrivals.
Management accounting focuses on the measurement, analysis and reporting of information that can help managers in making decisions to fulfil the goals of an organization. In management accounting, internal measures and reports are based on cost-benefit analysis, and are not required to follow the generally accepted accounting principle (GAAP).
Auditing is the verification of assertions made by others regarding a payoff, and in the context of accounting it is the "unbiased examination and evaluation of the financial statements of an organization".
An audit of financial statements aims to express or disclaim an opinion on the financial statements. The auditor expresses an opinion on the fairness with which the financial statements presents the financial position, results of operations, and cash flows of an entity, in accordance with the generally acceptable accounting principle (GAAP) and "in all material respects". An auditor is also required to identify circumstances in which the generally acceptable accounting principles. (GAAP) has not been consistently observed.
Accounting information systems
An accounting information system is a part of an organisation's information system that focuses on processing accounting data.
Tax accounting in India concentrates on the preparation, analysis and presentation of tax payments and tax returns.