No business can be run successfully without proper accounting. Accounting gives management information regarding the financial position of the business, such as; profit and loss, cost and earnings, liabilities and assets, etc. helping to evaluate the profitability, take decisions and plan the business.
It is very important to keep the financial records clean and up to date for smooth and efficient running of business. Proper accounting also helps in statutory compliances such as accurate filing of returns, appropriate discharge of tax liabilities etc.
Timely and proper recording of the financial transactions does not only keep the accounts updated, but also plays a vital role in success of any business. The proper book keeping helps the business in many ways such as:-
- Track the profitability of the business
- Take the correct business decisions
- Ensure statutory compliances
- Inventory management
- Prevent income leakage
- Effective internal control
The above list is just indicative and may go on very long. Needless to say that every prudent business man is aware with the importance of proper accounting but not everyone has the proper knowledge of how to maintain the accounts.
Periodical Review of Accounts
Periodical review of accounts maintained is very important because without periodical review, the benefits of maintenance of accounts may not be achieved. The periodic review of accounts helps in taking the correct business decisions and plan the further course of action. Periodic review keeps track of income, expenses, margins and helps in comparison of current data with previous period data to show the upward or downward trend of business. With the help of periodic review, the required corrective steps may be taken in time to minimize the losses and optimize the business plans. Periodical review of accounts is extremely important when the accounts are maintained inhouse.
Internal Audit & System Development
Internal audits evaluate an entity’s internal controls, including it’s financial position and accounting processes. These audits ensure compliance with laws and regulations and help to maintain accurate and timely financial reporting and data collection.
Internal audit is a very important tool for successful running of business by identifying problems and correcting the same on timely basis.
In India most of the medium and small enterprises skip the internal audit and merely depend on the Statutory Audit to evaluate the financial position of their business. The Annual Statutory Audit is performed only once after the year end and the identification of lapses is too late to be corrected.
Hence, it is strongly recommended that any business must undergo the process of internal audit at regular intervals to keep track of accounts, financial position, legal compliances and overall performance of the business.
Benefits of Internal Audit
- Financial and Accounting Information
- Review of business performance
- Check on legal compliances
- Identification and management of existing and potential frauds and losses
- Risk Management
- Plan the business activities
We at AAP Consulting Private Limited have a team of skilled and experienced professionals to conduct the thorough internal audit of your business so that you may identify the weak areas. Further our experts will figure out the system development required as per the specific nature of business.
Before starting a business or during the running a business, there exist numerous queries which need to be addressed properly by the competent person for appropriate redressal.
We at AAP Consulting Private Limited have a team of experts to solve all your business and tax related queries such as
- What should be the ideal legal status of business?
- What are the required legal compliances of the business?
- How to raise funds for business?
- Queries related to tax
- Queries related to invoicing, e-way bills etc.
- Other queries related to everyday operations of business
Projected Financial Statements
Looking for a business loan for your Start Up or for Expansion of already running business?
Let our experts handle the job of preparing “Projected Financial Statements”. A well-prepared Project Report ensures the higher chances of loan approval.
Our experts understand your loan requirement, Purpose of loan, Availability of past data and Mortgage requirement. On the basis of understanding, we will create a project report especially tailor-made for your business and funding requirements. The project report plays a very important role in raising funds for your business.