Step 1
Speak with a Kaspi services professional team about your requirement.
Step 2
Select a package that will meet your business's needs. Our experts will help you with your selection.
Step 3
Your company's financial records will be kept up-to-date and accurate by our accounting Experts.
Overview
Accounting is the process of documenting a business's financial transactions. These transactions are compiled, examined, and reported to oversight organizations, regulatory bodies, and tax-collecting organizations as part of the accounting process.
A company's activities, financial condition, and cash flows are summarized in the financial statements that are used in accounting. They provide overall development of the company of financial events across an accounting period.
- Regardless of the size of a business, accounting is a necessary function for decision-making, cost planning, and measurement of economic performance.
- Basic accounting requirements can be handled by a bookkeeper, but bigger or more complex accounting responsibilities should be left to a Certified Public Accountant (CPA).
- Cost accounting and management accounting are two crucial categories of accounting for firms. Cost accounting assists business owners in determining how much a product should cost, whereas managerial accounting assists management teams in making business choices.
- While creating financial statements, qualified accountants adhere to a set of guidelines known as Generally Accepted Accounting Principles (GAAP).
- Accounting plays a critical role in strategy planning, external compliance, fundraising, and operations management.
Who needs Accounting services?
Accounting is a back-office activity in which staff does not have direct contact with clients, product development, or production. Accounting, on the other hand, is critical to a company's strategic planning, growth, and compliance obligations.
- Accounting is required for business growth. It is hard for a firm to make sensible financial decisions through forecasting unless it has insight into how its business is operating. A corporation would be unable to know which goods are its top sellers, how much profit is earned in each area, and what overhead expenditures are stifling earnings if it did not have accounting.
- Financial support requires accounting. Foreign investors need assurance that they understand the investments they are making. Investors typically want financial documents (often audited) before private investment in order to assess the overall health of a firm.
- An owner exit requires accounting. Financial statements are frequently required for small businesses that are potentially interested in purchasing as part of merger or acquisition operations. A business owner could want to "cash out" of their position and get paid for creating a firm rather than just closing down a company. Using a company's accounting data serves as the foundation for evaluating it.
- It requires accounting to make payments. Naturally, a business will accumulate debt, and part of managing that debt entails making timely payments to the proper people. Without actively nurturing these commercial connections, a corporation risked losing a significant vendor or supplier. A business may always know who it owes money to and when that money is due by using accounting.
- Accounting is required in order to get payments. A business could consent to provide its clients credit. It could offer a client trade credit conditions like net 30 rather than taking payment in cash at the time of an agreement. Without accounting, a business would find it challenging to keep track of who owes it money and when that money is due.
- Accounting can be necessary. Public corporations must publish periodic financial statements that adhere to IFRS or GAAP. A business could have its listing removed from an exchange if it lacks certain financial documents. A business may incur fines or penalties if its tax accounting is not in order.
Why choose Kaspi Services?
Accounting from Kaspi Services aids companies in keeping precise and timely financial records. In order to create financial statements like the balance sheet, income statement, and statement of cash flows, Kaspi Professionals must preserve records of a company's daily activities.
FAQs about Accounting
Despite the fact that poor financial management is a primary cause of business failure, many small and medium-sized enterprises fail to appropriately evaluate and manage their money. Your business may suffer in a variety of ways if you do not have excellent financial processes in place:
- Lost revenue
- Insufficient Tax planning
- Missed financial opportunities
- Penalties and fines
- Closing your doors
Our monthly accounting procedure starts with obtaining your source papers. Our staff gathers the data and comes back to you with the following recommendations to help you regain control of your finances:
- Make monthly profit and losses statements
- Make a monthly balance sheet
- Perform regular account reconciliations
- Offer advice based on your financial statements, Tax planning, and business situations.
We also include the following services:
- Business Tax work
- Sales Tax filing
- Audit Representaion
Our client service distinguishes our company. We make it a point to communicate with clients on a regular basis since we care about the success of your company. Our knowledgeable accountants also offer proactive business advice and tax planning to help you optimize your revenues.
Yes. Your monthly accounting charge includes audit representation. We would only charge for audit counsel if the audit was for a time period when you were not our client.
In the event of income tax audits, Kaspi provides agent-level help, which means that we engage directly with the IRS agent. Nearly the majority of these concerns are settled at the agent level, and tax court is never required. We will represent you in a sales tax audit if we prepare your monthly sales tax filings.