What are the Important Services of a Chartered Accountant besides the Traditional Services

The accountancy profession has seen a rapid growth in the recent times, it is mainly because of the change in economic growth. The important types of functions performed by the various CA firms in Chennai  and other places are the following,

Accountancy
Accountancy means having writing up of accounts and also preparing financial statements. It includes a wide range of services from simple bookkeeping to other financial analysis.

Auditing
Auditing is one of the most important functions of a Chartered Accountant, as it amalgamates different skills such as specialized training, and judgment. Auditing helps show a true view of the affairs of the organization.

Taxation
A Chartered Accountant has immense experience in accounts and helps prepare the returns for tax purposes, representing assesses before the Income-Tax authorities and offering general advice on taxes to his clients.

Cost Accountancy
A Chartered Accountant helps to determine the varied costs of production and of processes at various levels of operations in manufacturing product and helps in the rendering a service. He/she provides costing information guiding the management and also provides cost control methods that would help the management in providing the right selling prices.

 Company Work
 Chartered Accountants provides the perfect financial structure and the liquidation of limited companies.  They also undertake secretarial and registration work along with the duties of a receiver besides other company work.

Investigation
Chartered Accountants sometimes carry out investigations to find out the financial position of business in matters such as the purchase of a business, reconstructions, and amalgamations. Their services help in providing an efficiency in management or administration etc.

Companies Secretarial Work
In a group of companies, the Secretary is a man who comes with a professional qualification such as chartered accountancy. This helps the professional accountants to offer the right secretarial services to small companies.

Executors and Trustees
A Chartered Accountant often carries out the administration of the estate or settlements and he/she is an appointed executor under a will or trust. Here the chartered accountants need to work in tandem with the lawyers or solicitors. Lawyers too carry out different works to provide them the right assistance in the accounting part of their work.

Management Accounting
In this field too a Chartered Accountant is regarded as invaluable. He/she offers a number of services such as everyday control,  formulation of policies,  performance evaluation and so on.

So, a chartered accountant in chennai or other cities of the country has numerous services to offer besides the more traditional services. No wonder, the need for chartered accountants has been on the rise.

The Chief Benefits of Outsourcing Bookkeeping and other Accounting Services

Most people believe that the only good thing about account outsourcing and bookkeeping is cost-saving. But there are other benefits too, they are as follows, 

1. Outsourcing Accounting Helps in the Sustainable Growth of Firms

Account outsourcing and bookkeeping help improve the core competencies. It can save valuable time which will help you focus more on the firm and bringing in more clients, instead of spending your valuable time on training, hiring, reviewing, managing, firing and so on. So, you can lower your costs to a large extent almost 30-50% or even more.

2. You Cut Costs and Gain Big Projects

When you outsource accounting and bookkeeping, you will have a group of experienced accountants and bookkeepers, so you can maximize on the time you have and not lose out on the big projects because you tend to focus on paltry things that take too much of your time.

3. You Only Pay for the Actual Work Done

Pay exactly for the work done and not a penny more for stuff such as payroll taxes, sick leaves, overhead, vacation, managing, training the works, yes, outsourcing accounting and bookkeeping will help increase your profit margin significantly and you will also end up selling more work. All in all, a total win-win situation.

4. You Improve on both Accounts: Productivity and Work Quality

Many accountants are frazzled with too many errors marring their work, things such as delays and reviews are done on the part of the in-house staff and that means a total waste of money. But, when it comes to the outsourced provider, you are able to keep a closer tab on work quality which will lead to greater productivity. It will also ensure a steady stream of profit.

5. You don’t live in the constant fear of losing out on losing staff

Accounting practice owners can feel the pain of losing staff, all of a sudden. If you aren’t quite what you will call a large firm, you cannot afford to keep staff on the buffer. So, what would you do in such a situation? The only way out is to outsourcing accounting firms and bookkeeping services. You assign an expert at the job who will prove to be more reliable and experienced for the job. The team members and managers are constantly at it, reviewing and each other’s work leading to good quality of work. That done, you won’t have to worry unduly about losing a staff suddenly as now you have a larger team at your call who will take care of any such staff attrition, hence your service delivery won’t be affected.

.

6. Quality Services Equals Happy Clients

Outsourcing companies work for not one but numerous companies, as they have staff who is a pro at handling services and work for multiple firms. When you outsource quick book accounting, you get charteredaccountants in Chennai or other parts of the country and the best in the business. Thus, you would be able to make your company shine because of a number of right reasons, hence going one up on your competitors.

Best Bookkeeping Services for Startups - A Quick Guide

Bookkeeping (Accounting) for startups is completely different to that of other small business. The guidance of a CFO ensures that it is ready for an audit at the perfect time. Outsourced accounting services can provide a startup with the right degree of expertise and reliability that helps you streamline operations and ensure growth.

Advantages of Bookkeeping Services

With the help of QuickBooks Online Edition, it will help maintain an Audit Trail for each transaction. You can team up with your accountant who will help you monitor information transactions. You will easily be able to gauge who keeps a tab on books and what information they can hold on to.

The system helps your employees together with the service provider to work in tandem and access to real-time company data, if you are in any part of the world, you can log in together. You won’t require any particular software or help maintain a complicated network or servers, which will help you save both time and money.

Accountingoutsourcing services in Chennai or different parts of the country and bookkeeping work can take a considerable amount of a business owners time. If you try to balance your company's accounting and all the other tasks as well, it can prove to be a mammoth challenge. Some startup owners solve these niggling issues by hiring an in-house accountant, which can prove to be expensive as you have to purchase a specific electronic accounting software, which may add to the problems because of a steep learning curve that involves with using a number of these programs. Instead of being submerged by a sea of numbers, you can consider taking help of Vramaratnam specialized startup bookkeeping services.

Why should you Require the Services of Quickbooks from Vramaratnam?

·         You will be able to access books at any time with the help of QuickBooks on the web.

·         QuickBooks boasts of a little more than 60 instant business reports and dashboards.

·         Customers can get invoice statements via email.

·         QuickBooks is competent enough to handle varied accounting functions.

·         It is a safe and secure service

·         You need minimum documents.

·         Last but not the least it is easy to maintain and economical as well.

Vramaratnam with their expert chartered accountants in Chennai offers great outsourced bookkeeping services for startups. They specialize in assisting startups to attain financial profitability. Vramaratnam’s online bookkeeping firm is just what you need that will help reach your business goals in terms of growth and debt reduction. Their team of experts considers your company more than just a balance sheet with various debits and credits. In fact, their certified bookkeeper who works for you, performing everyday day-to-day accounting work that is necessary to operate your business.

What is an audit? How do Auditing Firms get Audited?

There are many auditing clients you may encounter and there are different reasons that each of them require auditing. As you gain experience here are a number of clients and types of audits you may need to carry out. 

Wikipedia describes audit in the following words, “An audit is a systematic and independent examination of books, accounts, statutory records, documents and vouchers of an organization to ascertain how far the financial statements as well as non-financial.”

Here are different ways that different types of auditing are carried out and where they are carried out.

How do Auditing Firms get Audited?

In any big Audit firm, you will find there are "Audit Partners" and there is also a tax and advisory division. The tax and advisory along with all other non-audit lines of service are formed under the paradigm of Limited Liability Company (or equivalent). The audit practice will then be called "Partnership".

This stems from an age-old policy that Auditors, Lawyers, and Accountants should not have limited liability for providing wrong advice or assurance to third parties.

The current times dictates that most country legislation will still require an audit firm to be in a partnership with the audit partners.

As it is a partnership you do not require a legal document to be audited.
The partners, however, are required to provide for their personal income tax and are audited by the tax authority (IRA/IRS) personally.

Large audit firms get audited by the licensor of the firm's brand name such as individual KPMG, PWC, EY, and Deloitte have to follow some specific financial guidelines internally so that they can stick to the brand name, and hence these KPIs are under the scanner and monitored closely. However, it is in no way comes near to a full audit that some of the private companies face.

VRamaratnam & Company are distinguished auditors in Chennai that meet up to applicable reporting standards with perseverance. There are a number of by-products of the audit process such as finding out the internal management issues and other important insights that can cater to the present and future challenges too.

While some of the rules of the game stand transformed as of today some of the basic fundamentals remain unchanged.  The investor must add accuracy, completeness, and fair presentation of information in the financial statements and disclosures. The auditing process helps maintain the confidence of both the company and the financial system too. For the accountingfirms in Chennai and the other cities of the country, the main challenge is keeping up with a fast-evolving corporate reporting environment.

The Best Auditing Firm in Chennai that Works with a Tech Startup

Accounting is an integral part of starting and operating a successful business. Business owners besides designing the website or choosing the perfect business name should also have a solid understanding of the numbers, otherwise, they won’t be able to shine.

If the entrepreneurs do not concentrate on the financials of their business they would later discover that they are running their business at a loss.

How Can Start-ups Enhance their Financial Prospects?

The Small Business Administration or the (SBA) makes a list where they give 11 reasons why small businesses falter and fail. Amongst the top reasons, at least four of them concentrates on the financial aspect of a small business. And the number 1 reason is trying to do everything on your own.

Hire an Accounting Professional

If you do not have a degree in accounting to boast of you need the help of a professional to set up to update your accounting system. To get to the bottom of your financial nitty-gritty, you have to decide whether you should hire an accountant or a bookkeeper.

What a Bookkeeper can do

Most startup requires the services of a bookkeeper. A bookkeeper's services make the running of business a simple uncomplicated affair. A bookkeeper can look after several aspects your business such as for maintaining a record keeping system, produce your financial statements and handle your financial transactions.

How Can an Accountant Help a Startup?

If you are dabbling in a complex business structure or dealing with limited liability Company, you must hire an accountant, especially when you want to grow your business. An accountant can also help you when you need to hire more employees on a payroll.

Many entrepreneurs start small with a part-time business or also work at home to manage the escalating expenses. If this is the case then you may not be able to hire a full-time accountant. However. You can seek help from an accountant for your end-of-the-year tax preparations.

Cash or Accrual Accounting Methods

The two accepted accounting methods are cash accounting and accrual accounting. Some small business organizations choose one amongst the two while other small startups use the accrual method. Employ the services of an accountant to find out which method you can use, suiting your purpose.

VRamaratnam & Company is one of the top Indian Chartered Accountants firm in Chennai, powered by experienced and skilled Chartered Accountants and other professionals.

The firm has a goal to achieve that is, to provide a large range of financial and consulting services to its clients. Their wide spectrum of services includes direct and indirect taxation, Auditingand Assurance Services, and they largely focus on Non-Resident Indians. Their chief interest veers around startups business valuation, business entity registration in India, along with Accounting and Payroll Outsourcing Services.