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Accounting Services - Canest

Canest > Accounting Services

Overview

Accounting is the systematic process of recording, analysing, and interpreting the financial transactions. It is the responsibility of every business – whether large or small to furnish their accounting records to the Income Tax Department. Generally, startups neglect these issues and, after a few years, they are forced to deal with them, plus interest. It’s always a good idea to keep track of your finances and provide information to government organisations to avoid difficulties like raids and fines. Companies are required to update the annual returns regularly.

 
Benefits of Accounting
  • Budgeting: It assists organisations in efficiently controlling the company’s income and expenditure while monitoring managerial policies and goals.
  • Evaluating the Business’s Performance: Helps in measuring the performance of the business in terms of key measures such as net profit, sales growth, and so on.
  • Managing Cash Flow: Keeping track of the money that comes into the business on a regular basis helps in projecting patterns, paying employees and suppliers, repaying debts, etc.
  • Financial Information to Investors and Stakeholders: Investors will gain a better understanding of the business’s financial health, including its solvency, creditworthiness, liquidity, stock, and bond issuers.
  • Mandatory by law: In India, the Registrar of Companies requires a strict record of income tax payments at the end of the year, failing which companies may face additional taxes or fines.
 

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