Get Accounting Right before the Year Ends

1. Get Accounting Right before the Year Ends The financial year ending is quite nerve-wracking for many small and mid-sized organizations. To add to the stress it turns out to be the busiest month of the year. Therefore it is so important to avoid the last- minute rush in closing or changing the accounting entries as it may lead to the imbalanced balance sheet. Outsourcing your company's accounting services will help you maintain the book of accounts appropriately and ensure that all the relevant taxes are filed and paid on time. Outsourcing Accounting Services to India also provide their clients with assistance for budget analysis, tax preparation, offshore bookkeeping services and investment development. Below are a few accounting to-dos before the year ends. 1. Use business accounting services software from the beginning of the financial year The absence of an efficient accounting system will give you a hard time managing the financial matters of your business. A missed payment, defective reports are some of the problems you could run into. Hence it highly advisable to use accounting services software and make the entire process error-free. If you are worried about the cost of procuring the business accounting software, partner with a reliable accounting outsourcing services in India and avail the benefit at a marginalized cost. The business accounting software is highly useful as it not only identifies any pending invoices, it also shows any payments not yet received. 2. Analyze your financial statements thoroughly It is important to comb through every entry made in your balance sheet. It is also advisable to review the accounts receivable, accounts payable and invoices on a periodic basis. Recording the income and expenses will help you lower your tax bill. It is also imperative to have details of all transactions made to date. If this appears to be a daunting task for you, do not hesitate to enlist the services of a reputed accounting services firm. This will give you peace of mind that your accounts are being handled by an expert. 3. Update the tax records

2. Maintaining a record of the taxes paid will help companies recognize the amount pending. This should be an ongoing activity and not a year-end task. But many business owners avoid this activity as they find the accounting concepts difficult to understand. Hence hire a professional accountant from an accounting services firm work for you before the end of the year to minimize last-minute mistakes. Electronica Finsmart Solutions Pvt. Ltd. Corporate Office: Flat No.1. S.No. 64/24, Mandakini Apartments, Income Tax Office Lane, Erandwane, Pune, Maharashtra ‐411004 INDIA Mob: Pune : +91 96999 39368 | Mumbai : +91 7798 186237 Email : info@finsmart.co.in | Web : http://www.finsmart.co.in