Accounting & Bookkeeping Services
Simplify your accounting. Cut down your costs. Get expert accounting & bookkeeping services form Tech Munshi.
- Your Transactions, Our accountability
- Focus on Your Business – We'll Handle the Books.
- Get your financial reports anytime anywhere.
- Pricing Starts at Just ₹6999. for whole year – Affordable Plans tailored to your business size.
Simple, Clear, and Correct Accounting
The Right Plan For Your Business
Tech Munshi makes accounting and bookkeeping simple so you can run your business in easy way.
Choose your plan and get started today.
Silver
What We'll do-
Accounting & Bookkeeping services for whole year (Turnover up to Rs15 Lacs )
-
Balance sheet and profit & loss A/C
-
Validation & confirmation of accounts with client
-
Preparation of Documents file for bank finance
-
ITR Filing for the company/proprietor
Gold
Enter your description-
Accounting & Bookkeeping services for whole year (Turnover up to Rs15 Lacs )
-
Balance sheet and profit & loss A/C
-
Validation & confirmation of account with client
-
Preparation of documents file for finance
-
ITR Filing for the company/proprietor
-
5 Free expert consultation for whole year.
-
Accountant access for whole year.
Get a free consultation – we’ll help you choose or crate a package that works best for your business.
Understanding Accounting and Bookkeeping- Brief
Accounting is a fundamental task for every business owner. It provides clear insight into the financial health of an organization, regardless of its size or type. That’s why understanding the exact definition of accounting is essential. A reliable accounting & bookkeeping service helps ensure that all financial transactions are accurately recorded, classified, and summarized—making it easier to manage finances, stay compliant, and make informed business decisions.
Accounting is the systematic process of recording, classifying, summarizing, and interpreting financial transactions of a business or organization. It provides essential information that helps stakeholders—such as management, investors, creditors, and regulators—make informed financial decisions. Accounting must be performed with consideration for all statutory requirements applicable to the Business. There are different types of industries like Banking, Insurance, electricity, etc. All these industries are governed by different laws & regulations. Accounting treatment for transactions must be done keeping in mind the specific instructions issued by the regulators of the industry.
Accounting is an ongoing process in any organization that is conducted on a day-to-day basis. A transparent accounting process in any organization yields numerous benefits, which enable management to make informed decisions promptly.
Bookkeeping is a fundamental part of the overall accounting process, which involves the documentation of daily financial transactions like sales, purchases, receipts, and payments
Advantages of Accounting and Bookkeeping
Accounting and Bookkeeping are one of the most important fundamental processes of any business. Maintaining proper & transparent books of accounts helps businesses in many ways. Some of the advantages of Accounting and Bookkeeping are mentioned below:
- Helps to measure financial growth of business:- Proper maintenance of books of account helps to measure and know the actual financial position of the business in terms of profit and loss.
- Helps management to take timely decisions:- MIS reports generated for the top-level management help to take necessary measures and decisions in the interest of the business.
- Financial planning:- Proper and timely completion of the Books of account enables management to make future financial planning and projections.
- Enhancement of the company’s credibility in the market:- Complete accounting process gives investors insights about the company’s growth in terms of Sales and profitability, which in return enhances investors’ faith in the company and broadens the scope of further investment by existing and new investors.
- Statutory compliance:- To maintain proper books of accounts is are mandatory requirement under the Companies Act, 2013 and Income Tax Act, 1961. Hence, maintaining proper books of accounts is are mandatory requirement under some statutes to avoid unnecessary penalties and fines.
- Cash flow management:- The Cash flow statement is part of bookkeeping. It helps management to know actual cash inflow and outflow during the specific period and hence helps in cash management.
- Debtors and Creditors positions:- Proper bookkeeping helps management to know how much money is due in the market and what liabilities are outstanding for payoff.
- Tax planning:- Timely maintenance of the Books of account helps to take Tax planning decisions for a particular Tax period. It also helps to pay proper tax to the department in a timely manner.
- Easy Finance:- For getting an easy loan from banks, Books of accounts are required. Banks analyze the balance sheet and Profit & Loss of the accounts of a business entity who have applied for a business loan. If proper books of account are not maintained, then proper financial statements cannot be prepared. So, to get a loan for business purposes, one needs to maintain proper Books of account.
- Business Expansion:- From a Business expansion point of view, Accounting is necessary. Any investor will be interested in studying your financials before investing.
Basic elements of Accounting
As we have discussed above, Accounting is the systematic process of recording, classifying, summarizing, and interpreting financial transactions of a business or organization. Irrespective of the nature of Business, there are four basic elements of any Financial transaction
Income
Expense
Assets
Liabilities
All accounting process revolves around these four basic elements. All accounting entries are done in any accounting software to record changes in the position of these four elements in any kind of business.
Basic elements of Accounting
Mere recording of Bank transactions does not mean that we are following the complete process of accounting. Accounting starts at a very early stage when any business is incorporated. So, it is necessary to understand the flow of the accounting process. Some Basic requirements are mentioned below
- Collection of Business registration documents:- Collection and filing of Business registration documents like GST certificate, Letter of incorporation, Partnership deed, LLP agreement, etc., is the first step towards the accounting process.
- Selection of the right software: Nowadays, most of the accounting process is done through accounting software. Choosing and using the correct software helps businesses to easily record business transactions and inventories in a correct manner. Customized software is available in the market that caters to specific industry requirements.
- Creation of Master data:- Creation of company master data with all required details is also an important step towards a correct accounting process. The company’s address, GST number, Contact Details, and Date of Incorporation are mandatory fields that are required to be fulfilled.
- Creating correct ledger accounts: Posting all Business transactions under the correct ledger is very crucial. To reflect a correct picture of the company’s Income and expenses, all transactions related to Income and expenditure must be recorded under the correct ledger. Also, all assets and liabilities should be categorized correctly.
- Sales & Purchase Invoices: Raising a correct sales invoice with correct party details and Invoice serial number is a very crucial part of accounting. It is advised to raise a Sales invoice through accounting software to maintain the serial number of the invoice. Also, all purchase invoices should be documented, and proper entries should be made to record all purchases made and to get Input GST on purchase.
- Bank Statements:- Periodic access to the organization’s bank statement makes accounting easy and up-to-date. All transactions in the bank statement should be correctly posted in accounting software. It helps in knowing the correct position of Debtors & creditors. It might be possible to have more than one Bank account in an organization. All transactions of all bank accounts should be correctly recorded.
- Loan account statements: Nowadays, most of the business entities take a loan facility from various banks. So, timely access to Loan statements is also necessary. Recording of all Loan account transactions makes it easy to report the correct position of Loan accounts.
- Inventory Details:- Inventory management and accounting of inventories make the accounting process more effective for stakeholders. All transactions affecting the Inventory level must be recorded accurately.
- Payroll management:- Maintaining employees’ details and related information is also part of the accounting process. Employees’ salaries and related PF & ESI liabilities must be booked in our Books of account.
Tech Munshi- Your reliable Bookkeeper
Whether it is small businesses or big corporations, accountants are needed by all. Big corporates maintain their own Accounts department however, small and medium businesses prefer to outsource the same to cut the related cost. Maintaining a house accounts department is a tough job nowadays as most of the accountants prefer to switch jobs very frequently.
Tech Munshi makes the whole accounting process very easy and affordable. Our team of experienced accountants is ready to provide you with continuous support in your accounting process in a timely and cost-effective manner. Tech Munshi can be your trusted partner for the following reason
- Skilled and Experienced staff:- Our accountants handle accounting data for various types of businesses, which makes it easy for them to understand the requirements of clients.
- Accuracy:- Our team ensures to maintain accuracy in Bookkeeping by keeping in constant contact with the client.
- Customer support:- We appoint a dedicated staff member to each and every client who takes care of all the needs and requirements of clients and communicates the same to the accounts team.
- Compliances:- We take care of all legal compliances to avoid any legal penalties or fines to clients.
- Privacy and secrecy:- Our team maintains a high level of privacy and secrecy for all shared documents so that clients’ data remains safe in our custody.
FAQ
What is Accounting?
Accounting is the systematic process of recording, classifying, summarizing, and interpreting financial transactions of a business or organization.
What is the basic difference between Bookkeeping and Accounting?
Bookkeeping is a fundamental part of the overall accounting process, which involves the documentation of daily financial transactions like sales, purchases, receipts, and payments.
Is accounting mandatory for all Business entities?
No, it is not mandatory for all Business entities, but to run a business successfully, it is advisable to maintain proper Books of accounts so that one can know the financial status of the business.
Can one do accounting on their own?
Yes, in case of small businesses, Business owners can do accounting on their own but it is better to hire a professional to do it in a correct and timely manner.
Can we outsource the accounting process?
For small organizations, it is advisable to outsource the accounting process to reliable and trusted accounting firms. It saves the cost and time of the business owner.
Is accounting software mandatory to maintain the Books of Account?
No. It is not mandatory to use accounting software, but if the volume of transactions is high, it is advisable to use a software to maintain the Books of Account.