Accounting Practice Setup
Don't let accounting and tax complexities distract you from your entrepreneurial dreams. At Wazzeer, we offer a comprehensive Accounting Practice Set-up Service designed to streamline your financial journey and empower you to focus on what matters most - building your business.
Wazzeer exceeded my expectations! Their legal team swiftly resolved my contract issues, ensuring a seamless experience. Highly recommended for top-notch service!
Sreedhar Bevara
Accounting made stress-free! Wazzeer’s experts streamlined my finances, maximizing my tax benefits. A trustworthy platform for entrepreneurs. Thanks a lot to the entire team.
Abhijit Roy
Outstanding legal advice! Wazzeer’s team of experts proved to be true professionals, guiding me flawlessly through the intricate incorporation process. From the initial consultation to the final paperwork, they displayed remarkable expertise and dedication. Their personalized approach and attention to detail instilled confidence in me, making the entire experience stress-free.
Atul Shree
Compliance worries? Not anymore! Wazzeer’s compliance services are reliable and saved me time and effort. Impressed by their efficiency!
Marc Rouhana
Efficient and professional support throughout! Wazzeer’s experts simplified complex accounting tasks, proving their dedication to customer satisfaction. Moreover, their responsiveness to queries and updates on the progress were impressive. Wazzeer’s comprehensive services were worth every penny invested. I can wholeheartedly recommend Wazzeer to anyone seeking reliable and efficient legal solutions for their business needs.
Priyank Tiwari
We have been very pleased with the services being offered by Wazzeer.com. Best part is that you have a dedicated account manager who takes care of all your legal, accounting, compliance, audit related services, so instead of dealing with 4-5 professionals you deal with just one individual.
Vaibhav Pandey
Why is an accounting Practice setup required? Benefits.
Accounting is “A Precise list or enumeration of financial tractions” it is a method of tracking the flow of money coming into the business and going out.
Setting up an accounting system by a professional accountant is recommended so that you don’t make any mistakes while filing for taxes and other government forms.
Accounting Methods
- Cash Method – In this method, you count income when you receive it, ( credit card, cash, cheque, etc) and the expenses are counted when you pay them. It is a very common method for small businesses, especially those businesses that take or make payments immediately.
- Accrual Method – in this method, the income is counted when a sale is made (regardless if you have received any money) and expenses are counted when you receive the goods or services (instead of immediate payment) this method is common for businesses which utilize invoicing and frequently deliver the products or services.
Functions of accounting
- Payroll
- Cash inflow
- Cash outflow
- Inventory
- Fixed assets and property accounting.
Process of Setting up Accounting Practices in a Business
Step 1: Share Requirements + Documents
Share your requirements and the list of documents mentioned below with team Wazzeer.
Step 2: Salary and Pay slip working
Step 3: Reconciliation of Bank Statement
Our CA team will set up a practice for the reconciliation of bank account statements with the invoices.
Step 4: TDS Filing
Our team will set up your Traces account for future TDS Filings.
Step 5: GST Filing
We will set up the GST account for GST Filings and help you with the Invoice formats.
Step 6: PT Filing
If the company has PT registration we shall set up a practice for monthly PT filings.
Step 7: PF Filing
If the company has more than 20 Employees we shall set up practices for monthly ESI and PF payments.
Step 8: Bookkeeping
We shall set up a practice for maintaining the monthly books of accounts.
Step 9: Review and Discuss
We will set up a call and you can clear all your doubts and queries.
Documents Required to Setup Accounting Practices
- Monthly Bank statement dated end of the month
- Vendor Invoices
- Income details (if any)
- Details of new employees( Salary, date of joining, deduction, etc.)
- Pay-out working sheet
- Details of purchase
- Expense bills
- Asset register
- Credentials
Key Deliverables
- Payout Summary
- Payslip for employees
- Bookkeeping
- GSTR Challans
- TDS Challans
- PT Challans
- PF Challans
- Monthly Balance sheet and P&L
- Salary Structure of a New Employee
Why choose Wazzeer?
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One platform for all your requirements
Incorporation is just the first step. Wazzeer supports you throughout your journey as an entrepreneur. Log in to get things done efficiently. A dedicated Account Manager offers the required human touch and acts as an advisor to you.
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Experienced professionals
Our professionals have at least 5 years of experience and have incorporated thousands of companies among them. The rich experience ensures that the process is smooth and right in the first go.
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Defined process
Over the last few years, doing over 500 incorporations, we have defined every step of the process. A virtual process is in place enabling us to deliver hassle free experience for you.
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Cost Effective
You pay what you see in the proposal. No surprises or hidden charges.
Frequently Asked Questions
Should the director be physically present during this process?
No, the complete process can be carried online. Wazzeer has developed Standard Operating Processes that seamlessly delivers Business Registration 100% online.
What makes a good accounting practice?
A good accounting practice requires accuracy, timeliness, and attention to detail. It should adhere to ethical standards and legal regulations. Good communication with clients and a commitment to continuous learning and improvement are also important.
What are the three most important statements that are needed for accounting practices?
The three most important financial statements in accounting are the balance sheet, income statement, and cash flow statement.
- The balance sheet shows a company’s assets, liabilities, and equity at a specific point in time.
- The income statement shows a company’s revenues, expenses, and profits or losses over a period of time.
- The cash flow statement shows a company’s cash inflows and outflows over a period of time and helps to assess its liquidity and financial health.
Should the director be physically present during this process?
No, the complete process can be carried online. Wazzeer has developed Standard Operating Processes that seamlessly delivers Business Registration 100% online.