Small business owners often think that they can reduce costs by taking the DIY approach for accounting and bookkeeping instead of utilizing the various accounting outsourcing services in India. This works well if you have the time and expertise to maintain accurate records. Otherwise, it will lead to penalties and extra efforts related to the wrong filing of taxes. If accuracy in maintaining the books of accounts is not followed, it will cost you big time in the long run.
A reputed accounting and tax services firm will not only lower your stress level but also maintain transparency in your company’s records. These firms not only provide monthly accounting services but also provide bookkeeping services and tax services.
Messing with your taxes can cost you a number of penalties such as:
• Penalty for not filing TDS return
• Penalty for not complying with the IT notice
• Penalty for providing incorrect information and not disclosing the source of income.
• Penalty for not maintaining the book of accounts accurately.
• The penalty associated with not getting your company’s accounts audited.
Discover month-end closing checklist for businesses of all sizes
Hiring an in house accountant may not be feasible for start-ups and small organizations. But with a firm specializing in providing accounting and tax services, you will receive tailor-made solutions for your monthly financial accounting service needs and other accounting requirements.
Below are some of the advantages of engaging with an accounting and tax services firm for maintaining your business’s books of accounts.
Access to experts
a number of changes have been introduced in the ITR forms. It may be difficult for a business owner to understand the accounting terminologies and enter the correct information. Wrong filing of taxes leads to penalties and notice from the IT department.
But by partnering with a bookkeeping and tax services agency you will have access to a pool of professional accountants capable of handing your monthly accounting services needs and filing your taxes error-free.
Access to accounting and tax services software
Gone are the days when business records can be maintained with mere pen and paper. In today’s business environment it is legally binding to maintain proper records of all business expenses. Utilizing accounting and tax services software will help you maintain good accounting records that are compliant with the law.
Accounting definitions and terms for small businesses
But unfortunately, the software for the bookkeeping and tax services are expensive. This is why it makes more sense to take the support of the firms that provide accounting services in India. Small businesses can get access to the latest technology at a reasonable cost.
Better Accounting Compliance
As the firms providing accounting services in India are staffed with experienced and professional accountants, they will ensure that your company stays compliant with various accounting rules and regulations.
You can avoid interest and penalties as accounting and tax services firm will identify the exact amount of tax to be paid without any delay.
Conclusion
The income tax department does not look kindly on individuals or companies that try to skip their taxes. Therefore don’t mess with taxes!
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