Accounting, a highly instrumental process within organizations, strives to provide the company's management with precise facts and figures required to keep the business financially healthy. It’s significance in an organization can be determined from the fact that roots of all the important decisions such as budgets for marketing activities, profit reinvestment, research and development, and company’s growth lies in the right accounting process. As a part, accounting also involves compliance with government regulations related to income tax reporting, there is a great need to rely upon highly qualified professionals accountants who stay streamlined with all the government regulations.
Resolves Income Tax Issues
Ensures Timely Payment of Bills
Facilitates Secure Book keeping
Ensures Proper Planning and Decision Making
Ensures Well Maintained and Complete Records
Helps You Stay Streamlined With Government Regulations
Helps You In Making Comparisons With Previous Year’s Financial Records
Importance of Accounting
Accurate enforcement of the auditing principles and income tax rules and regulations, ensures the accountability of all charitable activities including income, transactions, transfers, and payment of fair share of the tax burden.
Information which can’t be made public such as salary costs, project budget and project implementation targets comes under managerial accounting while financial accounting consists of information that NGO/Organisation make available to the general public such as Donor, Government, Governing Body/Trustee Management of Organisation and other regulatory commissions.
Systematic accounting process with proper internal controls helps in reducing frauds in an organization.
The fundamentals of assets, liabilities, and income and the need to reconcile these areas is still the basis for all accounting functions today as the knowledge and principles upon which the first accounting practices were established, have changed a little over the years.
We NGOguru provide a full range of cost effective accounting services including the following:
• IGeneral ledger & financial statement preparation
• Bookkeeping (Monthly/Quarterly/Annual)
• Accounting system setup for new businesses
• Computerized payroll services
• Income tax return preparation
• Personal financial statements
• Litigation support