04 Jan Accounting and Taxes: Let QualiteSoft take the Charge of it for You
As you grow fast in the business line, you fall short of time in order to keep a track of your money, says accounting and taxes. If it is the case with you, you definitely need to hire QualiteSoft so that up to date clean records are maintained.
Like all other essential service activities, Accounting is also one of them. Each service activity holds certain importance, while Accounting is vital from business and individual point of view as you get all the required information regarding your financial decisions. However, the business accounting includes proper record keeping of all the data in an efficient way so that no legal problem occurs.
In general, there are 3 major statements that are usually made in a business accounting type:
• Income Statement: This statement includes all the net profit / net loss / income generated / loss occurred records for specific time spans
• Balance Sheet: This sheet holds the record for various enterprises for corresponding dates. This is usually updated when payments are cleared.
• Cash Flow Statement: This crucial aspect is a kind of operating system that tells about the expected consequences when you tend to change something in the balance sheets.
We bestow various services for individual and business clients with a focused aim to “provide quality service” to our clients. Services offered by QualiteSoft are mentioned below:
1. Write-Up / Bookkeeping
For a successful business, a well-maintained business record is essential. This proper record will help you to run your business in a more efficient manner. Our experienced staff is there to work full time/part-time in order to perform the daily record keepings of your business.
2. Financial Statements
Our dedicated team can support for preparing you financial statements with professionalism. These statements are regarded to be a key thing when it comes to making an important economic decision.
3. Compilations, Audits, and Reviews
We ensure in bestowing unique and creative solutions that can help a company in enhancing its efficiency and profitability. There financial reporting are as follows:
• Compilation: It is entirely for internal use and is a record of information provided by a client
• Audit: This is the highest level of financial reporting
• Review: This embraces methodical dealings carried out with limited assurance
4. Accounting Services
We are committed to providing our clients with all the information regarding their financial status, records, profits, consequences etc. A good structure record is something that is fundamental for making your business run smoothly. Here is a brief list of all the accounting services provided by us:
• Litigation support
• Computerized payroll services
• Personal financial statements
• Accounting system setup for new businesses
• General ledger & financial statement preparation
• Business tax return preparation
1. Business Succession Planning
Business accumulates various complexities which are very tough to deal for a person unknown to the accounting background. We back you with all your successive decisions for your future so that you deal with the upcoming complexities in a strategically correct way.
2. Estate Planning
Proper estate planning bestows an additional security to your spouse and it is a proper record of all the related assets and beneficiaries. The main aim of estate planning is to decrease or vanish certain taxes in concern to the transfer of your assets or businesses.
3. Financial Planning
As the business grows, you need financial advice and planners that can assist you in decision making at any stage. With financial planning services, we let you achieve your aims by breaking the complexities.
4. Business Entity Selection
As there are several aspects involved in choosing the best form of entity, but you might not be familiar with the merits and demerits of each one. We have the knowledge that can help you take the best decision so that you grow as a firm.
5. Retirement Planning
We help you to manage your business planning in such a way that you enjoy 100% financial independence in your retirement years.
1. Internal Revenue Service (IRS) Representation
As QualiteSoft is serving the people with its consistent services, we ensure that our clients are properly assisted in all their tax problems, so that no legal conflict occurs.
2. Payroll Services
Keeping a proper administration of the payrolls of your employees is a big issue, especially in the case if you are a big company. It gets very tough to administrate all the payrolls, well we are there to assist you. We can track all the payrolls in a proper payroll system.
3. Goods and Sales Tax (GST) Services
As GST is the newest addition to the family of taxes, so many people are not aware of it and its consequences. From filing GST, to assisting you with all the FAQs, we do all of it. Timely GST returns are necessary in order to avoid any complexity or conflict in a business.
4. Tax Planning and Preparation
An efficient Tax planning and preparation is what it takes to build up a stable business. We are expert in providing the best solutions for the planning and preparation of taxes. It includes various aspects such as partnerships, NGO, etc
5. Other Services
Other services which are offered by us include:
• Income Tax Return Filing
• Taxing authority representation
• Tax effects of buying or selling a business
• Divorce and support issues
This list of services offered by us includes the main services, in case you don’t find your relevant requirement; feel free to contact us in the working hours.
We have a variety of experienced people which are in the following positions in QualiteSoft:
• Chief Financial Officer (CFO)
• Financial Controller
• Treasury Manager
• Accounting Manager
• Chief Accounting
All these people are in our staff team and have been assigned duties according to their study, experience, and potential.
What can happen in Case of Accounting Failure?
Sometimes the importance of a service might not look as important as it is, but we will like to discuss some previous cases with you so that you get aware of the consequences of Accounting Failures. It started in the starting of the 20th century when government got to know several frauds running in the United State of America. The major frauds were in Auditing firm Arthur Andersen, WorldCom, Enron, and some other major entities. In all these cases, illegal accounting were observed which resulted in the fall of these big companies.
After these series of fraud, the US government introduced Sarbanes and Oxley Act that made it necessary for the top level management to double check the accounting statements before filing them. This act made the top level management a serious surprise.
Even in India, a similar fraud in the accounting department was noticed by the Satyam Computer MD in the year 2008. All the people of top-level management, independent auditors and other involved people were arrested.
All these cases are an example of what a small accounting mistake or fraud can end up your company in. So it is better to keep yourself updated and true by hiring QualiteSoft. Let your entire burden become ours from now.