Accounting Services

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Bookkeeping and Accounting Services

Spectra provides bookkeeping and accounting services to startups and small & medium enterprises (SMEs) through a team of qualified accounting professionals having core competencies in GL accounting, Invoicing & Sales accounting, Purchase accounting, and finalization of the balance sheet & profit & loss account (p&l account). Our SLA-driven approach, robust accounting SOPs, and technological leverage give us an edge to record financial transactions on a real-time basis.

We provide end-to-end accounting solutions and bookkeeping services for small business through a dedicated accounting team headed by Team Lead (CA) who manages all accounting functions such as invoicing, purchase accounting, accounts payable and receivable, and MIS reporting at regular intervals.

Broadly our spectrum of bookkeeping services and accounting services includes:

GL Accounting & physical records keeping services.
Travel & Expense processing / Employee reimbursement processing.
Bank Reconciliation and Bank payments through NEFT / RTGS.
Accounting reconciliation / vendor reconciliation / customer reconciliation at regular intervals.
Analyzing financial statements, revenue expenditure/capital expenditure/overheads.
Sales Accounting/Invoicing/billing as per Sales order/purchase order.
Purchase accounting/expense accounting/fixed assets accounting.
Sales order reconciliation/purchase order reconciliation.
Preparation of financial statements on a monthly/quarterly/half-yearly/annual basis.
Preparation of balance sheet & profit and loss accounts as per India GAP.
TDS reconciliation / GST reconciliation / PF reconciliation etc.
Preparing & filing of TDS returns / GST returns / TCS returns / PF returns / ESI returns etc.
Payroll processing, payroll reconciliation, and other payroll services.

Accounting Services for small businesses and Bookkeeping Services for small business- Best accountants in India

In the era of technology, many impossible things have now not only become possible but also cost-effective. The costly manpower and investment in infra have made outsourced accounting services a viable and most preferred choice amongst startups. The advantage of outsourcing accounting and bookkeeping services are as follows:

Major cost saving on accounting, compliance, and consulting services.
Real-time recording of transaction & MIS reporting at regular intervals.
Real-time access of accounting data & access of accounting professionals for any
advice.
Financial analysis and suggestions on non-productive expenditure.
Help startups to focus on core business activities instead of non-core activities.
Full proof redundancy back plans for accounting data.
Data security and confidentiality through the signing of the NDA.

Accounting services for small businesses offered by Spectra are handled by the best accountants in India.

Ques: What are the types of accounting services?

Ans: Types of Accounting Services are as follows:

1. Tax Accounting (deals with income tax and all sorts of taxes salient for an association)
2. Forensic Accounting (tracking missing/appearing funds)
3. Financial Controller Services (handling internal and external audits to control/eliminate tax evasions, frauds, or financial crises)
4. Accounting Audit (ensuring the accuracy of recorded financial statements and records)
5. Bank Reconciliation (retrenchment expenses and ensuring accurate bookkeeping & financial reports)
6. Account Payable (Maintenance of all the financial transactions/documents, eliminating duplication)
7. Account Receivable (Ensuring fast invoices process, enhancement of collection rate & reducing payment period)
8. Payroll Processing (Ensuring accuracy in tax rates and maintaining employees’ financial records like income, bonuses, deductions, and CTC expenses)

Ques: What is the difference between bookkeeping and accounting services?

Ans: Accounting services mean keeping track of the association’s income and expenses. On the other hand, Bookkeeping services means maintaining records of the financial transactions and generating a financial statement. One keep point a bookkeeper has to keep in mind, employees have to fill the invoice correctly.

Ques: What are the advantages of outsourcing accounting services?

Ans: Advantages of accounting services including but are not limited to:

Cost-Saving (outsourcing bookkeeping & accounting services, instead of hiring a professional chartered accountant)
Expert Accounting & Bookkeeping Services (a team in touch with the latest technology and advancements)
Eliminating & Saving Time as well as Cost of Hiring Process (outsourcing accounting services will eliminate the hiring part)
Work Accuracy (experts handle the best, hence, accurate & error-free work)
Improved Productivity (outsourcing accounting requirements will help to focus & boost the productivity of your and your staffs’ work)

Ques: What are the two types of bookkeeping?

Ans: Single-entry and Double-entry are the two major types of Bookkeeping Services. Single-entry bookkeeping is best for small businesses (working on a small scale), and double-entry is opted by medium and large firms. You can handle the bookkeeping work by either buying software & hiring an in-house bookkeeper or hiring an outsourced bookkeeping service provider.