What is the difference between bookkeeping and accounting services?
In short, accounting starts where bookkeeping ends. Hence, bookkeeping services and accounting services are both required for a business.
Bookkeeping is the process of recording transactions periodically, consistently, and accurately. Accounting is dependent on bookkeeping and accountants rely on bookkeepers for accurate and complete financial transactions. Major activities are to be performed by bookkeepers are as follows:
- Processing receipts, invoices, payments, general ledgers, p&l book, etc
- Proper documentation of debit and credit transactions
- Coordinating with payroll team and completing payroll tasks (payroll processing and reconciliation)
- Regular recording of financial transactions & preparing financial statements accordingly
- Reconciling various accounts and creating reports
Accounting service activities are vital to be performed to avoid any legal complications/penalities. An accountant is also involved in suggesting and advising on financial future aspects based on the past performance analysis. Accounting Services performed by accountants are as follows:
- Filing of GST returns & TDS returns
- GL Accounting
- Travel & Expense processing
- Employee reimbursement processing
- Analyzing financial statements
- Analyzing revenue expenditure/capital expenditure/overheads
Spectra Outsource Solutions is a Trusted Outsourcing Company in India. SOS is offering the best, accurately handled, on-time Accounting Services and Bookkeeping Services.
SOS- Established in 2006 with an aim is to support small and medium enterprises (SMEs) and help them grow in the market.
For Accounting & Bookkeeping Services, Contact us TODAY!!
Top Shots on Payroll Concerns to Keep in Mind in the Year 2021
In the present current circumstance and the rapidly world-changing ramifications in payroll services, multinational associations are rethinking payroll services. While talking with the customers about what new changes will alter in the payroll environment, we regularly center around each business' things in the current year, 2021. Admonished is forearmed.
Reinstate the 1099-NEC
Every one of your IRS structure 1099s and the going with structure 1096 outline must be submitted to the IRS before the finish of January. The Form 1099s likewise required self-employed contractors or be sent before the end date. In the overhauled structure 1099-NEC, you should document nonemployee remuneration perpetually every person in the business has paid during the year. In the event that you have paid a specific sum for services not delivered by an employee, that sum is accounted for in box one. The case straightforwardly suggests whether the beneficiary has paid the tax return appropriately or not.
SOS (Spectra Outsource Solutions) offers payroll services and HRMS solutions to ease up an association's payroll process and the expert consultants present at SOS work very accurately.
Direct Tax Compliance | Income Tax Return Filling in Gurgaon | Spectra
Spectra provides Income Tax (Direct Tax) Consulting and Compliances services to small, medium and large corporates. Our Income Tax consulting team notify the Income Tax changes from time to time and works closely with customers to implement changes so as make them tax them tax compliant.
We undertake transactional work such calculation of advance tax and corporate tax, validation of TDS liabilities, preparing & filling of TDS returns, filling correction statement, attending TDS queries at department level. We support in Tax Audits, corporate income tax return filling, business return and Individual returns.
We also support our customer in Income Tax Assessment, appeal proceedings, and department enquiries. We prepare notice replies, represent before tax authorities, provide explanations and submit documents etc. on behalf of our customers. Our systematic approach, knowledge of tax law and experience of department procedure gives us an edge to deal the tax authorities in efficient manner. Our Income Tax services Includes
- Advance Tax Calculation,
- Corporate Tax Return filling,
- Individual Tax Return Filling
- TDS Validation on month to month basis
- Preparing and filling of TDS returns
- Analysing GR-Report to identify error in TDS return
- filling correction statement with Traces
- TDS and Tax consultancy
For More Info : Click Here : Payroll Services in Delhi NCR | Recruitment Services Faridabad | Spectra
See more related Services:
Payroll & Labour Compliance Services
Spectra provide end to end payroll and HR ‘Labour Compliances Services to Small and Medium Indian and MNC’S corporates on PAN India basis. Spectra Payroll and compliances team consist of qualified and experienced professionals from varied backgrounds to provide real life solutions. Our methodology is to understand the existing process and fine tune to best suited process. Our SLA (Service Level Agreement) driven approach and our 100% commitment for confidentiality make us preferred and trustworthy service provider amongst our customer.
Spectra Payroll solutions are cost effective and eliminate human dependency to great extent by leveraging technology. Our Payroll and HRMS Solutions are customizable as per customer requirements and have 24×7 access any time anywhere.
The frequent changes in numerous State / Central ‘Labour Laws, government initiative of automation of ‘Labour returns, government focus on 100% compliance and non-tolerance policy on non-compliance have made the entire compliance process a must do actions item for every corporate.
Spectra understands the importance of compliances and leave no scope for non-compliances while working with any existing or potential customer. Spectra provides HR ‘Labour Compliance services on PAN India basis through a wide network of local compliances partners / associates. Our dedicated central compliance team as a single point of contact and font for local compliance partner & company HR team on regular basis as single point of contact to ensure all aspect of compliances.
For More Info : Click Here : Payroll Services in Delhi NCR | Recruitment Services Faridabad | Spectra
See more related Services:
https://sos.net.in/human-resource-services/
https://sos.net.in/finance-accounting-services/
How to Choose the Right Payroll Service for your Company
All businesses with employees have some sort of payroll system in place to get their staff paid. Instead of processing it on their own, many companies opt for an outsourced payroll service to make this process more convenient and simpler. Managing and handling a stack of books is highly screwing! One out of every three businesses get penalised by the IRS for payroll errors.
Choosing the best payroll services for your business can help you reduces the need for bookkeeping and other errors. Even if there are no mistakes, still doing your own payroll costs you! The time and energy spent in figuring out how much money you have to give can actually be spent making money.
A good payroll service will keep checks to the IRS and your employees regularly, taking most of the burden all off your shoulders-but not completely. The pay-checks may be out of your hands, but this sensitive information is immensely important to your company, so it’s critical that you pick the right service for your business. You need to choose a service provider that fits your company needs and culture. The ideal payroll service provider is the one with whom you can trust with your confidential information, rely for support.
Before you go on the hunt for the perfect payroll provider, identify what’s on your company’s payroll checklist. Map your organization’s need first so that you know what questions to ask and which answers to look for. Understand your company first before you try to understand a payroll provider. After you have prepared your own payroll checklist, start your search.
- Get recommendations from your colleagues or friends working in your field
- Study about different payroll service providers on software review websites
- Checkout LinkedIn professionals working with similar company and hear what they have to say about their experiences
Here are some services to consider looking for when selecting a Payroll Service provider:
- Continuous payroll processing: Run payroll automatically and calculate how much each employee earned for the pay period. Access this payroll data at any time.
- Real-time calculations: Know exactly what each employee is doing and how much they’re getting paid for it.
- Versatile Pay rules: Determine pay for overtime and regular hours including location, shift differentials etc
- Paychecks and direct deposits: Many providers will print paychecks, while the right service provider will offer direct deposit services to deposit paychecks right to the employee bank account.
- 401 Plan administration: Track and setup retirement plans.
- Additional adjustments: Manage bonuses, reimbursements, commissions, tips, and other garnishments
- Automated tax table updates:Ensure the accuracy of employee withholdings
- Analysis reports:Get insight and visibility into your organization with dashboards, reports, and support tools.
- PTO requests:Keep track of paid time off and allow for employers to approve or deny employee requests for days off
- Alerts: Know when an employee is approaching benefits eligibility or overtime hours.
- Tax filing services: These services should include withholding employee taxes. This may also include filing quarterly payroll tax reports and paying appropriate state and federal taxes.
Choosing the right payroll provider can seem like a daunting task. Spectra payroll outsourcing services constantly strive for 100% customer delight and employee friendly inter-phase (ESS) with help of latest technology and by offering personalized payroll services and customizable payroll reporting. Contact us to avail our top-notch payroll solutions.
See more related blogs:
https://spectrasos.tumblr.com/post/189466122338/why-we-need-payroll-services-in-india
https://spectrasos.hatenablog.com/entry/2019/12/30/190653
https://spectra8.home.blog/2019/12/30/hrms-labour-compliances/
https://www.bloglovin.com/@yogeshpant/manpower-recruitment
GST Compliances
Govt. of India introduced Goods & Service Tax on 1 July 2017, with a vision of One India One Tax. Initially it was a matter of debate amongst different political parties, finance & tax professionals, Scholars and Industrialist, whether GST will be a game changer or game spoiler. The idea behind was to bring India on a Global platform by simplifying Indirect Tax Laws by merging central and state taxes so as give equal business opportunity to every Indian state.
The Govt. thrust while implementing GST (Goods & Service Tax) relied more on technology so as to make the process secure, smarter and faster. It helped small & medium entrepreneurs, business houses and industrialist to transform traditional tax reporting / tax filling into electronic filing (e-filing) by way of filing monthly state-wise returns, transaction-level data upload, revenue reconciliation, reconciliation with vendor, GSTN invoice matching etc.
In the initial phase of implementation, every law has to undergo some changes, likewise GST is also not untouched with this evolutions. The frequent changes in GST laws, rules & procedures in the initial phase resulted due to varied Industry representations at GST council which has forced the Law makers to embed changes in GST Laws to stabilise business and Industry. This process is still on and will be continue till GST stabilises. It is very difficult for small and medium entrepreneurs to keep abreast with such changes on regular basis due to lack of proper professional support and process expertise. Spectra sensed & realised there is a definite need of strong compliance partner who can help them to run through the process and implement the procedural and technology changes for managing the GST compliances.
Foreseeing the technology is inevitable for managing compliances under GST, therefore, Spectra joined hands with technology company, Minerva Technologies Ltd. (An IT Partner of Spectra) who has successfully developed and implemented GST Compliance Solutions which are customizable as per requirements.
Spectra manages GST compliances in a very simplified manner and owns the end to end responsibility for GST Compliances. Our methodology is take the relevant ledger dumps and process the input and output liability by reconciling the books of accounts on monthly basis. We prepare periodic customer and supplier reconciliations and report the gaps to accounting team for follow-ups and reconciliations. We handhold our customer for procedural GST changes and assure our customer from all GST compliances.
We notify our customer from time to time about the recent changes in GST Laws. Our GST Advisory and consulting team interact with customer on regular basis to resolve their queries on GST. Apart from GST Advisory services, we undertake GST procedural activities such as;
- GST Registration
- GST Registration Amendments
- Apply and Generating way bills
- Applying LUT (Letter of Undertaking)
- Calculation of Monthly / Quarterly Tax Liabilities
- Input Reconciliation on monthly basis FORM 2A
- Preparing and filling of monthly GST /quarterly return & provide data for Annual Audit
- GST Consultancy and Tax Planning
- Departmental Lesioning& representation in assessment / appeal proceedings
See more related blogs:
Benefits of Outsourced Accounting Services
As a business owner, you’re always busy in maximizing your production and performance. Certain aspects of running a business needs real time and cost constraints that can keep you away from focusing on your core business needs. One of the areas that require your full attention is your finance department. The more profit you pull in, the more invoices and account receivables you have to handle and more complicated every bit of financial management becomes.
Hiring a Finance and Accounting management requires the utilization of specific technologies that will save the firm’s money.
Outsourcing Accounting Services is an excellent way to grow your business without running into financial problems. Here are 5 reasons why you need to outsource your financial management.
1. Controlling Overall Costs: Even in accounting, little costs add up! You are not going to have as much profitability and productivity if you aren’t tracking your costs, invoices and other costs. Outsourcing financial services will help smooth out your cash flow.
2. Creating a Financial Management System: If you don’t have a solid financial management system in place, then you cannot grow properly. An outsourced financial service takes a critical look at your accounts, files, current third party systems in place and provides a foundation for future growth.
3. Integrating Accounting Solutions to your existing infrastructure: You won’t require the complete accounting service, if you already have a solid financial infrastructure in place. The outsourced financial management services know what technology systems to put in to supplement the existing system.
4. Creating Expense Policies: Another area that an outsourced financial management takes care of is your financial policy. A solid expense and a proper funding policy can provide complete detailed information on how the funds can be used, instead of letting the employees and departments spend the funds randomly.
5. Going through accounting backlog: If you have paperwork and file-work mess and you don’t know where to start, an outsourced financial service provides you with the manpower to get your books in order.
10 Benefits of Outsourced Accounting Services:
- Save time money and minimize overhead costs
- Get access to expert accounting services
- Be assured your finances are in order
- Get access to financial data and records in real time
- Reduce the risk factor
- Keep your finances private and confidential
- Automate and go green since everything is on software
- Ensure payroll and tax liabilities are done timely
- Accurate reporting of your income and expenses
- Become proactive and scale your business
Spectra, leading provider of Accounting Services in Delhi NCR has a strong team of accounting professionals with core competencies in setting up of centralized accounting processes & its management thereof. We develop tailor made accounting processes, systems and controls based on the Client requirements.
Get in touch with us for all your accounting needs!
