It is generally said that “Good Business Is Run By Good Accountants”. As per the saying, it is almost correct stating that good accounting policies will attract good clients or good business. Undoubtedly, there are few other concerns which are needed to be considered while setting up a business. In order to run a business in a profitable way and to compete in this global market and to face the cut throat competition one has to be the best. To be the best in market one needs to work on that area which supports the business, that is, which acts as the backbone- Accounting Services.
What a Loss!!!
A company’s growth or demolition strictly depends on the hands of accountants. Recently, Satyam Info tech can be taken as the biggest example of how a big banner got ruined into dust due to improper accounting record. So, accounting services has to taken care by the trained officials who are efficient enough to handle large accounts.
Yes Its True….Too Many Services!!!!
Accounting services should be provided to the employee in such a manner that it could meet the customer satisfaction. The organization that develops the structure of the services in such a way so that it can reach the expectation of the client along with its own benefit reaches the peak level.
The expected services that are desired can be listed as:
1) Account Receivable: This is a major concern when promoting the business in global market. This service is mandatory for those firms which allows ‘sell on credit ‘, for those it acts as a major asset.
2) Account Payable: This is to keep track of the unpaid due, so that the company can setup the budget plan monthly or annually. This consists of the services that the business has already received but for which payment has not been made by the business. Thus, it is noted under liabilities.
3) Budgeting: Making an entire plan of expenses annually or monthly is compulsory to run the business efficiently. The annual budget plan is important to know the status of the business. However, it varies depending on the client, number of employees and the business environment.
4) Cash Management: Managing cash inflows is a tough job as it leads to success and failure of the business. If flow is properly planned then it can easily reflect the cash requirements and the total cash utilized, cause ‘money matters the most’.
5) Financial Reporting: Business needs to produce a financial statement to reflect the total debit and credit balance, which in turn helps in auditing.
6) Inventory: “sell the old goods” is a big concern for a good investor. The unsold goods or the off season goods has to be sold by the end of the year to save the business suffering from loss. A good business planner should know the inventory management strategy.
7) Payroll Administration: Payroll calculation is a biggest headache for large as well as small firm. Salary calculation, tax deductions are the issues that are needed to be considered here. So that employees can trust on their management.
8) Quarterly Tax Filing: Tax should be paid by the employees. It is charged based on the employee’s annual income. Management should take care of filing tax, as because this is the source of income of the government.
9) General Ledger: A good business should maintain a ledger which should be free of fraudulence. Ledger is used to reflect an idea about the gain, loss, revenues, liabilities etc which helps the business to make a proper future plan and which also maintains transparency.
10) Bank Reconciliation: It is an important aspect for those organizations which does large transactions on a daily basis. The regular transactions must match with the bank statements, otherwise records could be rechecked for confirmations.
11) Accounting Setup: A good business should have proper account setup for well functioning, planning, and regular monitoring. It should be revised according to the new policies to give the best result and to get the best feedback.
Comprising of all these factors makes a good business with a customer satisfaction environment. To get a good business good accounting services has to be provided to the client. So that businesses can walk into the global market, with a strong base.