Greenvissage takes ownership for the
entire Accounting and Bookkeeping Services
Today every business needs leadership.
We manage your business, while you are busy
building it… leading it.
Greenvissage takes ownership of the entire accounting and bookkeeping services right from invoice processing, cheque writing to reporting and liaising for various audits. With our help, companies can operate even without any support staff for related functions. We provide top-notch accounting and bookkeeping services in Pune.
Accounting data serves as a barometer for several functions like strategic planning, tax planning, and compliance, secretarial compliance, and compliance compatible with requirements of other regulatory authorities. The efficacy of several decisions depends upon the quality of accounting data available.
Conventionally, the accounts division is apprised of the prospective transactions by the company. As a natural corollary, having a competent review mechanism and an informed accounts division is of paramount importance. It helps to comprehend the attendant risks relating to regulatory, financial, and tax planning. It saves the company from statutory violations, financial losses, and other eventualities that could be detrimental to its interest in the long run.
Accounting team requires close co-ordination with several agencies including bankers, insurers, auditors, tax department, lawyers, RBI, STPI, etc. We make sure the accounting and bookkeeping services that you outsource to us is hassle-free and leaves you no worries regarding any aspect of it.
It is a one-time activity which creates a basis of entry & maintenance of all accounting information and creation of general ledgers and financial statements. In the current business scenario, organizations are subscribing to increasingly complex financial systems. Accounting manual helps you standardize your financial reporting which in turn helps you to create base for effective analysis & decision making. When you outsource accounting services to us, we ensure records of accounts are maintained well.
We leverage the features of various accounting software available when we provide accounting bookkeeping services to you. The experience of our team of highly proficient accountants ensures transactions are recorded correctly which enhances overall financial decision-making. Further with proper maintenance of records, we ensure proper & timely compliance with various statutory regulations.
MIS reports are necessary to assess a company’s financial performance and we help with expert bookkeeping and MIS services. These financial reports include profit & loss account, balance sheet, cash flow statement, reconciliation statement, payroll reports, accounts receivable, accounts payable, etc. Apart from the above, parent companies require regular reports from their group companies which are useful for consolidation and other legal requirements.
Every company needs to effectively monitor their performance and manage cash flows. We help you with preparing budget and comparing the same with actual results. Our team also prepares exhaustive monthly cash flow projections, which help you in business planning, budgeting, and fund raising.
There is a great deal of documentation to be provided to the auditors in the course of statutory as well as other audits. The requirements are very exhaustive as well as qualitative. The auditors draw comfort based upon the quality of information provided to them. We provide necessary support to companies to ensure audits are completed smoothly.
Financial reporting includes annual accounts required to be prepared as per the formats prescribed under various laws (company laws, tax laws, IFRS, US GAAP, etc.). Further group companies also need annual accounts for consolidation in a prescribed format which are compliant with their laws.
Should I outsource my accounting to an outside professional?
In most cases, the answer to this question is “yes.” When you consider how many hours you or another member of your staff will spend on record keeping, accounting, payroll, and taxes, it can often be more cost-effective to hire an outside professional for accounting and tax needs. Additionally, a professional services company offers greater peace of mind than doing it in-house and relying on your cursory understanding of accounting and other related complex issues.
How many years are books of accounts required to be maintained under Income tax act?
Under INCOME-TAX ACT 1961, Assessees are required to preserve the specified books of account for a period of 6 years from the end of the relevant assessment year, i.e., for a total period of 8 previous years.
How many years books of accounts should be maintained as per Companies Act 2013?
COMPANIES ACT. A company is required to maintain its books of account and vouchers for a period of 8 years immediately preceding the current year.
Do company accounts need to be audited?
Every company incorporated under Companies Act need to get their books audited. There is no minimum threshold limit.
What is the applicability of IFRS in India?
Ministry of Corporate Affairs (MCA) issued a note outlining the various phases in which Indian Accounting Standards converged with IFRS (Ind AS) is proposed to be implemented in India, for Companies other than Banking Companies, Insurance Companies and NBFCs. Consequently, the companies will need to convert their accounts from Indian GAAP to IFRS.
Companies can voluntarily adopt Ind AS for accounting periods beginning on or after 1 April 2015 with comparatives for period ending 31 March 2015 or thereafter. However, once they have chosen this path, they cannot switch back.
Ind AS will be mandatorily applicable to the following companies for periods beginning on or after 1 April 2016, with comparatives for the period ending 31 March 2016 or thereafter:
Ind AS will be mandatorily applicable to the following companies for periods beginning on or after 1 April 2017, with comparatives for the period ending 31 March 2017 or thereafter: