An accounting system is a system that is used by the company to organize and manage its financial information so that proper track of expenses, incomes, assets, and liabilities can be kept. This accounting system can be managed in house by the business enterprises and it can also be outsourced to some professional who will be responsible for all timely compliances related to accounting and taxation.
As I said it can be done in house by the business house, so it may not be possible for person doing small business and this article is for those who are involved in small business and a better advise why it is beneficial for them to outsource its accounting system and How we by using AKT MACS can help them to transform their business.
Where a small business lack in this decision and what’s our advice to them:
- Budgetary Planning: Budgetary planning is important for every business enterprise irrespective of its size. Every person needs to plan their financial needs and a financial roadmap is required to project incomes of business and at the point of time to analyze whether we are meeting our budgetary plannings or not. So, these kinds of tricky decisions could not be made by every or especially a person who newly enters into the business and to help out those in their support we can provide cost-effective and quick assistance to our clients through our user-friendly software AKT Macs in which professionally skilled team is providing service to our many clients.
- Account Payable/ Receivable: Account payable and receivable is the most important aspect in the accounting system because it is the function through which a business house keeps track of records of their accounts payable i.e. what they need to pay to their creditors and the proper records of their routine operating expense records. On the other hand, they also need to track records of their sales and their debtors in the form of Account receivables which could not be possible to maintain for a small business house due to lack of proper knowledge of accounting system and lack of proper accounting software. That’s why AKT MACS is providing service to their clients irrespective of their location and all the accounts will be processed with the help of artificial intelligence in a short span of time
- Tax compliances: As we know GST and various Income tax compliances are need to be done by the business houses and which could be missed or violated in the absence of proper professional advice. AKT MACS is not only providing professional advice to our clients but it is also helping them in timely compliances to the various taxation provisions along with faster and on time responding to the tax notices issued by the department. By using this service you can avoid various penalties that could be imposed on you due to negligence in understanding and following taxation provisions.
- Embezzling: If your accounting system is not keeping proper records of funds and accounts then there are many chances of frauds especially from internal management or your employees. They may embezzle some funds or some accounts and you may even ignore that due to the ineffective accounting system of your entity. That’s why outsourcing and getting accounting service through professionals is also a great benefit so that this fear of embezzling could be overcome and this can be avoided as by doing this accounting is done through independent sources without having any interference with any employee of your company.
Conclusion:
There are various problems which business houses especially the small one will face due lack of knowledge, expensive infrastructure to get accounting system fixed inhouse, Tax compliance issues, fetching of accounting reports due to dependency over the availability of in-house accountant and all have one solution is to get these problem fixed through AKT MACS as it is not only providing services and advising you but also help you to save at least 80% of your cost which you already spending or you will spend in near future on all these services. As our software is focusing especially to the problems of small business houses and it will also result in time and cost-saving of our team and our client as client will also get professional advice and each and every report required by then in running their day to day business in few minutes of time from a team of professionals in this field.