Auditing And Assurance Services, Taxation And Accounting Services In India

“Accounting is the language of business” – Warren Buffet

Accounting constitutes an integral part of any business as it helps in:

• Ensuring statutory compliance
• Creating a budget and future projections for your business
• Evaluating the performance of your business
• Filling your financial statements

Its evident that getting timely financial advice, understanding your cash flow, discovering tax-saving opportunities and managing your auditing process becomes necessary for your business growth, and this is where V Ramaratnam and Company’s accounting services in India and Chennai come into the picture. Before we talk about taxation and accounting services, let’s understand these concepts in detail.

What is an accounting service?

In the simplest words, accounting is the process of recording, summarising, reporting and analysing financial data. Let’s understand these components one by one.

Recording: It refers to recognising what qualifies as a transaction and making a record of the same. It is also called bookkeeping.

Summarising: Here, all raw data is classified for better analysis.

Reporting: It is the periodic statement that presents the financial status of a company over a stated period.

Analysing: It is an assessment of the stability, viability, and profitability of a business, sub-business, or project.

What are the different types of accounting and bookkeeping services?

There are many accounting services available; a few of the most common services are as follows:

Bookkeeping: Bookkeeping is an indispensable subset of accounting and refers to the practice of accumulating, recording and organising the financial transactions and activities of a company. It helps your organisation:

• Maintain accurate financial records
• Provide a financial statement to investors
• Plan future investment
• Track profit and growth
• Make better decisions
• Improve cash flow

Tax accounting: Tax accounting refers to the methods and policies used for the preparation of tax returns and other statements needed for tax compliance. That means it focuses on the development, analysis and presentation of tax returns and tax payments. It helps your organisation with:

• Tax deductions such as Tax deducted at source (TDS) or Tax collected at source
• Tax audit facilitation under section 44AB
• Statutory compliance adherence like filing of audited financial statements with Registrar of Companies
• Self-assessment and tax payments on time for GST, TDS, PF and filing the returns

Auditing: Auditing refers to the examination and evaluation of an organisation’s financial records to determine if they are accurate and following the applicable rules, regulations and laws. It provides credibility to the financial statements and gives the shareholders confidence that the accounts are reasonable and fair. It also helps your organisation:

• Prevent fraud and errors
• Detect financial misstatements
• Improve credit ratings and much more

What do you need to know about our accounting services in India and Chennai?

Accounting and bookkeeping services in India and Chennai aim to manage your day to day records efficiently, give you an in-depth analysis of your transactions, and provide you with valuable recommendations regarding your balance sheet and tax filing.

They also help you:

• Outsource your accounting functions so that your company frees up valuable time that can be better spent on daily operations and bringing in new customers
• Save employment costs such as salaries, employee taxes, benefits, training and recruitment expenses
• Decrease your risk of internal fraud by giving you an impartial standard of checks and balances
• Yield more reliable information to make improved business decisions in less time
• Access your financial data and records at any time and from anywhere
• Upgrade and improve your current financial accounting processes
• Gain total visibility into the financial health of your business
• Avoid inaccurate tax filing resulting in tax penalties

How are we unique?

The 50 years of trust makes all the difference!

We are recognised as a leading CA firm in Chennai. Our journey began in 1946 by Mr. V. Ramaratnam, and since then, we have grown to be widely acknowledged and appreciated for our professionalism, outstanding quality and strong values.

Our team consists of qualified and experienced accountants and other professionals who are equipped with the requisite skills, experience and knowledge base to deliver customised solutions to our clients. We don’t make your business fit to our services; we strive to see how our services can be tailored to add value to your business.

Our Services

We offer a wide range of services to cater to all your financial needs, right from Accounts Outsourcing and QuickBooks Accounting to Business Advisory and Formation Of Business Entities. Let’s see an overview of some of our most sought after services:

Accounting Outsourcing: Our accounts outsourcing service team takes complete responsibility to deliver structured finance and accounting solutions to companies located anywhere in the world. The range of our accounting services includes bookkeeping, financial statement preparation and management accounts.

Auditing and Assurance: We believe that auditing and assurance are the keys to sustaining confidence in your company and your financial system at large. Hence we approach your audit with a deep and broad understanding of your business, the industry in which you operate and the latest regulatory standards. With our relentless focus on quality, consistency, independence, transparency and advanced technology, we are committed to optimising value for your organisation and your stakeholders.