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Accounting Practice Setup

Combining process and technology with professional expertise.

Why is Accounting Practice setup required?

Accounting is “a precise list or enumeration of financial tractions” it is a method of tracking the flow of money coming into the business and going out.

Setting up an accounting system by a professional accountant is recommended so that you don’t make any mistakes while filing for taxes and other government forms.


Accounting Methods

  • Cash Method – in this method, you count income when you actually receive it, ( credit card, cash, cheque, etc) and the expenses are counted when you actually pay them. It is a very common method for small business especially those businesses who take or make payment immediately.
  • Accrual Method – in this method the income is counted when a sale is made ( regardless if you have received any money ) and expenses are counting when you actually receive the goods or services (instead of immediate payment) this method is common for business which utilize invoicing and frequently deliver the products or services.


Functions of accounting

  • Payroll
  • Cash inflow
  • Cash outflow
  • Inventory
  • Fixed assets and property accounting.

Process Flow

Step 1

Share requirements + documents

Share your requirements and the list of documents mentioned below with team Wazzeer
Step 2

Salary and Pay slip working

Our Team will work on setting up Employee salary structure and payslip formats
Step 3

Reconciliation of Bank Statement

Our CA team will set-up a practice for reconciliation of bank account statements with the invoices
Step 4

TDS Filing

Our team will set-up your Traces account for future TDS Filings
Step 5

GST Filing

We will set-up the GST account for GST Filings and help you with the Invoice formats
Step 6

PT Filing

If the company has PT registration we shall set-up a practice for monthly PT filings
Step 7

PF Filing

If the company has more than 20 Employees we shall set-up practices for monthly ESI and PF payments
Step 8


We shall set up a practice for mainting the monthly books of accounts

Review and Discuss

We will set up a call and you can clear all your doubts and queries

Documents required

  • Monthly Bank statement dated end of the month
  • Vendor Invoices
  • Income details (if any)
  • Details of new employees( Salary, date of joining, deduction, etc.)
  • Pay-out working sheet
  • Details of purchase
  • Expense bills
  • Asset register
  • Credentials

Key Deliverables

  • Payout summary
  • Payslip for employees
  • Bookkeeping
  • GSTR Challans
  • TDS Challans
  • PT Challans
  • PF Challans
  • Monthly Balance sheet and P&L
  • Salary Structure of a new employee

Why choose Wazzeer?

  • One platform for all your requirements

    Incorporation is just the first step. Wazzeer supports you throughout your journey as an entrepreneur. Log in to get things done efficiently. A dedicated Account Manager offers the required human touch and acts as an advisor to you.

  • Experienced professionals

    Our professionals have at least 5 years of experience and have incorporated thousands of companies among them. The rich experience ensures that the process is smooth and right in the first go.

  • Defined process

    Over the last few years, doing over 500 incorporations, we have defined every step of the process. A virtual process is in place enabling us to deliver hassle free experience for you.

  • Cost Effective

    You pay what you see in the proposal. No surprises or hidden charges.

Frequently Asked Questions

The three most important financial statements in accounting are the balance sheet, income statement, and cash flow statement.

  • The balance sheet shows a company’s assets, liabilities, and equity at a specific point in time.
  • The income statement shows a company’s revenues, expenses, and profits or losses over a period of time.
  • The cash flow statement shows a company’s cash inflows and outflows over a period of time and helps to assess its liquidity and financial health.

A good accounting practice requires accuracy, timeliness, and attention to detail. It should adhere to ethical standards and legal regulations. Good communication with clients and a commitment to continuous learning and improvement are also important.

No, the complete process can be carried online. Wazzeer has developed Standard Operating Processes that seamlessly delivers Business Registration 100% online.