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Accounting Practice Setup
Combining process and technology with professional expertise.
Efficient and professional support throughout! Wazzeer’s experts simplified complex accounting tasks, proving their dedication to customer satisfaction. Moreover, their responsiveness to queries and updates on the progress were impressive. Wazzeer’s comprehensive services were worth every penny invested. I can wholeheartedly recommend Wazzeer to anyone seeking reliable and efficient legal solutions for their business needs.
Priyank Tiwari
Co-Founder and CBO at Nutritap
Outstanding legal advice! Wazzeer’s team of experts proved to be true professionals, guiding me flawlessly through the intricate incorporation process. From the initial consultation to the final paperwork, they displayed remarkable expertise and dedication. Their personalized approach and attention to detail instilled confidence in me, making the entire experience stress-free.
Marc Rouhana
Co-Founder and CEO at Onscreen
Compliance worries? Not anymore! Wazzeer’s compliance services are reliable and saved me time and effort. Impressed by their efficiency!
Atul Shree
Founder at Convin.ai
Accounting made stress-free! Wazzeer’s experts streamlined my finances, maximizing my tax benefits. A trustworthy platform for entrepreneurs. Thanks a lot to the entire team.
Sreedhar Bevara
CEO at BMR Innovations
Wazzeer exceeded my expectations! Their legal team swiftly resolved my contract issues, ensuring a seamless experience. Highly recommended for top-notch service!
Abhijit Roy
Co-founder and CEO at Golden Pi
We have been very pleased with the services being offered by Wazzeer.com. Best part is that you have a dedicated account manager who takes care of all your legal, accounting, compliance, audit related services, so instead of dealing with 4-5 professionals you deal with just one individual.
Vaibhav Pandey
Co-founder at I2I Funding
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
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
Bookkeeping
We shall set up a practice for mainting the monthly books of accounts
2023
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?
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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.
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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.
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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.
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Cost Effective
You pay what you see in the proposal. No surprises or hidden charges.
Frequently Asked Questions
What are the three most important statements that are needed for accounting practices?
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.
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What makes a good accounting practice?
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.
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Should the director be physically present during this process?
No, the complete process can be carried online. Wazzeer has developed Standard Operating Processes that seamlessly delivers Business Registration 100% online.
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