Accounting

In the dynamic world of business, Comprehensive Accounting Services provide solutions for businesses, addressing finance and accounting complexities, utilizing dedicated professionals and advanced technology to drive financial success and facilitate strategic decision-making. ProMunim is a comprehensive cloud based accounting platform with user friendly interface and user-oriented functionality that takes care of your business finance. We automate your work flow from core accounting, stock tracking, bank reconciliation, and managing projects.
ProMunim of India is more than just a service provider; we're your dedicated Munim for your business financial success. We understand the importance of seamless Accounting and compliance management, which is why we pledge to assign a full time dedicated accountant to each client entity. This professional will oversee all aspects of billing, accounting, and compliance, ensuring that your financial obligations are met consistently and accurately, whether it's on a day-to-day basis or before compliance due dates.

Key Features:

• Discover the key features of our accounting service, designed to elevate your business with Promunim.
• Personalized Full-Time Or Part Time Dedicated Accountant:
  Enjoy the expertise and attention of a dedicated assigned accountant committed to account your business.
• Day-to-Day Accounting:
  Let us handle your daily financial tasks, ensuring accuracy and efficiency in your accounting processes.
• Online Application/Client Web Portal Access:
  Access your financial data securely anytime, anywhere through our user-friendly Client Web portal.
• Infrastructure Support:
  Your accountant will leverage our infrastructure, freeing up your resources to focus on core business activities.
• Daily Reporting:
  Stay informed with regular updates and reports on your financial performance, enabling informed decision-making.
• Tax Planning:
  Benefit from proactive tax planning strategies tailored to optimize your tax liabilities and maximize savings.
• Budgeting and Forecasting:
  Gain insights into future financial performance with comprehensive budgeting and forecasting services, helping you plan effectively for growth.
• Additional Services:
  Beyond the essentials, we offer a range of additional services to support your financial needs and aspirations.

How It Works:

• Source Documents: Our team meticulously checks every financial transaction, using source documents such as invoices, receipts, bills, and bank statements as evidence serve as evidence of these transactions.
• Journal Entries: These transactions are then recorded by accountant in journals, where they are classified based on their nature (e.g., sales, purchases, expenses).
• Double-Entry System: Each transaction affects at least two accounts - a debit to one account and a credit to another. This system ensures that the books always balance.
• Ledgers: Journal entries are then transferred to ledgers, which are individual accounts for assets, liabilities, equity, revenue, and expenses.
• T-Accounts: A visual representation of a ledger account, showing debits on the left and credits on the right.
• Trial Balance: A list of all the ledger accounts with their debit and credit balances to ensure the books are in balance.
• Income Statement: Shows the company's revenues and expenses over a specific period, resulting in the net income or loss.
• Balance Sheet: Provides a snapshot of a company's financial position at a specific point in time, showing assets, liabilities, and equity.
• Cash Flow Statement: Tracks the movement of cash in and out of the business on daily basis, categorizing it into operating, investing, and financing activities.
• Ratio Analysis: Helps assess a company's financial health by comparing key financial ratios such as liquidity, profitability, and solvency.
• Trend Analysis: Examines financial data over time to identify patterns or trends that can inform decision-making.
• Comparative Analysis: Compares a company's financial performance with industry benchmarks or competitors.
• Financial Reporting: A dedicated account manager will prepare financial statements according to generally accepted accounting principles (GAAP) and report it.
• Regulatory Compliance: Compliance with tax laws, regulations, and reporting.

What We Are Providing?

In the realm of premium accounting services, ensuring compliance with tax laws is paramount. As part of our commitment to providing comprehensive financial management solutions, we offer free of cost services for GST filing, Income Tax filing, and Professional Tax filing. Here's how we streamline these processes to guarantee accuracy, efficiency, and regulatory adherence:

 

• Seamless Submission: Our dedicated account managers handle the entire GST filing process, from data collection to submission, ensuring compliance with GST regulations.
• Timely Filing: We ensure timely submission of all GST returns, including GSTR-1, GSTR-3B, and annual returns, minimizing the risk of penalties and non-compliance issues.
• Input Tax Credit (ITC) Management: We verify and reconcile input tax credit claimed against eligible invoices, optimizing cash flow and reducing tax liabilities.
• Strategic Tax Planning: Our team of experts provides strategic tax planning services to minimize tax liabilities while maximizing deductions and exemptions.
• Efficient Preparation and Filing: We prepare and file income tax returns (ITR) on behalf of our clients, ensuring compliance with income tax laws and regulations.
• Adherence to Regulatory Updates: We stay up-to-date with changes in income tax laws, incorporating amendments to tax rates, deductions, and reporting requirements into our services.
• Complete Compliance: We assist clients in obtaining professional tax registration and enrolment for employees, ensuring adherence to state-specific regulations.
• Accurate Calculation and Deduction: We accurately calculate and deduct professional tax from employee salaries, based on applicable tax slabs and thresholds.
• Timely Filing and Reporting: We handle the entire professional tax filing process, ensuring timely submission of returns and compliance with reporting requirements.
• Transparent Records: We maintain comprehensive documentation of all tax-related transactions and filings, ensuring transparency and audit readiness.
• Regular Updates: We provide periodic reports and updates on tax compliance status, empowering clients with insights to make informed decisions.
• Audit Support: In the event of tax audits, we offer full support and assistance, ensuring compliance with audit requirements and addressing any queries or discrepancies.

At ProMunim of India, we understand the critical role that accounting plays in the success of your business. With our comprehensive accounting services, you can trust that your financial needs are in good hands. Contact us today to learn more about how we can help you achieve financial success and drive growth for your business.

• Financial Accounting: Financial accounting involves recording and reporting business transactions to external parties, such as investors, creditors, and regulatory agencies.
• Managerial Accounting: Managerial accounting provides information to internal users for decision-making, planning, and controlling business operations.
• Inventory Accounting: Inventory accounting is a specialized area that manages a company's inventory, ensuring accurate financial reporting.
• Cost Accounting: Cost accounting analyses and tracks costs associated with production, controlling costs, and making pricing decision.
• Tax Accounting: Tax accounting prepares, analyses, and plans tax-related matters for individuals and businesses, ensuring compliance with laws and regulations.
• Auditing: Auditing verifies the accuracy of financial records and transactions, either internal or external.
• Forensic Accounting: Forensic accounting combines accounting, auditing, and investigative skills to uncover financial fraud, embezzlement, or illegal activities.

Benefits

• Streamlines financial processes for accuracy and efficiency.
• Ensures accuracy and reliability of financial records.
• Provides detailed financial statements and reports for informed decision-making.
• Outsourcing accounting saves time and money by eliminating in-house staff and infrastructure.
• Provides strategic insights for data-driven decisions driving growth and profitability.
• Outsourcing results in significant cost savings.
• Provides peace of mind with experienced team managing accounting functions.

Frequently Asked Questions