Accounting is mainstay of any business. Apart from the mandatory government compliances, accounts helps the founders/owners/managers of the business to understand the direction in which company is going, issues with accounts receivable, financial health etc. etc.
Hence it is paramount to have the best accounting company looking after your finances. Next question which arise is how to select the right accounting company for your business. Choosing an accounting company is not an easy job and there hundreds of accounting companies in Delhi alone. ‘One size fits all’ principle does not apply with accounting company and every business has different requirement and should select the right accounting company for them.
For start-ups with less than 1 million of Revenue or less than 200 transactions a month::
Such start-ups should maintain their accounts on their own in excel, keep tab on all the bills received and try to spend maximum through Bank Accounts. It is also mandatory to get the Audit done by year end from an Accounting Company. Also, they should speak to CA once every month to understand if there has been any changes in the regulation.
For companies with 1 million-5 million of Revenue or doing 200-1000 transactions a month::
Such companies should have an accountant company visit their office once a month, and do all the accounting inappropriate software. They have to do various tax registrations as well as deposit taxes. Such company should opt for accounting company which is in their city (like for someone in NCR, they should go for accounting company in Delhior NCR).
For companies with 5 million-50 million of Revenue or doing 1000-10000 transactions a month::
Such companies should have an in house accountant (fresher or with less than 2 years of experience) and the accountant should be supervised by professional from accounting company. These companies should look/opt for accounting company whose CA can give personalized service as the business is growing and regulations would matter for such companies
For companies with over 50 million of Revenue or doing more than 10000 transactions a month::
Such companies should have at least a team of 2-3 people in accounts department (with a senior accountant heading the team) and a professional from accounting company having quarterly audit and directly reporting to the owner.