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End-of-year accounting is a crucial process for any business or organization. It is conducted at the end of the financial year and involves finalizing the closing trial balance of the company, adjusting journal entries, and preparing final financial reports for the Board of Directors. Needless to say, this process can prove to be quite complex and challenging for most companies and requires expert assistance to ensure accuracy and efficiency.
At LEKHAKAR, we specialize in providing comprehensive year-end accounting services and business advisory services to companies across India. Our team of seasoned accounting professionals has extensive experience in handling all kinds of year-end accounting needs, from preparing an extended version of the trial balance to creating working papers and financial statements.
Process of Year end accounting service-
We take a meticulous approach to our year-end accounting services, beginning with a careful inspection of the company's bookkeeping and ledgers to identify any necessary adjustments. We then create an extended trial balance that takes into account all the relevant documents, journals, and ledgers. Our team also creates different working papers to support the various balance amounts, which is essential for the auditing process that takes place later.
We also bring off a procedure of ledger scrutiny to record different reallocations that accurately reflect the trial balance. Our team of experts is well-known for creating a suitable Financial Reporting Scheme (FRS) that reaches all the required conditions applicable to your balance sheet. Our FRS scheme makes sure that your financial statement is reliable and complies with all regulatory needs.
Other year end accounting services-
Additionally, in our year-end accounting services, we also provide a range of other accounting services, involving financial analysis for banks, accounts receivables factoring services, Ensuring timely bank payments, managing annual closings of balance sheets and profit/loss statements, compliance with financial policies and regulations, and auditing services, etc. We promise to provide our clients with the highest quality of service and ensure that all their accounting requirements are met with precision and efficiency.
So, if you are searching for a reliable and experienced accounting firm to meet your year-end accounting needs, look no further than LEKHAKAR. Contact us today to find out more about our services and how we can help you.
1. Why does year-end accounting matter, and what is it?
Offering your company a financial examination prior to the year's finish is comparable to year-end accounting. It helps ensure that everything is in order to prevent any surprises or tax issues. You may also see how well your business is doing thanks to it.
2. When should I begin year-end accounting preparation?
Avoid waiting till the very last moment! Starting to categorize your finances a few months before to the end of the year is a smart idea. This gave you ample time to prepare for taxes, collect documentation, and look for errors.
3. What records do I require for year-end accounting?
You’ll require things such as bank statements, invoices, receipts, payroll documents, and tax documents. If you’re not sure what to gather, your accountant can help guide you.
4. Is it viable to deduct my taxes before the end of the year?
Of course! By increasing deductions, delaying income, making assistance to retirement plans, or utilizing tax credits, you may be capable of lowering your tax liability. A competent accountant can help you in identify the most effective tactics for your circumstances.
5. What are some classic errors that companies make at the end of the year?
Missing deductible expenses, failing to recheck accounts, failing to document certain liabilities, and diminishing income are some of the most common errors. It's crucial to do everything correctly because these could result in enhanced taxes or problems with compliance.
6. How can year-end accounting be aided by an accountant?
Year-end accounting is made less uncertain by a qualified accountant. They will assure the reliability of your financial records, help with tax planning, find areas where you might save money, and make sure that you are in complete compliance with all applicable laws. They snatch your stress, money, and time, to put it briefly.
7. If a year-end deadline is missed, then what happens?
If deadlines are overlooked, there could be fines, interest, or even issues with the tax controls. Don't dread if you're running behind schedule; an accountant can help you reduce penalties, correct any problems, and request an extension.
