We should always avail the services of business accounting firms for the myriad amenities they provide. Accounting firms are an integral part of the business houses and merely an outsourcing cost for bookkeepers. It is best to get confirmation of services provided by the business accounting firms near me based on the company’s specific needs and criteria.
Functions
1. Tax planning –
The main task of an accounting firm is tax planning and preparation. Accounting firms are also delegated with the job of representing the job of company’s interest with regards to notices, information requests or audits.
Some business owners look to accounting firms for estate planning needs. The accounting firm provides the perfect blend of business entity creation and family trust establishments. Firms take the help of estate planning lawyers, financial planners and insurance agents to carry out business transfers.
2. Bookkeeping –
Business firms are generally adept in providing products and services associated with the business. But when it comes to looking after financial aspects of the business, they are at a total loss. Accounting firms come in handy in such times. These firms engage the services to bookkeepers to go through the business accounts to maintain a diligent record of each transaction.
Payroll processing also falls within the ambit of an accounting firm’s responsibility.
3. Determines the valuation of a business –
A business hoping to seek loan or funding from an investor has to be legitimately valued. This is also imperative when it comes to forming potential mergers or purchasers. Business houses rely on accounting firms to provide them with a reasonable value that can be handed over to the potential customer. The accounting firms carefully go through the previous years revenues and growth trend of the company before coming to any inference.
Some of the accounting firms are also entrusted with preparing pro forma financial statements and projections. This is required for initial funding or for future expansion of the company.
They also give valuable advice as regards distribution, incorporation and expansion of the company. They are to a large extent responsible for the company’s success.
4. Auditing –
To get a comprehensive idea about the financial transactions of a company, the accounting firm conducts internal and external audits.
5. Tax compliant issue –
Accounting firms address tax compliant issues. The accounting firms have their own pool of tax professionals. These professionals are experts in their own field and help the company with the tax payments.
TIPS FOR SELECTION
The best way to select the perfect accounting firm near me is to go through the following criteria-
1. It is best to go through their area of specialization before zeroing in on the one that needs your requirement.
2. Sometimes accounting firms have limited resources. They outsource professionals to meet the demands of the company. Therefore it is best to choose an accounting firm that has a pool of professionals like tax consultant, financial consultant. An accounting firm with a wide range of certified professionals will be far efficient in delivering services without any glitches. If a company needs bookkeeping services it is better to track an accounting firm that has bookkeepers on their payroll.
3. An accounting firm should maintain good communication with the company that hires it. It should provide proper guidance and initiate intuitive discussion with the firm to steer with carefully towards the path of progress.
4. It is best to take reference from friends and business associates who may have used the services of a particular accounting firm.
Business accounting firms in and around Kolkata
Kolkata being the intellectual pivot of India houses a number of accounting firms. They cater to a number of reputed companies.
These accounting firms are generally responsible for the disclosure of provision of assurance regarding financial transactions. This has proven beneficial to managers, investors and tax authorities alike before they can take decisions regarding allocation of resources..
A number of big accounting firms have set up their headquarters in Kolkata. The foremost amongst them is Price Waterhouse Cooper(PWC) .
Price waterhouse Cooper is a leading firm when it comes to
- Audit and assurance
- Tax planning
- Deals with matters regarding accounting transaction, merger and acquisitions and crisis management.
The accounting firms cater to a wide array of potential customers from industries like financial services, private companies, entertainments and so on.
We have managed to compile a list of some of the leading accounting firms in Kolkata-
1. Moore Stephens Singhi/Singhi Co –
Moore Stephens Singhi/Singhi Co is a leading accounting company with its base in Kolkata. It houses 380 employees. It was founded in the year 1940 by Rajiv Singhi.
2. Shri Bihariji Cold rollers Pvt ltd –
Shri Bihariji Cold rollers Pvt ltd has its base in Kolkata. At present it has 1-10 employees on its payroll.
3. Aristro Capital Markets Pvt ltd –
A small sized accounting firm in Kolkata with an employee strength of 1-10.
4. Skillhat Consultancy –
This is another accounting firm based in Kolkata. It has 1-10 employees on its payroll.
5. Anindya Mitra Co –
Their ambience of service covers not only accountancy but also internal audit, management of audit, direct and indirect taxes and BPO/KPO set up. It was established in 1998 in Picnic Garden, Kolkata. Anindya MNitra is a well known name when it comes to tax consultation, Income tax consultation and GST registration.
6. Dipankar Sinha & Associates –
One of the best accounting firms in Kolkata for the past 21 years.Their range of services include accounting, taxation matters, statutory compliance issues and provision of valuable advice to start up companies. It also provides assistance regarding NRI or foreign investment in corporate sectors especially in the IT sector.
7. Caps & Associate –
A premier accounting firm located in Kolkata. It specializes in GST, Offshore accounting, Income tax and in providing manpower supply in different segments like telecom and software industry.
CONCLUSION
My word of advice to you is that as a business entity I should always approach business accounting firms near me for carrying non core accounting requirements. It is a wise choice to avail their resources. Not only do they boost the growth of the company but also generate revenue.
Small businesses tend to take a cautious approach while dealing with finance. Any slip on their part can shatter their dreams of being a prominent contender. Thus it is imperative that the professionals who possess the necessary expertise should take care of a firm’s account.