i.           Accounting & Bookkeeping

Professional accounting services are crucial for businesses of all sizes, as they help in maintaining accurate and organised financial records. A well maintained accounting record helps in tax planning, reporting and compliance. It also provides an accurate picture of the organisation's financial health and performance over time. The information thus derived aids the stakeholders to make informed decisions like investments, resource allocation, expansions, valuations, day-to-day operations etc.

Why Use Accounting & Bookkeeping Service:

•   Income tax act 1961, specifies to maintain the books of accounts for various professions like , legal, medical, engineering or architectural profession and to all people who carry any kind of business

•   As per CGST Act 2017, every registered person under GST, must maintain all records at his principal place of business

•   The Companies Act 2013 also requires the maintenance of books of accounts for the registered Company in India

•   The LLP Act, 2008 makes it mandatory for registered LLP to have a Books of Accounts

•   The books to be maintained are Journal, Ledgers, Trading Account, Profit & Loss Account, balance sheet, notes to accounts and cash flow statement etc

•   For the compliance purposes as well as for effective administration of the business maintenance of Books of accounts is mandatory

•   Due diligence is important for business and that also adds to the reason accounts need to be maintained

Our range of accounting services includes:

Bookkeeping services

We have a team of accounting professionals who have the expertise to handle the day-to-day accounting tasks for your business. Our bookkeeping services include setting up accounts, billing for sales, recording receipts of money from customers, making entries for bank details, making payments to suppliers, recording invoices from vendors, and month-end and year-end closing of accounts.

Accounts payable

It is important to keep track of accounts payable since any issue in this may affect your relationships with vendors. Therefore, we support our clients in various accounts payable services such as processing the purchase orders, matching them with invoices, and handling everything related to pricing information, debit memos, monthly accounts payable ledger, and disbursement.

Accounts receivable

Customers are the most critical aspect of any business since they generate revenues and lead to profits for businesses. Our accounts receivable services include managing the sales orders, converting sales orders to invoices, matching invoices with the payments made by customers, verifying the invoice receipt, processing credit memos, monitoring the credits, monthly accounts receivable ledger reconciliation, and many others.

Tax preparation and filing

We also have a separate tax team that is adept at handling all tax-related activities of businesses. We help your prepare your tax returns, file them, and also conduct tax planning meetings. We also conduct quarterly and annual tax planning meetings with the senior management of our clients to contribute to planning for the next year

Bank reconciliation

It is essential to have a clear view and knowledge of your business's cash position because, based on that, you make key decisions. We carry out bank reconciliation to check if the balance as per books of accounts tallies with the balance as per the bank statement

Financial reporting and analysis

Our outsourced accounting services are just not limited to accounting activities; we also help you strategically. Specifically, we help you in the preparation of financial statements such as balance sheets, income statements, cash flow statements, bank reconciliation reports, and detailed reports on general ledgers. All these reports and an additional insightful analysis with it from our esteemed financial advisors enhance your decision-making that can take your business productivity a step higher.

ii.           Compliance Services

Compliance management ensures that businesses follow both internal policies and external legal regulations. It is essential for streamlining the operational and administrative processes of a company while maintaining alignment with applicable laws. A well-defined corporate structure and clear processes are key to achieving this goal.

Why Compliance Management is Crucial

Compliance isn't just a requirement; it's a critical aspect of running any business, regardless of its size or industry. From procurement and billing to financial reporting and managing non-monetary assets, compliance plays a vital role in mitigating risks such as corruption and regulatory breaches. By adopting robust compliance measures, businesses can ensure that all potential risks are addressed effectively.

Services We Offer

Registration

Every organization must adhere to specific compliance criteria based on its operations and presence. At RAAC, we specialize in providing comprehensive compliance management services. Our team prepares all the necessary documentation and ensures a smooth registration process, minimizing the risk of rejection.

Filing Returns

Filing of returns is mandatory with necessary supporting documents that comply with the regulations. RAAC undertakes all the filings within the specified due dates and time frames that are to be adhered to avoid non-compliance risks.

Filing Refunds

RAAC provides exceptional compliance management services that not only ensure adherence to regulations but also maximize the benefits that taxpayers can claim. In these cases, our team takes swift action by filing refund claims promptly and submitting all required supporting documents. This enables businesses to avoid any unnecessary blockage of working capital.

Liaison with Authorities​

At RAAC, our team has extensive experience and expertise in compliance management services. We excel in effectively communicating and liaising with authorities during times of special requirements. Acting as intermediaries, we represent your interests to various boards, allowing you to focus on the growth of your business.

iii.           Payroll & Labour

Streamline your workforce with our comprehensive payroll and labour compliance services, designed to simplify your business operations with Renu Agrawal & Co.

 

It is important for employers to maintain the records of the number of workers they employ, the salary is given to them, deduction of taxes on their salaries, payment of those taxes to the government, keeping the track of the number of leaves taken in a month; etc. It is a time-consuming task that requires assistance, particularly when it is a micro or small business. Payroll is crucial from the moment the business hires its first-ever employee. It is not only required from a legal compliance perspective, but also from an accounting perspective, as payroll taxes considerably affect the net income of most businesses.

Key Components of Payroll Services-

Strategizing salary structure which will be beneficiary for employee and employer both

•   Processing of payroll on a monthly basis after analyzing the monthly attendance/leave count for each employee

•   Calculating deductions as per applicable laws like Income Tax, Provident Fund, and Professional Tax etc.

•   Calculating reimbursement of telephone, medical bills etc.

•   Advice to the bank for remittance of salary to employees

•   Advice for remittance on TDS(Tax Deducted at Source), PT(Professional Tax), PF(Provident Fund), ESI(Employee's State Insurance)

•   Obtaining investment declarations

•   Investment proof from employees

•   Verification of investment proofs

•   TDS computation

•   Filing and Submission of Form 24Q

•   Clarification of doubts of employees on tax deductions.

Compliance Advisory