Does your business need Bookkeeping Services? Who needs Bookkeeping Services?

Does your business need Bookkeeping Services?

Facing complications with maintaining and keeping the books up to date and thinking whether your business needs Accounting Services/Bookkeeping Services or not? Read the blog to clear your doubt.

The following are some points that will clarify whether you need Bookkeeping Services or not:

1. Difficulty in keeping the books up to date:

If you have a heap of paperwork, untracked/lost receipts, unsettled payments, and not an accurate record of debit & credit transactions, that means it's time to outsource accounting and bookkeeping services.

2. Consumed up by Bookkeeping activities:

When you and your time are consumed up by bookkeeping activities and you don't have enough time to focus on other things that also matter then it's time.

3. Missed out on Tax Deductions:

MAJOR!! To avoid legal complications and penalties, it's time to hire an accounting and bookkeeping services provider to handle all your financial statements, bookkeeping, and accounting tasks.

4. Doubts on your bookkeeping skills:

One can't be an expert in everything. If you are having a doubt, or have caught a mistake while maintaining your books or missed out on tax deductions, or aren't able to find some/many receipts, then it's time to hire a bookkeeping and accounting service provider.

5. Inconstant/Undetectable Cash Flow

Struggling to detect the cash (where is it coming from or where is it going), unable to cover the expenses as you don't have cash, and many other factors, including huge unexpected expenses and delayed clients' payments, insufficient client work, etc. It's time to hire and keep track of cash flowing in and out of your business.

Agreed that a small business needs no bookkeeper and accountant to handle the books but at some point, the business will grow so does your books, then it won't be possible to handle and maintain the books so accurately. Hence, you must hire an outsource bookkeeping and accounting firm.

Spectra Outsource Solutions is a Trusted Outsourcing Company in India. SOS is offering the best, accurately handled, on-time Accounting and Bookkeeping Services.

SOS- Established in 2006 with an aim is to support small and medium enterprises (SMEs) and help them grow in the market.

For Accounting & Bookkeeping Services, Contact us TODAY!!

What is Compliance Reporting and Why Is It Important?

Compliance Reporting

Compliance reporting comprises all the data/information about an association's activities, whether it has been performed as per the rules & regulations set by the government or not, whether the stored data is being protected properly or not, and how the data is being handled.

It is a never-ending process and the one preparing the compliance reporting & doing the compliance auditing has to be up-to-date with the latest developments & advancements in compliance.

Why Is Compliance Reporting Important?

As we all know now that compliance reporting is vital for each association to handle the data in a proper and safe manner. One thing to keep in mind, at least once a year, associations must reexamine their process to evaluate compliance risks. Failing to do so will lead to penalties, furthermore, it will harm the association's reputation resulting in loss of customers' trust.

How often should compliance reporting be performed?

It's a complicated process and generally been performed by associations only once a year but each business differs from others, hence to avoid risks and penalties a few of the businesses practices compliance auditing and reporting on a half yearly basis.

How to simplify the Compliance Reporting process?

The process of Compliance Reporting doesn't have to be strenuous. One can simplify the process of compliance reporting by:

1. Gathering relevant and important data/information/documents to streamline the process.

2. Identifying and prioritizing the risks.

Spectra follows a systematic approach for Labour Compliance Reporting & Auditing services.

Best Labour Law Consultants in India. Consult TODAY!!

Top Shots on Payroll Concerns to Keep in Mind in the Year 2021

Payroll Outsourcing Services 

Business Trade Reporting Only

One should utilize Form 1099 just when detailing installments are made in the business. Try not to incorporate individual installments, and they are not reportable. On the off chance that there is any gain or profit, you are considered under trading business. Notwithstanding, not-for-profit associations are viewed to be engaged as a business and are subjected to these reporting prerequisites. Different sorts of organizations may likewise be subjected to these prerequisites relying on the rules of the employment tax expert. This concludes that any profit acquired by a self-employed entity who works for your business will report under Form 1099-NEC and not Form 1099-MISC.

While the payroll-related concerns continue to change each year, the pandemic has exacerbated the expected size of the change. The coming year actually has some unexpected changes for all.

SOS (Spectra Outsource Solutions) offers payroll services and HRMS solutions to ease up an association's payroll process and the expert consultants present at SOS work very accurately.

Deviants "ERROR" that can directly impact your Payroll process

Payroll Outsourcing Services

Each step in the process ought to be carefully checked to get the most extreme effectiveness in keeping up the whole Payroll System.

Improper Collection of Pay Inputs

Many associations tend to operate various systems to get the information needed for the Payroll system like Attendance, Time Sheets, Leaves, and so on. This makes destruction in gathering them together and may prompt loss of information or errors in the data. To manage these issues, the management should keep a system where everything can be tracked down at the same time. This can be accomplished by integrating a Payroll Management System if the association can bear the cost of one.

These systems are fundamentally computer software that can gather, compute and sort out all the information without a moment's delay. The management can also look upon outsourcing certain aspects of payroll which may end up being a major alleviation. This will empower the association to contribute its significant time as indicated by its business requirements. One more important part is validating the Payroll Inputs.

SOS (Spectra Outsource Solutions) offers payroll services and HRMS solutions.

Direct Tax Compliance | Income Tax Return Filling in Gurgaon | Spectra

Spectra provides Income Tax (Direct Tax) Consulting and Compliances services to small, medium and large corporates. Our Income Tax consulting team notify the Income Tax changes from time to time and works closely with customers to implement changes so as make them tax them tax compliant.

We undertake transactional work such calculation of advance tax and corporate tax, validation of TDS liabilities, preparing & filling of TDS returns, filling correction statement, attending TDS queries at department level. We support in Tax Audits, corporate income tax return filling, business return and Individual returns.

We also support our customer in Income Tax Assessment, appeal proceedings, and department enquiries. We prepare notice replies, represent before tax authorities, provide explanations and submit documents etc. on behalf of our customers. Our systematic approach, knowledge of tax law and experience of department procedure gives us an edge to deal the tax authorities in efficient manner. Our Income Tax services Includes

• Advance Tax Calculation,
• Corporate Tax Return filling,
• Individual Tax Return Filling
• TDS Validation on month to month basis
• Preparing and filling of TDS returns
• Analysing GR-Report to identify error in TDS return
• filling correction statement with Traces
• TDS and Tax consultancy

For More Info : Click Here : Payroll Services in Delhi NCR | Recruitment Services Faridabad | Spectra

See more related Services: 

https://sos.net.in/human-resource-services/

https://sos.net.in/finance-accounting-services/

Payroll & Labour Compliance Services

Spectra provide end to end payroll and HR ‘Labour Compliances Services to Small and Medium Indian and MNC’S corporates on PAN India basis. Spectra Payroll and compliances team consist of qualified and experienced professionals from varied backgrounds to provide real life solutions. Our methodology is to understand the existing process and fine tune to best suited process. Our SLA (Service Level Agreement) driven approach and our 100% commitment for confidentiality make us preferred and trustworthy service provider amongst our customer.

Spectra Payroll solutions are cost effective and eliminate human dependency to great extent by leveraging technology. Our Payroll and HRMS Solutions are customizable as per customer requirements and have 24×7 access any time anywhere.

The frequent changes in numerous State / Central ‘Labour Laws, government initiative of automation of ‘Labour returns, government focus on 100% compliance and non-tolerance policy on non-compliance have made the entire compliance process a must do actions item for every corporate.

Spectra understands the importance of compliances and leave no scope for non-compliances while working with any existing or potential customer. Spectra provides HR ‘Labour Compliance services on PAN India basis through a wide network of local compliances partners / associates. Our dedicated central compliance team as a single point of contact and font for local compliance partner & company HR team on regular basis as single point of contact to ensure all aspect of compliances.

For More Info : Click Here : Payroll Services in Delhi NCR | Recruitment Services Faridabad | Spectra

See more related Services: 

https://sos.net.in/human-resource-services/

https://sos.net.in/finance-accounting-services/

How to Choose the Right Payroll Service for your Company

All businesses with employees have some sort of payroll system in place to get their staff paid. Instead of processing it on their own, many companies opt for an outsourced payroll service to make this process more convenient and simpler. Managing and handling a stack of books is highly screwing! One out of every three businesses get penalised by the IRS for payroll errors.

Choosing the best payroll services for your business can help you reduces the need for bookkeeping and other errors. Even if there are no mistakes, still doing your own payroll costs you! The time and energy spent in figuring out how much money you have to give can actually be spent making money.

A good payroll service will keep checks to the IRS and your employees regularly, taking most of the burden all off your shoulders-but not completely. The pay-checks may be out of your hands, but this sensitive information is immensely important to your company, so it’s critical that you pick the right service for your business. You need to choose a service provider that fits your company needs and culture. The ideal payroll service provider is the one with whom you can trust with your confidential information, rely for support.

Before you go on the hunt for the perfect payroll provider, identify what’s on your company’s payroll checklist. Map your organization’s need first so that you know what questions to ask and which answers to look for. Understand your company first before you try to understand a payroll provider. After you have prepared your own payroll checklist, start your search.

• Get recommendations from your colleagues or friends working in your field
• Study about different payroll service providers on software review websites
• Checkout LinkedIn professionals working with similar company and hear what they have to say about their experiences

Here are some services to consider looking for when selecting a Payroll Service provider:

• Continuous payroll processing: Run payroll automatically and calculate how much each employee earned for the pay period. Access this payroll data at any time.
• Real-time calculations: Know exactly what each employee is doing and how much they’re getting paid for it.
• Versatile Pay rules: Determine pay for overtime and regular hours including location, shift differentials etc
• Paychecks and direct deposits: Many providers will print paychecks, while the right service provider will offer direct deposit services to deposit paychecks right to the employee bank account.
• 401 Plan administration: Track and setup retirement plans.
• Additional adjustments: Manage bonuses, reimbursements, commissions, tips, and other garnishments
• Automated tax table updates:Ensure the accuracy of employee withholdings
• Analysis reports:Get insight and visibility into your organization with dashboards, reports, and support tools.
• PTO requests:Keep track of paid time off and allow for employers to approve or deny employee requests for days off
• Alerts: Know when an employee is approaching benefits eligibility or overtime hours.
• Tax filing services: These services should include withholding employee taxes. This may also include filing quarterly payroll tax reports and paying appropriate state and federal taxes.

Choosing the right payroll provider can seem like a daunting task. Spectra payroll outsourcing services constantly strive for 100% customer delight and employee friendly inter-phase (ESS) with help of latest technology and by offering personalized payroll services and customizable payroll reporting. Contact us to avail our top-notch payroll solutions.

See more related blogs:

https://spectrasos.tumblr.com/post/189466122338/why-we-need-payroll-services-in-india

https://spectrasos.hatenablog.com/entry/2019/12/30/190653

https://spectra8.home.blog/2019/12/30/hrms-labour-compliances/

https://www.bloglovin.com/@yogeshpant/manpower-recruitment