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.