Accounting Services

Accounting Services

Accounting is the process of recording, classifying, summarizing, interpreting, and communicating financial transactions of a business or individual. It involves tracking the money coming in (revenues) and going out (expenses), ensuring compliance with relevant laws, and producing financial reports to help decision-making. At its core, accounting provides a systematic way of understanding a business’s financial health, which is crucial for managing resources effectively, ensuring legal compliance, and making informed financial decisions.

At P M Associates, we offer comprehensive Accounting Services tailored to meet the unique needs of your business. Whether you’re a small startup or an established corporation, we provide the financial expertise required to keep your books in order, ensure compliance, and help you make informed decisions. Our team of experienced professionals is dedicated to delivering accurate, timely, and reliable accounting services that allow you to focus on growing your business while we take care of the numbers.

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Documents Required for Accounting Services

GENERAL DOCUMENTS

  • Proof of Identity

  • Invoices (Sales & Purchases)

  • Receipts (Payments and Income)

  • Bank Statements

  • Payroll Records

  • Tax Returns and Tax Payment Receipts

  • Financial Statements (Balance Sheet, Income Statement, Cash Flow)

  • Contracts & Agreements

  • Inventory Records

  • Loan Documents

  • Credit Card Statements

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Avoiding Common Mistakes in Accounting Services

  • Not Reconciling Accounts Regularly

  • Failing to Track Cash Flow Properly

  • Incorrect Classification of Expenses

  • Ignoring Tax Deadlines

  • Not Backing Up Financial Data

  • Not Keeping Personal and Business Finances Separate

  • Inaccurate Depreciation Calculations

  • Failure to Keep Detailed Records of Transactions

FAQ :-

What is Accounting?

Accounting is the process of recording, classifying, summarizing, and analyzing financial transactions of a business to ensure accurate reporting and informed decision-making.

Why is accounting important for my business?

Accounting helps you track financial performance, ensure tax compliance, manage cash flow, and make informed decisions that contribute to the growth and success of your business.

What accounting services do you offer?

We offer a wide range of accounting services, including bookkeeping, financial statement preparation, tax accounting, payroll accounting, accounts reconciliation, and management accounting.

How often should I update my financial records?

It's best to update your financial records regularly, ideally on a monthly or quarterly basis, to ensure accuracy and stay on top of your business's financial health.

What documents are needed for accounting services?

Key documents include invoices, receipts, bank statements, payroll records, contracts, tax returns, and financial statements like balance sheets and income statements.

How can I reduce my tax liabilities?

Effective tax planning, timely filing of tax returns, and proper management of deductible expenses can help reduce your tax liabilities. Our team can guide you in optimizing your tax position.

How do I get started with your accounting services?

Simply contact us via phone or email to schedule an initial consultation. We’ll assess your needs and tailor our services to your business.