Generally Accepted Accounting Principles (GAAP or US GAAP) is the collection of accounting principles, standards, and procedures issued by the Financial Accounting Standard Boards (FASB). All US public listed companies must follow the US GAAP when their accountants file the financial statements.
How will a good accounting patner help?
- Evaluation of business performance- A good accounting partner helps in the evaluation of business performance. It is imperative to know the financial performance of any size of business organisation. An experienced accountant helps in tracking the data regarding expenses and debts and compares the current year’s data with the previous year. This evaluation helps in finding the financial status of the company.
- Compliance with statutory rules-A good accounting partner helps in Statutory Compliance. It ensures the on-time filing of Sales Tax, Income Tax, Value – Added Tax (VAT), and paying off other liabilities and protects clients from legal actions.
- Budget estimation & Future projection- An experienced accounting partner helps clients with budget estimation and data projection for the future. Generally, data projections are based on historical financial data. A client can get the idea from this projection whether the business is operating in profit or not.
- Important filing- A good accountant helps in filing the financial statement with the Registrar of the companies. It is imperative to file a financial statement of the companies that are publicly listed on the stock exchanges and to file Direct and Indirect Taxes. It is needless to say that an experienced accountant plays a major role in accounting and finance-related matters.
- Important date- A good accountant helps in reminding the important dates for each financial year. He keeps a record of specific dates of the accounting cycle. Many accountants use accounting software applications that allow them to program cycle dates and send reminders through automated reports.
- Sends Invoices on behalf of clients- A good accountant sends invoices to clients’ customers. It is necessary to collect inflows from customers. A correct financial statement can be drawn when all entries related to outflows and inflows are in records and claimed on time. An accountant sends bills to business customers so that his clients can get paid.
BFAG’s solutions for Accounting:
Boston Financial Advisory Group (BFAG) offers a qualitative service in Accounting:
- Helps in creating financial strategies in business,
- Manages Regulatory Compliances,
- Ensures updated books of account,
- Assists in Tax – related matters,
- Assists for Bookkeeping & Accounting,
- Accounts Receivables / Accounts Payable / Bank Reconciliation,
- General Ledger Maintenance,
- Expense Accounting & Reporting,
- Fixed Asset Accounting,
- Financial Statement Compilation & Review.
A good accounting partner delivers high-quality service on time. It provides customised service and takes care of clients’ needs.
BFAG provides the best Accounting, Reporting, and Advisory Services. We have a team of experienced professionals (mainly CAs / CPAs) who can help you in maintaining your books of accounts.
Contact us today in case of any assistance or queries.
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Visit our website: www.bostonfagroup.com