THE ULTIMATE GUIDE TO FINANCIAL ACCOUNTING FOR MSMES.
Financial accounting deals with the summary, analysis, and reporting of financial transactions related to a business. It can help MSMEs by giving insights into the overall financial health of the company, offering a precise report of cash flows which can make filing taxes easy.
How is financial accounting useful for MSMEs?
Just as Micro, Small, and Medium-sized Enterprises (MSMEs) act as Drivers for the Growth of the Indian Economy, Accounting Information helps in the growth of any business. Accounting books must be kept in order to calculate profits generated by the business, to keep track of business revenues & expenditures, for applying for bank loans, during Government Scrutinies etc.
For quite a long time, MSMEs in India have been following the traditional way of maintaining their financial accounts (In Excel or in Hard Copies). With the rapid Advancements in Technology and continuous modifications of government regulations, the importance of Accounts as sources of information has become vital for Internal and External stakeholders. It is important that the accounting services and their deliveries must meet MSMEs' needs, providing important data while avoiding an inappropriate burden.
How Book Xpert can help MSMEs with financial accounting?
One of the major issues faced by MSMEs at the early stages is how to scale up operations and access financing. Financial Reports play a Crucial Role for accessing finances which can help a company’s expansion plans. The challenges faced by MSMEs in the preparation and presentation of financial reports are inadequate accounting books and records, lack of expertise in accounting, Non- Accessibility of Proper accounting systems, and non-running of transactions through the banking system.
A recent study recommends that keeping proper books of accounts and preparing accurate financial records can only be done by professional accountants. Yes, the time has come for forgoing your traditional accounting practices and outsourcing your accounts to trusted professionals like Bookxpert.
What services does Book Xpert provide?
To know more about our services visit us at Bookxpert call us +919297889999 mail us at info@bookxpert.co.in
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