In order to get the accounting right before the year ends, it is important to decide whether you want to do it on your own or outsource it. Outsourcing the accounting services has a number of benefits and the expertise of the accounting outsourcing services in India can be judged by the fact that several countries like the US, Canada, Australia, Europe etc. are outsourcing bookkeeping overseas to India. Whichever option you decide to take, do remember that the earlier you plan the accounting tasks, the easier the financial year-end will be. Visit https://finsmart.co.in/service/outsourced-accounting-taxation-and-mis-services/

1. Get Accounting Right before the Year Ends
The financial year ending is quite nerve-wracking for many small and mid-sized organizations. To add to
the stress it turns out to be the busiest month of the year. Therefore it is so important to avoid the last-
minute rush in closing or changing the accounting entries as it may lead to the imbalanced balance
sheet.
Outsourcing your company's accounting services will help you maintain the book of accounts
appropriately and ensure that all the relevant taxes are filed and paid on time. Outsourcing Accounting
Services to India also provide their clients with assistance for budget analysis, tax preparation, offshore
bookkeeping services and investment development.
Below are a few accounting to-dos before the year ends.
1. Use business accounting services software from the beginning of the financial year
The absence of an efficient accounting system will give you a hard time managing the financial matters
of your business. A missed payment, defective reports are some of the problems you could run into.
Hence it highly advisable to use accounting services software and make the entire process error-free.
If you are worried about the cost of procuring the business accounting software, partner with a reliable
accounting outsourcing services in India and avail the benefit at a marginalized cost.
The business accounting software is highly useful as it not only identifies any pending invoices, it also
shows any payments not yet received.
2. Analyze your financial statements thoroughly
It is important to comb through every entry made in your balance sheet. It is also advisable to review
the accounts receivable, accounts payable and invoices on a periodic basis. Recording the income and
expenses will help you lower your tax bill. It is also imperative to have details of all transactions made to
date.
If this appears to be a daunting task for you, do not hesitate to enlist the services of a reputed
accounting services firm. This will give you peace of mind that your accounts are being handled by an
expert.
3. Update the tax records

2. Maintaining a record of the taxes paid will help companies recognize the amount pending. This should
be an ongoing activity and not a year-end task. But many business owners avoid this activity as they find
the accounting concepts difficult to understand.
Hence hire a professional accountant from an accounting services firm work for you before the end of
the year to minimize last-minute mistakes.
Electronica Finsmart Solutions Pvt. Ltd.
Corporate Office: Flat No.1. S.No. 64/24, Mandakini Apartments,
Income Tax Office Lane, Erandwane, Pune, Maharashtra ‐411004 INDIA
Mob: Pune : +91 96999 39368 | Mumbai : +91 7798 186237
Email : info@finsmart.co.in | Web : http://www.finsmart.co.in