Accounting involves tracking, reporting, and analyzing financial transactions. It covers everything from preparing financial statements for corporations, and is considered a fundamental discipline within the field of accounting.
Accounting is an act of maintaining the monetary records of a company in a way that they can help in preparation of financial statements which will give a true and fair view of the business of company.
An audit is an independent examination of accounting and financial records and financial statements to determine if they conform to the law and to generally accepted accounting principles (GAAP).
Auditing is the evaluation of financial records / statements prepared through the accounting function
Auditing firms or tax preparers makes majority of their revenue from tax practices or audit service. They work 12+ hours a day including weekends to crank through the high volume of tax returns and audit assignment close to due date. You’re accounting tasks have been put on life support until they can break free of that massive workload. Oh, and what happens after March 31, June 30, Sep 30, Oct 31st arrives? Do they catch up on everything that’s been left behind … uh, no. They need a break! Yes, a much needed vacation to recover from back-to-back 60+ hour weeks.
Are they trying to deliver a bad service for your day-to-day, month-to-month accounting? No. They really are hard working people. The problem is the business model. They’re stuck and can’t get out.
Most people associate CPA/CAs are tax/audit professionals. CPA/CA firms are primarily tax/Audit shops first and anything else second.
We do something different. We changed the age-old business model and focus on real-time accounting as an extended part of your management team. We use SaaS based accounting system and our experience team from industries who understand inside of your business. Our business model is designed to ensure consistent service for you and your business!
Since there is no busy season at indiaFnA.com, we target a 24-hour response time and a -week month-end close so your financials are relevant and reliable. Why are the financials not done precisely at the end of the month if we’re real-time? Good question. We provide accrual-based financials which are critical to businesses transitioning from start-up to established business. This allows you to budget and forecast into the future but does require a little more time during the month-end close to get it right.
We are just not an accounting outsourcing firm we work very closely with entrepreneur and CEO’s to grow their business. We understand need of the business and work accordingly.