Small and Micro Business Enterprise

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Small and Micro Business Enterprise

It is generally observed that in start-ups and micro businesses where the whole business is run by a one-man army, accounting & bookkeeping is not given due importance. Small Business Accounting is considered insignificant. Irrespective of the size of your business, maintaining proper accounts depicts you a correct and reliable picture of your business’s health, showing you in which area you are doing good and bad in a particular period. Although cumbersome, maintaining correct accounts can contribute in leading small businesses to medium and medium businesses to large.

Business owners with some interest and knowledge of bookkeeping, try to handle all accounting related tasks at their own such as maintaining proper accounting records, invoicing your clients, keeping an eye on cash flow, preparing taxes and paying it, preparing financial statements in adherence to accounting principles and standard accounting practices. This leaves them very little time to focus on other important business activities.

Our Small Business Accounting Services helps startup and small business owners to save time and cost. Our personalized Accounting services for Small businesses range from small business bookkeeping services, payroll services, management reporting, tax preparation, business analysis, account receivables & payable management, and virtual CFO services.

We do understand that it is not feasible for small businesses or start-ups to invest a lot of money in non-revenue generating activities such as accounting and compliances. Therefore, we follow the cost-value approach in small business accounting services which can be explained as follows;

Our process flow of Accounting Services for Small Business

Brief understanding of Business

Understanding current business processes & organization structure

Brief Industry analysis & determining standard industry practices

Understanding current business activity progress reporting system

Standardizing appropriate changes in business data flow and activity progress reporting

Standardizing data collection form for various activities

Determining number of management reports which is essential for management for decision making and various compliances.

Selecting better and economical accounting package

Based on the business analysis, we determine which is the best cost-effective accounting package along with third party apps/tools which are available in the market which

Satisfies all the reporting and analysis requirements of the management,

Compliment standard industry practices

Compliant with the regulatory requirements

Preparation of process flow

We also help management in preparing brief business process flow (e.g. RASCI Matrix) which is basic version of Standard Operating Procedure (SOP). This helps management in

Knowing the frequency and initiating point for any business process

Understanding the chart of processes, i.e. predecessor processes and subsequent processes which helps in better planning and time management

Responsibility identification and allocation

Defining job description

Preparing critical Event Calendar

“Assentry Consulting & Advisory Services LLP” is now known as “Ascentry Consulting & Advisory Services LLP”.