Accounting Services

எதிரதாக் காக்கும் அறிவினார்க் கில்லை

அதிர வருவதோர் நோய். - குறள் 429

Welcome to MN Professions, a trusted provider of professional accounting services with over 10 years of experience. We specialize in offering comprehensive and accurate accounting solutions tailored to the unique financial needs of your business across a wide range of sectors.

Our team is highly proficient in the use of advanced accounting software, including Excel, Tally, Zoho, and ERP systems, enabling us to handle a wide range of accounting functions with precision and efficiency. From bookkeeping and financial reporting to tax preparation and account reconciliation, we ensure that every aspect of your accounting is managed with the highest level of accuracy.

We have extensive expertise in servicing various industries, including:

Trading – Helping manage inventory, sales, and procurement with efficient financial tracking.
Services – Offering tailored accounting solutions for businesses in the service sector, focusing on accurate invoicing, revenue tracking, and cost management.
Restaurants – Specialized in managing the complex financial processes involved in restaurant operations, including cost of goods sold, payroll, and taxes.
Textile Industries – Supporting textile businesses with inventory management, cost accounting, and financial reporting to optimize profitability.
Farmer Producer Companies – Assisting agricultural cooperatives and farmer organizations with financial reporting, tax planning, and cost management.
Poultry Farms – Managing accounting for poultry farms, focusing on inventory, production costs, and financial compliance.
Manpower Supply Companies – Providing tailored accounting services to manpower supply businesses, including payroll management, compliance, and reporting.
Export of Services and Outsourcing Companies – Offering specialized accounting services for export-oriented businesses and outsourcing companies, including foreign exchange management, international tax compliance, and cost optimization strategies.

With a decade of experience in these diverse sectors, we understand the unique challenges each industry faces. Our services are designed to streamline accounting processes, improve financial transparency, and ensure compliance with industry regulations.

At MN Professions, we are committed to providing professional, reliable, and tailored accounting services that empower your business to thrive financially. Let us handle your accounting needs so you can focus on the growth and success of your business.

What Is Accounting ?

Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company's operations, financial position, and cash flows.

KEY TAKEAWAYS

Regardless of the size of a business, accounting is a necessary function for decision making, cost planning, and measurement of economic performance.
A bookkeeper can handle basic accounting needs, but a Certified Public Accountant (CPA) / Chartered Accountant (CA) should be utilized for larger or more advanced accounting tasks.
Two important types of accounting for businesses are
1. Managerial accounting.

Managerial accounting helps management teams make business decisions

1. Cost accounting.

Cost accounting helps business owners decide how much a product should cost.

Professional accountants follow a set of standards known as the Generally Accepted Accounting Principles (GAAP) when preparing financial statements.
1. Income statement (Profit & Loss Account / Income and Expenditure Account). Arguably the most important.
2. Balance sheet.
3. Cash flow statement.
4. Note to Financial Statements.
5. Statement of change in equity. (Owner's / Partner's / Shareholder's Fund)
Accounting is an important function of strategic planning, external compliance, fundraising, and operations management.

Accounting and bookkeeping form the backbone of any business’s financial management. Proper maintenance of books of accounts is essential to ensure transparency, statutory compliance, and accurate reporting. As per the Income Tax Act, Companies Act, and ICAI guidelines, entities are required to maintain essential records such as the

Cash book,
Journal,
Ledger,
Purchase and Sales registers,
Bank book,
Inventory (Stock) register,
Fixed assets register, and
Supporting vouchers.
Debtors / Creditors Ledger
Payroll Register.

Regular Recording of

Purchase / Sales (Purchase return / Sales return)
Bank / Loan Account Transactions
All Other Business Expenses like EB, Rent, Salary, etc.,
Cash Vouchers

Track Periodical

Business Profit / Trend.
Trade Receivables / Trade Payables (Debtors / Creditors)
Salary paid and other Employee benefit payments.
GST Payable / Carriedforwards.
Loan Account repayments and Pendings.
Payments to Partners / Shareholders as loan / Share of Profit

Benefits of Business Accounting

Maintenance of business records

It records all the financial transaction pertaining to the respective year systematically in the books of accounts. It is not possible for management to remember each and every transaction for a long time due to their size and complexities.

Preparation of financial statements

Financial statements like Trading and profit and loss account, Balance Sheet can be prepared easily if there is a proper recording of transactions. Proper recording of all the financial transactions is very important for the preparation of financial statements of the entity.

Comparison of results

It facilitates the comparison of the financial results of one year with another year easily. Also, the management can analyze the systematic recording of all the financial transactions according to the policies of the entity.

Decision making

Decision making becomes easier for management if there is a proper recording of financial transactions. Accounting information enables management to plan its future activities, make budgets and coordination of various activities in various departments.

Evidence in legal matters

The proper and systematic records of the financial transactions act as evidence in the court of law.

Provides information to related parties

It makes the financial information of the organization available to stakeholders like owners, creditors, employees, customers, government etc. easily.

Helps in taxation matters

Various tax authorities like income tax, indirect taxes depends on the accounts maintained by the management for settlement of taxation matters.

Valuation of business

For proper valuation of an entity’s business accounting information can be utilized. Thus, it helps in measuring the value of the entity by using the accounting information in the case of sale of the entity.