Accounting Structure Setup

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Overview

A well-organized accounting structure is the backbone of a company’s financial management. It ensures accurate record-keeping, efficient financial reporting, and compliance with legal and tax regulations. Whether you are a startup, SME, or large enterprise, having a structured accounting system helps in tracking income, expenses, assets, and liabilities efficiently.

At Audit Tick, we provide Accounting Structure Setup services tailored to your business needs, helping you establish a robust financial foundation that supports growth, compliance, and decision-making.

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Process for Accounting Structure Setup

We help businesses establish customized accounting frameworks to streamline their financial management. Our services include

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A well-organized Chart of Accounts (COA) is essential for categorizing financial transactions correctly. We assist in:

      • Defining account groups (Assets, Liabilities, Income, Expenses, Equity).
      • Customizing COA based on business size, industry, and financial reporting needs.
      • Implementing COA within accounting software such as QuickBooks, Xero, Tally, SAP, and ERP systems.

The General Ledger serves as the core financial database of a business. We help in:

      • Setting up ledger accounts for all financial transactions.
      • Establishing a double-entry accounting system for accuracy.
      • Integrating GL with sub-ledgers (Accounts Payable, Accounts Receivable, Payroll, etc.).

To ensure consistency and compliance, businesses need standardized accounting policies and procedures. We assist in:

      • Establishing policies for revenue recognition, depreciation, expense categorization, and financial reporting.
      • Implementing internal controls to prevent fraud and financial mismanagement.
      • Setting up monthly, quarterly, and yearly closing procedures.

We help businesses segment financial data to track performance at different levels.

      • Setting up Cost Centers to allocate expenses to specific departments, projects, or branches.
      • Implementing Profit Centers to monitor revenue generation across business units.

A business needs structured financial reports for compliance and decision-making. We assist in:

      • Designing templates for Income Statements, Balance Sheets, Cash Flow Statements.
      • Automating financial reporting using cloud-based accounting software.
      • Establishing compliance with GAAP, IFRS, or local accounting standards.

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Who Needs an Accounting Structure Setup

Our services are beneficial for

Startups & Small Businesses

To build a solid financial foundation.

Growing Companies

To scale financial systems efficiently.

Non-Profits & NGOs

To ensure transparency and fund management.

Corporations & Enterprises

To optimize cost tracking and profitability analysis.

Freelancers & Consultants

To track income, expenses, and tax obligations.

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Frequently Asked Questions

Is gratuity mandatory for all companies?

No, it is mandatory only for companies with 10 or more employees.

Can an employer deny gratuity to an employee?

Gratuity cannot be denied unless the employee was dismissed due to misconduct involving moral turpitude, riotous behavior, or similar serious offenses.

Can gratuity be withdrawn before 5 years?

No, gratuity is only payable after completing 5 years of continuous service, except in cases of death or permanent disability.

Is gratuity part of CTC?

Some employers include gratuity in the Cost to Company (CTC), but it is payable only when the employee leaves after completing the required tenure.

How long does it take to receive gratuity after leaving a job?

Gratuity should be paid within 30 days from the employee’s last working day.