Bookkeeping and Financial Record Keeping: Maintain and update financial records, including ledgers, journals, and balance sheets. They are responsible for accurately recording all financial transactions, such as invoices, payments, and expenses.
Financial Reporting: Prepare key financial statements like profit and loss statements, balance sheets, and cash flow statements on a monthly, quarterly, and annual basis.
Reconciliation: Reconcile bank statements, accounts payable, and accounts receivable to ensure all financial data is accurate and consistent. They identify and resolve any discrepancies.
Tax Compliance: Assist in the preparation and filing of tax returns and ensure the company is compliant with all tax regulations, including GST, TDS, and other relevant taxes.
Budgeting and Analysis: Support the development of departmental budgets and analyze financial data to provide insights to management, helping to identify areas for cost reduction or revenue enhancement.
Payroll Processing: In some cases, they may handle payroll processing, including calculating wages, deductions, and distributing paychecks.