Accounting & Bookkeeping USA

Accounting and bookkeeping services for USA clients are governed primarily by the Generally Accepted Accounting Principles (GAAP) in the United States and the Internal Revenue Code (IRC) for tax compliance. For service providers in India, the applicable laws include the Companies Act, 2013 (for corporate entities) and the Income Tax Act, 1961 (for taxation of service income). Additionally, the Reserve Bank of India (RBI) regulations under the Foreign Exchange Management Act (FEMA), 1999 govern cross-border service transactions. Our team ensures that every engagement adheres to these statutory requirements, providing you with compliant and reliable financial records.

For USA clients, the primary regulatory body is the Internal Revenue Service (IRS) (www.irs.gov). For service providers in India, the relevant departments include the Ministry of Corporate Affairs (MCA) (www.mca.gov.in) for company compliance, and the Income Tax Department (www.incometax.gov.in) for tax filings. Cross-border service remittances are monitored by the Reserve Bank of India (RBI) (www.rbi.org.in). Our team coordinates with these authorities on your behalf to ensure seamless compliance.

Engaging our accounting and bookkeeping services involves a straightforward process:

1. Initial Consultation: We discuss your business size, industry, and specific needs to tailor a service plan.
2. Data Sharing: You provide access to your financial documents (bank statements, invoices, receipts) via a secure portal.
3. Setup & Chart of Accounts: We configure your accounting software (QuickBooks, Xero, etc.) with a custom chart of accounts.
4. Monthly Processing: Our team records transactions, reconciles bank accounts, and prepares financial statements.
5. Review & Reporting: You receive monthly reports (Profit & Loss, Balance Sheet, Cash Flow) with a summary from your assigned advocate.
6. Tax Support: We prepare necessary schedules for your USA tax return (Form 1120, 1065, or Schedule C).

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To initiate our accounting and bookkeeping services, you will need to provide the following forms and documents:

• USA Business: EIN confirmation letter, prior year tax returns, bank statements, credit card statements, invoices, and receipts.
• India Service Provider: GST registration certificate (if applicable), service agreement, and invoice template.
• Cross-Border: Form 15CA/CB (for remittance of service fees from India), and a copy of the LUT (Letter of Undertaking) if no GST is charged.

Our team will guide you through each document requirement.

Any business operating in the USA — whether a sole proprietorship, partnership, LLC, or corporation — is eligible for our accounting and bookkeeping services. There are no minimum revenue or employee thresholds. For service providers in India, eligibility requires a valid PAN, GST registration (if turnover exceeds the threshold), and compliance with the Companies Act if the provider is a corporate entity. Our team verifies eligibility during the initial consultation.

The timeline for accounting and bookkeeping services depends on the volume of transactions and the complexity of your business. The process begins with an initial setup phase, followed by monthly processing cycles. Each cycle includes data collection, recording, reconciliation, and reporting. The duration of each stage varies based on the timely submission of documents by the client. No specific time estimates can be provided as court and regulatory processing times are unpredictable.

The fees for accounting and bookkeeping services are determined based on the scope of work, number of transactions, and the complexity of your business. Below is an indicative fee structure (in USD) for common service packages:

Note: Fees are subject to change based on the final scope of work. No government-prescribed fees apply as this is a private service.