Accounts are an inherent part of any business and the success of the business mainly depends on the recording of monetary transactions, account maintenance and book keeping. The proper accounting also informs the business man about his day to day financial happenings and what is his monetary standing.
Today, it has become the necessity of any business, company, organization or service provider to have proper accounting procedure for the success of their business. They should be aware of their cash flows in and out of the business, expenses, credit dues, clients’ deposits, invoice payments, payments to be made and so on.
These reasons make it necessary that, all cash transactions are maintained in proper account books, to understand the drift of the business and credit standing of the businessman. The well maintained book keeping also facilitates future strategic cash planning for the growth of the business.
But, if you are over taxed with your business or you may be a small business man or service provider, who is novice to accounting process and unaware of maintaining account books. What alternative do you have now to keep your book keeping update or recording of your accounting transactions everyday? In such scenario, you have no other option, except to take the assistance of professional account keeper or accountant.
These Account Service providers are professionals and are well adept with the accounting process, maintaining book of accounts and using of latest software for account recordings. But, before hiring such account personnel, it is essential that businessman, should enter into Service Agreement (Accounting) with these professionals. The reason beings, such agreement covers certain below given important point, which are important for effective service of the account keepers:
•Confidentiality and non disclosure clauses
•Contact detail, date and location
• Remuneration and mode of payment
•Service duration and Termination provision
•Terms and Conditions
•Duties and Responsibility of either party
•Extra resources offered to the accountant
•Dispute Resolution clause
•Nature of the relationship
Through, such agreements, either party understand their responsibilities and duties and the businessman can also protect his trade and financial secrets being leaked out by the service provider.