Experience Hassle-Free
Bookkeeping for Financial Services Industry
Monthly Bookkeeping, Payroll, Financial Statements or Tax returns for Business Owners
Business Tax return filing by Certified
CPA / Enrolled Agent
(Starts at $350)
QuickBooks And Xero Certified Experts
50% Reduction In Costs
Financial Services Industry
The Financial Services Industry is a critical sector of the global economy, encompassing a wide range of services related to managing money, investments, and risk. The Financial Services industry includes institutions and firms such as banks, insurance companies, investment funds, and financial advisory services. It plays a pivotal role in facilitating economic growth by providing essential services such as lending, investment management, insurance, and wealth management.
The Financial Services Industry helps individuals and businesses manage their finances effectively, make informed investment decisions, and protect against various risks. The industry operates at the intersection of economic stability and personal financial health, influencing everything from daily transactions to long-term financial planning. Meru Accounting enhances the Financial Services Industry by ensuring regulatory compliance, improving risk management, and providing accurate financial reporting. We simplify operations, optimize cost efficiency, and assist with tax planning and fraud prevention.
Core Aspects of Bookkeeping for Financial Services Industry
1.Transaction Recording
- Accurate Tracking: Record all financial transactions, including deposits, withdrawals, investments, and fees.
- Detailed Categorization: Categorize transactions based on type (e.g., loan payments, asset purchases, client investments) for clear financial reporting.
2.Client Account Management
- Account Reconciliation: Regularly reconcile client accounts to ensure accuracy and resolve discrepancies.
- Fee Tracking: Track and record fees charged to clients for services such as account management or advisory.
3.Regulatory Compliance
- Adherence to Standards: Ensure compliance with financial regulations and accounting standards specific to the industry (e.g., GAAP, IFRS).
- Reporting Requirements: Maintain accurate records for regulatory reporting and audits.
4.Investment Tracking
- Portfolio Management: Track investment transactions, including purchases, sales, and income from investments.
5.Revenue and Expense Management
- Fee Recognition: Accurately record and recognize revenue from financial services and products.
- Expense Tracking: Monitor and categorize operational expenses such as salaries, rent, and utilities.
6.Financial Reporting
- Performance Analysis: Analyse financial performance to assess profitability and operational efficiency.
Benefits of Bookkeeping for Financial Services Industry
- Accurate Financial Reporting: In the financial services industry, accurate and timely financial reporting is crucial. Bookkeeping ensures that all transactions are precisely recorded, enabling financial institutions to produce precise reports. These reports are vital for internal analysis, investor relations, and regulatory compliance, ensuring that the financial services industry meets its reporting obligations.
- Enhanced Regulatory Compliance: Regulatory compliance is a significant concern in the financial services industry. Bookkeeping plays a pivotal role in maintaining comprehensive records that meet industry standards and regulatory requirements. By keeping detailed and accurate records, financial institutions can more easily comply with regulations and avoid potential legal issues or fines.
- Improved Financial Management: Bookkeeping provides financial services companies with a clear view of their financial health. Through detailed tracking of income, expenses, and cash flow, firms in the financial services industry can make informed decisions, manage budgets more effectively, and identify opportunities for cost savings. This clarity enhances overall financial management and strategic planning.
- Streamlined Tax Preparation: For the financial services industry, preparing for tax season can be complex due to the volume of transactions and regulatory nuances. Bookkeeping simplifies tax preparation by maintaining accurate and organized records, ensuring that financial institutions can efficiently prepare tax returns and take advantage of available deductions and credits.
- Enhanced Fraud Detection: The financial services industry is particularly vulnerable to fraud. Bookkeeping helps in monitoring and auditing financial transactions, which can aid in detecting irregularities and potential fraud. Regular reconciliations and audits as part of bookkeeping practices help safeguard against financial misconduct.
- Better Decision-Making: In the financial services industry, timely and accurate financial data is crucial for strategic decision-making. Bookkeeping provides the necessary data and insights into financial performance, enabling leaders to make informed decisions regarding investments, expansions, and other strategic initiatives.
- Efficient Operational Processes: Bookkeeping contributes to the efficiency of operational processes within the financial services industry. By automating routine financial tasks such as invoicing and reconciliation, firms can reduce manual errors and free up resources to focus on core business activities and client services.
- Enhanced Client Trust: For companies in the financial services industry, maintaining client trust is essential. Accurate and transparent bookkeeping demonstrates a commitment to financial integrity and accountability. This transparency helps build and maintain strong relationships with clients, enhancing overall client satisfaction and trust.
What is the need of Bookkeeping in the Financial Services Industry?
- Financial services industry and institutions are required to adhere to stringent risk management standards and regulations. Bookkeeping ensures that all financial activities are recorded accurately, providing the necessary data to comply with these standards. This helps in preparing comprehensive risk management reports that satisfy regulatory requirements and internal policies.
- With up-to-date bookkeeping, the financial services industry and firms can monitor their financial position in real-time. This real-time insight is crucial for identifying emerging risks and making timely adjustments to risk management strategies. Effective bookkeeping supports continuous monitoring and allows firms to respond quickly to financial fluctuations and market changes.
- Proper bookkeeping strengthens internal controls and audit trails in the financial services industry which are essential for effective risk management. Accurate financial records facilitate internal audits and external reviews, ensuring that risk management practices are robust and transparent. This helps in identifying weaknesses in internal controls and addressing them promptly.
- Bookkeeping in the Financial Services Industry provides the necessary financial data for strategic decision-making in risk management. By analyzing financial records, institutions can make informed decisions about risk exposure, investment strategies, and contingency planning.
- Financial services industry and firms often need to provide detailed risk reports to clients, stakeholders, and regulatory bodies.
Why Choose Meru Accounting?
Accuracy and Precision
Meru Accounting is committed to providing precise and accurate financial record-keeping, reducing the risk of errors and ensuring the reliability of your financial data.
Regulatory Compliance
With a deep understanding of industry regulations, Meru Accounting helps ensure that your financial practices comply with all relevant laws and standards, including preparing you for audits and regulatory reviews.
Customised Solutions
Recognizing that each business has unique needs, Meru Accounting offers tailored bookkeeping solutions designed to fit in the financial services industry and your specific requirements and business model.
Timely Reporting
You can rely on Meru Accounting for timely preparation of financial reports and statements, providing you with up-to-date information to make informed business decisions.
Efficient Processes
By utilizing advanced accounting software and technology for the financial services industry, Meru Accounting simplified bookkeeping processes, enhancing efficiency and reducing the time and effort required for financial management.
Dedicated Support
Meru Accounting offers personalized support and consultation, ensuring that you have access to expert advice and assistance whenever you need it for your financial services industry.
Confidentiality and Security
With a strong commitment to data security, Meru Accounting ensures that your financial information is kept confidential and protected from unauthorized access.
Services offered by Meru Accounting for Financial Services Industry
Transaction Recording
- Accurate and timely recording of all financial transactions in the financial services industry , including deposits, withdrawals, and investment activities.
Reconciliation
- Regular reconciliation of bank statements, investment accounts, and other financial records to ensure accuracy and identify discrepancies.
Expense Tracking
- Detailed tracking and categorization of business expenses to help manage budgets and improve financial planning.
Revenue Recognition
- Proper recognition and documentation of revenue streams, including commissions, fees, and investment income.
Financial Reporting
- Preparation of detailed financial statements and reports, including profit and loss statements, balance sheets, and cash flow statements.
Compliance Monitoring
- Ensuring that all financial practices in the financial services industry comply with industry regulations and standards, including preparation for audits and regulatory reviews.
Tax Preparation and Filing
- ssistance with the preparation and filing of tax returns, including managing deductions and credits specific to the financial services industry.
Payroll Management
- Handling of payroll processing, including calculations, tax withholdings, and benefits administration for employees.
Financial Analysis
- Providing insights and analysis to the financial services industry on financial data to support decision-making and strategic planning.
Conclusion
Choosing Meru Accounting for your bookkeeping needs ensures you receive expert, industry-specific support designed to enhance accuracy, compliance, and efficiency. Our dedicated team utilizes the latest technology and best practices to simplify your financial processes, allowing you to focus on growing your business. With Meru Accounting, you gain a trusted partner committed to delivering personalized solutions and exceptional service tailored to your unique requirements.
Hiring Virtual Accountant With Meru Accounting
Meru Accounting provides world-class services that cater to all the needs of cloud accounting and bookkeeping of your business.
We work on the best accounting software like Xero and Quickbooks, as well as add-ons that will make sure all your work is up-to-date.
Help you with switching from your traditional software to Xero and Quickbooks.
We also manage VAT, BAS, Sales Tax and Indirect taxes for you so you are always ready at the end of the financial year.
When you choose to outsource your accounting work with us, it benefits you in the following ways:
- 1. Cost-saving
- 2. Access to skilled and experienced professionals
- 3. Better management of books of accounts
- 4. Decreased chances of errors
- 5. Improve business efficiency
- 6. De-burdens in-office employee’s dependency
- 7. Better turnaround time
We work on virtual technologies like Team Viewer, Virtual Private Network (VPN) to share and access data from your system.
You have to share your accounting software login details.
Through that, we complete all of your work and update it on the cloud, so you can have access to your data from anywhere and at any time.
Software is not a barrier for us. Due to our strong and professional accounting knowledge, we can prepare your books in almost any of the accounting software.
Our experts are always all ears to listen to your queries regarding bookkeeping and accounting or our services. You can contact us anytime by visiting: Contact Us page.
We provide our bookkeeping services at the rate of US $10 per hour. So, you only need to pay for the amount of time actual work is done.
We take certain preventive measures to secure your data, like:
- Cyberoam Firewall to prevent any kind of foreign threat.
- Dual-step authentication
- Implement anti-virus
- Limit user access so that login details are with a few people.
Meru Accounting work on some of the best accounting software’s like:
- Xero
- Quickbooks
- Netsuite
- Saasu
- Wave
- Odoo
Along with that, we also work with many add-ons like Workflow Max, Receipt Bank, Slack, TradeGecko etc., to extend your software’s capacity and improved work experience.
To book for trial, call us on our numbers or Please fill out the form here.
Our Work Information
We have combined team of Professionals. Seniors are generally Certified Chartered Accountants. Junior Bookkeepers are having Qualifications like Bachelors of Commerce, Masters of Commerce, Masters in Business Administration in the subject of Accounts and Finance, Intermediate level Qualification of Chartered Accountancy, etc.
For information visit our work methodology page.
We prepare a checklist of information required for bookkeeping and send you at timely intervals so as to ensure that we can do bookkeeping faster.
We can provide to you once we move ahead in our interview.
We serve clients on MYOB and have expertise working in Essentials, Account Rights Plus, etc.
Yes, We are presently processing Payroll for Number of clients in US , UK and Australia and take care of complete payroll activities.
Goods and Service tax (GST) is levied on sales of all the goods and services in Australia. GST is generally chargeable at 10% of value of sales.
Business Activity Statement is a predefined form to be submitted to the Australian Tax office by all the business persons in order to report on their all the tax obligations during the period covered.
BAS is generally required to be filed quarterly by various businesses.
Individual Business Owners
Yes, Owner of the business can prepare sign and lodge the tax return on his own. Its not mandatory that the Tax return needs to be signed by an EA or CPA.
No , its not mandatory that it should be prepared by only CPA or EA. It can be prepared by anyone who has PTIN.
We have Enrolled Agent who has the Authority to sign the documents for our clients after completing the through professional check.
Meru Accounting has its operational centre in India and hence the prices are quite less as compared to US based CPA’s and Enrolled Agents.
Meru Accounting has a team of Tax experts. Each Tax expert prepares around 300-400 Tax returns every year for various CPA’s in United States and Individual Businesses like yours. Due to this vast Experience and Robust Quality Check processes in place we can ensure you about correct Tax planning for your firm.
