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Accounting for Market Research and Analytics Industry

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Market Research And Analytics Industry

Businesses need the assistance of the market research and analytics industry to comprehend customer behaviour, market trends, and competitive environments. Data collection, analysis, and interpretation are all part of this industry’s process to deliver useful information to decision-makers and enterprises.

Since businesses in this industry deal with substantial amounts of financial data, such as customer billing, project costs, and personnel expenses, accurate bookkeeping and accounting are crucial. Effective resource allocation, project completion under budget, and maintenance of tax compliance are all made possible by sound financial management.

Specialised services designed to meet the specific requirements of the market research and analytics sector are offered by Meru Accounting. To assist businesses in streamlining our financial operations, we provide precise bookkeeping, financial reporting, and tax planning services.

Core Aspects of Bookkeeping and Accounting For Market Research And Analytics Industry

Resource Allocation Tracking: Keep tabs on how various initiatives are using technology, people, and other resources. This aids in locating any bottlenecks and optimising the use of resources.
Project Time Tracking: Precisely recording the amount of time spent on each step of the project is necessary to evaluate its profitability and pinpoint areas where efficiency may be increased.
Management of Data Acquisition Expenses: Control expenses related to gathering data, such as panels, surveys, and data purchases.
Costs of Data Processing and Cleaning: Take into consideration the costs associated with validating, cleaning, and preparing data for analysis.
IP Valuation and Amortisation: Determine the worth of intellectual property assets, such as software, proprietary data, and research methods, through IP valuation and amortisation. Apply the proper intangible asset amortisation schedules.
IP Licensing and Revenue Recognition: Oversee IP licensing revenue and make that revenue is appropriately recognized in accordance with licensing agreements.
Software and Tool Expenses: Keep track of the costs associated with survey instruments, software for data processing, and other technological investments.
IT Infrastructure Costs: Expenses related to hardware, software, network infrastructure, and IT support require being managed.
Contract Management: : Handle client contracts with efficiency, taking into account terms, costs, deliverables, and due dates.
Revenue Recognition Compliance: Follow the rules when it comes to revenue recognition, particularly for lengthy or multi-delivery projects.

Benefits of Bookkeeping and Accounting For Market Research And Analytics Industry

Project Profitability and Resource Allocation

To determine profitability and maximise resource allocation, keep precise records of all income and expenses for every project.

Data-Driven Decision Making

Use financial data to spot patterns, evaluate the success of projects, and decide on future initiatives, hiring, and costs.

Tax Compliance and Optimization

Make sure that all tax laws are followed and that appropriate spending classification and tax planning optimise tax advantages.

Confidence among investors and stakeholders

To gain the trust of partners, clients, and investors, keep precise and transparent financial records.

Risk management and financial control

Refers to the process of identifying possible financial risks and putting protective measures in place to keep the company stable over the long run.

Needs of Bookkeeping and Accounting For Market Research And Analytics Industry

Intangible Asset Management: Precise monitoring and assessment of intellectual property (IP) assets, such as software, databases, and research techniques, is known as intangible asset management. Appropriate impairment analysis and amortisation are part of this.
Gathering and Handling Data Cost Allocation: Assigning expenses for gathering, sanitising, and processing data to certain projects or customers to precisely determine profitability.
Auditing and Compliance: Monitoring adherence to tax laws, industry-specific compliance standards like GDPR and CCPA, and financial reporting standards (IFRS or GAAP).
Fraud Prevention and Detection: To identify and stop fraudulent activity, strong internal controls and financial monitoring systems should be put in place.

Why Choose Meru Accounting ?

There are several benefits to selecting Meru Accounting for bookkeeping and accounting in the market research and analytics industry, all of which are tailored to the particular requirements of this industry. A strong accounting solution is required since market research and analytics companies frequently deal with large data sets, client reports, and variable project expenses.

With a focus on project-based operations, Meru Accounting provides specialised services that guarantee accurate revenue stream tracking, cost analysis, and financial forecasting. Our team of skilled experts guarantees adherence to industry rules and standards as they comprehend the subtleties of market research.

Meru Accounting offers strategic financial insights and reporting with an emphasis on efficiency and accuracy, enabling businesses to make wise decisions, enhance cash flow management, and experience long-term success.

Services offered by Meru Accounting to the Market Research And Analytics Industry

Data-driven decision-making: This is made possible by project-wise profitability tracking, which involves precise monitoring of revenue, costs, and profitability for every project.
Revenue Recognition Consulting: Ensuring accurate financial reporting and compliance by adhering to revenue recognition standards.
Tax Planning and Compliance: Minimising tax obligations and maintaining compliance with intricate tax laws, such as those on R&D tax credits.
Sales Tax and Use Tax Management: Handling sales tax and use tax liabilities in several countries is known as sales tax and use tax management.
Data-Driven Financial Modelling: The process of building financial models using past data to forecast performance in the future and guide strategic planning is known as "data-driven financial modelling.
Data privacy compliance: It refers to controlling the risks and expenses involved with adhering to data privacy laws (such as the CCPA, GDPR, and others).
Business Valuation: Valuing a business in preparation for possible mergers, acquisitions, or investment rounds is known as business valuation.
Data licensing and Royalty Accounting: Overseeing data licensing income, making sure royalties are computed correctly, and keeping tabs on associated costs.

Conclusion

In conclusion, the bookkeeping and accounting services provided by Meru Accounting are specifically designed to satisfy the demands of the market research and analytics sector.

Meru Accounting helps companies in this area maintain accurate records, guarantee compliance with industry standards, and maximise financial performance by offering comprehensive financial management solutions. With a thorough awareness of the particular difficulties faced by market research companies,

Meru Accounting provides sophisticated reporting tools and strategic insights that enable companies to make wise decisions and spur expansion. All financial procedures, including budgeting and forecasting, revenue analysis, and spending tracking, are made efficient and accurate by the firm’s dedication to using best practices and state-of-the-art technology.

Market research firms may concentrate on our primary skills by working with Meru Accounting, knowing that our financial operations are in expert hands, ultimately leading to improved profitability and long-term success.

FAQ's

How do you handle bookkeeping for market research companies?

We track project expenses, client payments, payroll, and operational costs.

Can you manage accounts receivable for research contracts?

Yes, we handle invoicing, collections, and revenue tracking for research projects.

What accounting software do you recommend for analytics firms?

We suggest QuickBooks, Xero, and industry-specific tools like Zoho Books.

How do you track expenses for data collection and surveys?

We categorize costs related to surveys, software tools, and focus groups.

Do you handle payroll for research analysts and surveyors?

Yes, we process salaries, project-based payments, and freelancer compensation.

Can you assist with tax compliance for market research businesses?

Yes, we manage tax deductions for software, travel, and research-related expenses.

How do you track profitability for different research projects?

We provide cost analysis and profitability reports for each project.

Do you manage vendor payments for research tools and software?

Yes, we handle subscriptions for analytics tools, survey platforms, and third-party data.

Hiring Virtual Accountant With Meru Accounting

Why should I choose Meru Accounting for outsourcing bookkeeping services?

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.

How will outsourcing help my business?

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

How will I share my data with Meru Accounting?

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.

What if I work on different accounting software than Meru Accounting work on?

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.

Where do I contact in case of any confusion?

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.

How much Meru Accounting charge for bookkeeping services?

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.

What does Meru Accounting do to secure data of its clients?

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.

What are the accounting software’s Meru Accounting work on?

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.

How can I book for a free trial?

To book for trial, call us on our numbers or Please fill out the form here.

Our Work Information

What qualifications and professional memberships do you hold?

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.

What is your Work Methodology?

For information visit our work methodology page.

Do you have suggestions to make my Bookkeeping procedure stronger?

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.

Australian references including business name, contact name, email and phone number.

We can provide to you once we move ahead in our interview.

Why are you an MYOB expert?

We serve clients on MYOB and have expertise working in Essentials, Account Rights Plus, etc.

Have you managed payroll on XERO before?

Yes, We are presently processing Payroll for Number of clients in US , UK and Australia and take care of complete payroll activities.

What is GST?

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.

What is BAS?

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.

How often does business submit BAS?

BAS is generally required to be filed quarterly by various businesses.

Individual Business Owners

Can the Owner of the Business file the tax return on his own ?

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.

Is it mandatory that Tax return can be prepared by only CPA’s or EA in USA ?

No , its not mandatory that it should be prepared by only CPA or EA. It can be prepared by anyone who has PTIN.

Do Meru Accounting have the authority to file the Tax return ?

We have Enrolled Agent who has the Authority to sign the documents for our clients after completing the through professional check.

Why Prices of Meru Accounting are so less compared to CPA’s in United States:

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.

What type of Quality is Expected from Meru Accounting?

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.