Bookkeeping & Accounting for Interior Design Services Company
Bookkeeping & Accounting for Interior Design Services Company
Accounting and bookkeeping for Interior design services business is challenging. Business of Interior designing services is demanding work because of multiple factors involving. Interior design business works in two model one is where business owner give design and second is where business owner design and procure other assets , items such as furniture , electrical fitting etc. Keeping bookkeeping clean and as per project is requirement. As a interior designing services your more working with designing , colours etc. and keeping track of numbers may be a challenge.
Finslog Accounting is provide outsourced accounting and bookkeeping services for Interior designing services company. We help hep them to manage proper books of accounts. Proper bookkeeping helps in companies to make changes in business strategies to make business successful.
Rajat SRIVASTAV
Interior Decoration
5 Stars
Doing Bookkeeping right and detail for interior design services company given clear understanding of profits and project wise profit and expenses. Keeping track of time is important part of business. Most of Interior designing firms bill client on basis of hours spent on project. Your time is valuable by doing accounting keep track of time.
1. Time Tracking
Interior designing company various customer where billing is done on basis of hours spent. You and your team members may be working on multiple project together. In this business time is money. Hence keeping track of time spent by particular resource for particular project is important.
2. Bookkeeping of Procurement for client
As contract of Interior designing work , company provide services of end to end contract of designing services and procurement of items on behalf of client. As a business you need to keep track of these procurement project wise. This will help you to understand profitability of particular project.
3. Getting Business Loan
Most of time In Interior designing work client pays some part as advance and part at completion of project. However to complete project company require cash flow for procurements, pay salary rent etc. In such scenario company can approach banker for quick business loan on basis of past Profit and loss , Balance sheet statement.
4. Keep Track of Employee Reimbursement
As per terms of agreement employee may required to visit site location may be with in city or outside city. Employees make expenses such as travel , food , loading etc. for visiting site location. As a finance taking proof from employee and paying then accordingly is important.
5. Tax Calculation
For interior need to calculate direct and indirect taxes. Based on monthly / quarterly sales companies required to calculate VAT / GST payable to government after calculation of set offs. Bookkeeping helps to claim correct set off and file timely VAT / GST returns.
We have team of professional who are experienced in working with Interior designing company accounting. Get incredible insight into your business with advanced reports. You get real time access to your financials so you can easily understand profit margins and make changes in business strategy.
1. | Month End bank Reconciliation | Monthly |
2. | Month End Loan account Reconciliation | Monthly |
3. | Compare Actuals with budget of same month | Monthly |
4. | Review Billable and Non Billable expenses | Monthly |
5. | Month End Journal Entries | Monthly |
6. | Update Vendor Reconciliation | Monthly |
7. | Update Petty Cash Balance | Monthly |
8. | Raise Alert for Accounts Receivable exceeding 45 days | Monthly |
9. | Payroll Management | Monthly |
10. | Monthly Tax payments | Monthly |
11. | Monthly Compliances of TDS , GST , IT | Monthly |
12. | Month End Reporting | Monthly |
- Convert To Xero
- Software Setup
- Accounts Receivable
- Bookkeeping for CPA
Accounting Reports for Management
1. Compare Budget vs actual Expenses , income
2. Key Performance indicators of business
3. Monthly Accounts Payable Report
4. Monthly Accounts Receivable report
5. Cash Flow Report
1. Cash Flow Management
2. Timely Recovery of accounts receivable
3. Timely payment of accounts payable
4. Proper documentation of expense , reimbursement
5. Realtime financials
6. Key Performance indicator
7. Avail Cash Credit on timely payment
Finslog is your one-stop solution for handling all of your bookkeeping needs. We cater to creative professionals like yourself to help you save time and money and focus more on building a successful business.