Accounting Services

Accounting Services

For Manufacturer/Wholesaler/Service Sector

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For Retail Business

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Note down the Required Documents

✍ It will be shared with you at the time of discussion & after getting understanding about the nature of your business.

Maintain your Books of Accounts

Accounting is the process of storing, sorting and recording financial transactions. All businesses are required by law to submit their accounts to the Income Tax (IT) Department. Several start-ups tend to ignore this requirement early on and then scramble to put together their accounts when they are raising funding or being acquired. Maintaining the books in-house certainly is a tedious and possibly expensive affair, but getting it done would significantly reduce pains in complying with the requirements of the IT Department, give the promoters and shareholders a good sense of how the business is doing, prove eligibility for loans in later years, and even satisfy investors.

Bookkeeping services are necessary for all businesses to ensure accurate operational/financial information. Such information is required by Management, Regulators, and Investors. Also, it is a legal requirement for any business to maintain an appropriate book of accounts to ensure that all relevant taxes are paid and tax filings are made on time.

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FAQ’s

1. Why is accounting/book keeping essential for a business?

Accounting, a process of storing, sorting and recording financial transactions, is required to be submitted by all businesses at the time of filing their tax returns. Since one cannot go about sorting accounts and dealing with financial matters at the time of filing their returns, it is better to go with the bookkeeping from the beginning, and keep everything in order. Also, apart from the income tax perspective, keeping the books updated can give a good impression to the investors and shareholders. Similarly, the Companies Act, 2013 and the LLP Act, 2008 decrees that the books of all accounts need to be maintained for any company or a partnership business.

2. What should be tracked in the account books?

The law demands that the account books should include the daily financial transactions, and bills of the financial transactions made. The account books generally include ledgers, trial balance, original and copies of bills and so on. Now, however, with the online accounting, things have become much streamlined and easier to maintain.

3. Accounting is a simple process. Why pay so much for it?

Startups often look for loopholes to save money, but accounts is not the area to do it in. After all, it’s what your investors will want to have a look at every now and then. Therefore, maintaining the books irregularly is not an option. You need to either buy expert software or outsource your account maintenance and bookkeeping to a professional channel, to ensure your accounting is maintained as per the guidelines provided.

4. Can accounting be computerised or only manual transactions are approved by the Income Tax Department?

Yes, one can submit computerised accounts, too. Now, it is easier to maintain records and all details of financial transactions on designated software or through computerized records, to eliminate any errors and miscalculations.

5. What is the best time to hire a bookkeeper?

You should hire a bookkeeper as soon as you begin your business. This way you’ll avoid mistakes from the starting and reduce headaches.

6. Will I lose control of my business by outsourcing my bookkeeping?

No way! You shall still maintain 100% control of all decisions and all checks will still be signed by you. You choose what merchants get paid and when. We provide with the data and perform the specific task, but you approve all receipts for payment and sign all checks.