Accounting for Business
Bookkeeping Service is a transactional and administrative work that manages the day-to-day financial transactions recording, including sales, purchases, receipts, and payments.
A bookkeeping and accounting service proposes a three-tiered approach to developing and maintaining your company’s overall financial processes and management which includes –
#1 General Accounting & Bookkeeping
#2 Preparation of Financial Statement
#3 Tax Return Filing
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Who mandates Accounting and Bookkeeping Service?
Every company / firm who operates the business in India should abide by statutory regulatory requirements which includes maintenance of books of accounts.
As per the section 128 of the companies act, 2013, mandate every company including private limited company, public limited company, one person company has to maintain Company Books of Account in good order. shloktaxwala As per section 34 of the LLP Act 2008, limited liability partnership [LLP] requires to compulsory maintain proper books of account and statement of account & solvency relating to its business operation affairs. As per Section 44AA of the Income Tax Act, every business (including sole proprietor and firm) requires to maintain proper books of account if income exceeds INR 1,20,000/- (one lakh twenty thousand rupees) OR his total sales, turnover or gross receipts exceeds INR 10,00,000/- (ten lakh rupees) in any one of the three years immediately preceding the previous year then. shloktaxwala Every professional carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or any other profession shall mandatorily keep and maintain such books of account to compute his total income for, income tax return filing.
Why should you timely file your TDS Returns?
#1. To avoid the penalty No doubt, late filing of the TDS/TCS return would attract a heavy penalty of INR 200 per day till default continues.
#2. To prevent additional penalty Besides the minimum penalty of INR 200, the tax deductor would also be liable for the additional penalty for failure to file TDS return within one year from the particular date. This ranges from INR 10,000 to INR 1 lakh.
#3. To facilitate reconciliation of the ITR The main purpose of the filing of TDS return is reconciling of the income actually earned with income declared in the income tax return. shloktaxwala
#4. To avoid cancellation of the expenditure If the person supposed to file the TDS return fails to do so on time, then the assessing officer may opt for nullifying the impact of expenditure on which the TDS was required to be deducted but not deducted. Hence liable for incremental tax incidence.
#5. Facilitating filling of Form 26AS Form 26AS is an annual consolidated tax statement that specifies the details of the taxes deducted during the year. shloktaxwala Anyone can claim TDS credit only if entries are visible in form 26AS. If you deduct the TDS of a person and not file TDS return, such person may rush to you for the same at the last moment.
Why Accounting and Bookkeeping Service?
Professional bookkeeping establishes an important requirement of effective financial management for every business, no matter which industry sector it operates in. When done efficiently, it ensures business growth and mitigates risks. Shloktaxwala
Accounting Service is more subjective, rendering business owners with financial insights about their business based on information acquired from their bookkeeping data. Shloktaxwala
Bookkeeping flourished prompt business decision making
When a business or a company is absolute on its accounting compliance needs, their financial information will be reliable, and they will be able to make better financial decisions that are suitably tailored.
Financial statements help to apprehend the crucial financial information
The 3 key reports of financial statements that are drafted as a part of online bookkeeping services in India will let you know sensitive & clear financial information:-
#1 Profit and loss Statement
#2 Balance sheet
#3 Cash flow statement
Evaluate the performance of the business
The accounting and Bookkeeping procedures assist you to keep the records up to date and also track expenses, margin, and possible debt of the business.
Real time tracking of Account Receivable & Payables
With continual maintenance of books of accounts, business owners can track anytime from whom he needs to take money and to whom he needs to pay. This will help manage business cash flow management.
Why Outsource Accounting and Bookkeeping Service?
Inefficient bookkeeping departments could lead to unwanted legal implications
As a business owner, your job is not to chase accountants and face compliance mistakes at certain points of time but focus on your core area of the business. As a smart business owner, one should outsource accounting and bookkeeping to professionals.
E-Startupindia being an absolute accounting solution provider
Our bookkeeping and accounting professionals follow a very unique approach and give the best experience to business owners. Our professionals are actively involved in providing efficient services to businesses from any industry across India.
Our Accounting & bookkeeping procedure, valuable trained resources, cost-effectiveness, convenient delivery, aides to management in the decision-making process for small and medium scale enterprises.
We assure that our clients always get the best Bookkeeping and Accounting services in India.
Our Expertise approach for fulfilling Accounting Services
#1 Records Accounting transactions
#2 Journal Entries
#3 Bank Reconciliation
#4 Sales & Purchase Reconciliation with GST
#5 Prepare Trial Balance
#6 Prepare Balance Sheet
#7 Prepare Profit & Loss Statement
#8 Reconcile Accounts payable/ receivable
#9 Recording Credit card / Loan entries
#10 File GST Return
#11 File Income Tax Return
#12 Expert advice to minimize tax liability
Frequently Asked Questions
Bookkeeping can create the financial reporting tools you need to make better decisions. They record all the transactions including profit and loss account, cash flow statement or variance analysis. Also, monitor loans and accounts to ensure that payments are up to date.
Bookkeeper rates vary depending on the business size, industry, number of transactions, financial services, and complexity of the business. Our professionals will guide you through the payment procedure thoroughly.
We provide accounting and bookkeeping services like profit and loss account, trial balance and balance sheet on monthly basis.
The accounting or Bookkeeping period is considered to be a month or a quarter while externally it is for twelve months i.e April 1 to 31st March every year.
Yes, CA Consultation is mandatory for an individual who indulges in accounting and bookkeeping service. We provide professional CA Consultaion for bookkeeping and accounting service to our dedicated clients.