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Accounting and Bookkeeping
Accounting is an art of recording transactions of financial nature on day-to-day basis on a chronological basis and Book-Keeping is the process where the records of financial transactions are kept.
Every business entity, Start-up or well established, Private Limited Company, LLP, OPC or even Proprietorship firm, each kind of business requires to keep a proper track of their financial transactions. This can be done by proper accounting and book keeping services.
It is the responsibility of the Book-Keeper to ensure that all invoices are properly and correctly recorded. On the basis of this, the financial statements are prepared.
Book of Account is to be maintained at Registered Office of the company or LLP. The board of directors may decide to keep and maintained the books of account at any other place in India. However, such a decision must be intimated to the ROC.
ComplianceIndia can be your legal and professional partner in India to help you maintain proper Accounting and Bookkeeping in India quickly and cost-effectively.
Detailed Recording of daily transactions
Easier to prepare financial statement
Instant Reporting of transaction
Better view of financial track records
Healthy Relationship with Banks and Investors
Helps in Better Tax Prediction
Faster Financial Analysis and Financial Comparison
Liability for maintaining Accounting and Bookkeeping
The size of business does not matter, Every Business needs to do Accounting and Bookkeeping in order to keep records of daily financial transactions.
How we Work?
Documents required for Accounting and Bookkeeping
Purchase Bills or Invoices of Services availed
Sales Bills or Invoices of Services rendered
Sale or Purchase Returns
Invoices/Bills raised monthly
Debit and Credit Notes issued
Detailed Statement of all Bank Accounts
Cash Book with vouchers and evidence
Any other information of financial nature
Punishment for Non-compliance
For any non-compliance of Section 128 of the Companies Act, there is an imprisonment for a term which may extend to one year or with fine which shall not be less than Rs. 50,000/-, but which may extend to Rs.5 lakh or with both. In case of LLP, the penalty for contravention of section 34 is Rs. 25 thousand to 5 lacs payable by LLP and for designated partner it is Rs. 10 thousand to 1 lac.
Frequently Asked Questions
1. Can I pay on a monthly or quarterly basis?
Absolutely! To assist with cash-flow, we are happy to offer ongoing clients the ability to be charged either monthly or quarterly
2. Who will I deal with if I use your services?
We will assign a Single qualified Professional (SQP) who you can deal directlyin case of any queries or concerns. You will get all the answers from this one person only.
3. What would be the qualification of the person assigned to our company?
The persons assigned to do the tasks for your company will be Highly qualified CA/CS/ Lawyers and Business administration. However, your SQP will be a Master of business administration.
4. What will be the frequency of availability of SQP – Single Qualified Professional?
You may contact your SPOC at any time of the office working hours.
5. How can I get in touch with SQP?
You may get in touch with your SQP through any of the following ways:
– Drop a WhatsApp message in Group designated to your company
– Via Email ID designated to your company
– Make a Direct call
– Make a Skype call
6. Will I get the desired results from the Services?
We have automated software that will process the most complicated data with utmost ease and then present the results in an organised manner.
7. Where should the books of accounts of business be kept and for how long?
All the books of account and related documents should be kept at the main place of business, i.e., where the business or profession is generally carried on. These documents should be preserved for a minimum of eight financial years.
8. What is the purpose and difference of bookkeeping and accounting?
The purpose for both is keeping track of your company’s income and how it spends that money. Bookkeeping is the day-to-day record keeping such as managing the receiving and payment of bills, managing the sales and receiving of payment from customers, and payroll processing. Accounting is the next step after bookkeeping. It starts where bookkeeping left off: Reviewing the bookkeeping processing, completing bank reconciliation, credit card reconciliation, completing payroll tax returns, sales tax returns, property tax returns (571-L), and compiling the periodic financial reports that summarize all of the record-keeping data.
9. How long will I need a professional bookkeeper and/or accountant?
Bookkeeping and accounting is an ongoing, integral part of your business. Whether you hire Business-keepers or bring someone in-house on your payroll, it is important that the work be maintained to provide you with intrinsic reports to better serve your company’s financial goals.
10. My records are a mess and I'm embarrassed for anyone to see the paper mounds let alone organize them. Where do I start?
Start by calling us. We can organize your recordsand get your accounting up and running. Do not be ashamed of paperwork. We love paper!
11. What is the difference between a bookkeeper and an accountant?
Bookkeepers are responsible for recording and organizing financial data. Accountants, meanwhile, are responsible for interpreting that data. A thorough bookkeeper will make sure your books look good. However, a licensed accountant can help you make financial decisions about your business. In other words, bookkeeping lays the foundation for accounting.
12. How should I separate my business finances from my personal finances?
It’s important to avoid mixing your business and personal finances. Consider operating separate checking accounts and accounting systems for your business and personal needs.
13. Why is bookkeeping important for a small business?
Bookkeeping has a few important benefits to a small business. First and foremost, keeping your books up to date is essential in the event your business gets audited. It also allows you to analyze and plan based on your collected data, helps minimize accounting costs, and saves you time during tax season since you’ve done the work to keep your finances updated throughout the year.
14. How does accounting help in decision-making?
Accurate accounting serves as a baseline analysis for investors and lenders. It can help to provide a financial health report on your business for creditors, like banks, who might be providing you with a business loan. It can also help to guide your business and allows for accurate forecasting should you choose to grow and scale in the future.