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Book-keeping/ Payroll processing
Book-keeping means the activity of keeping records of the financial affairs of a business. Proper accounting records are the stepping stones for every venture. It helps the owner, the management and those charged with governance to know the overall profitability and the cash flows of the enterprise and thus take timely action to mitigate the probable future losses. Also, non-maintenance of proper books of accounts highly increases the risk of fraud in the enterprise, thus causing heavy losses to the stakeholders.
Further, as per the provisions of Income Tax Act, 1961, is any of the following 2 conditions get satisfied, it becomes mandatory to maintain books of accounts:
- If income from business/ profession exceeds Rs. 1,20,000 (proposed limit- Rs. 2,50,000);
- If turnover/ gross receipts from business/ profession exceeds Rs. 10,00,000 (proposed limit- Rs. 25,00,000);
However, all Companies and LLPs shall mandatorily need to maintain books of accounts.
Proper book-keeping ensures proper payment of taxes and other statutory dues to the Government.
Advantages of Book-Keeping:
- Better cash management;
- Improved business decisions;
- Helps in comparing the actual vs the budgeted and accordingly taking corrective actions;
- It helps in complying with the statutory provisions;
- Better financial planning.
Services Provided by Us:
- Review of the vouchers sent by you;
- Periodic feeding of the data (expenses/ income/ receipts/ payments) in the accounting software;
- Preparation of bank reconciliation and other reconciliation statements;
- Preparation of MIS and other reports, as desired by client;
- Preparation of monthly salary of all the employees;
- Preparation of Balance Sheet and the Profit & loss account of the business;
- Advising clients on measures to be taken to strengthen the internal controls of the business.
Procedure to be followed:
Collection of information/ documents
Review of the information/ documents
Feeding the vouchers and other receipts and payments in the accounting software
Preparation of the Balance Sheet and the P&L Account for the client’s review.
FAQ’s
1. Is it mandatory to keep books of accounts?
– Yes. It is mandatory as well as highly recommended to maintain the proper books of accounts in order to have proper control over the operations of the Organisation.
2. Does only Companies needs to maintain the books of accounts?
– No. All forms of business shall need to maintain the books of accounts in to expand the business operations.
3. What all books of accounts need to be maintained by the business organization?
– Sales book, Purchase book, Cash Book and Bank Book. Apart from these, debtors and creditor records, and other balance receivable and payable records shall also need to be maintained by the organization.
4. Whether books of accounts are maintained manually or through accounting software?
– The books of accounts shall be maintained with the help of accounting software and such data shall be kept 100% confidential.
5. Should I wait for the business to grow before going for maintenance of books of accounts?
– You should maintain the proper books of account and other accounting records from the very beginning, in order to minimize the risk and ensuring proper governance practices./p>
6. Is it necessary to be physically available at the place of business for maintenance of books of Accounts of the business?
– No. It is not mandatory to be physically present in the premises of the place of business to maintain the books of accounts. You may courier the accounting records, basis which we shall maintain the accounting records.