Accounting is the process of documenting, analyzing, and methodically interpreting financial transactions. It is the obligation of every firm, large or small, to provide the Income Tax Department with its accounting documents. Typically, companies ignore these difficulties until they are forced to deal with them, plus interest, after a few years. To avoid problems like raids and penalties, it’s always a good idea to maintain track of your funds and give information to government agencies. Companies must update their yearly reports regularly. Year-end Accounting & Bookkeeping Services – Yearly; account maintenance service yearly.
About Accounting Services – Yearly Plan
This package is meant to be a one-stop-shop for all of your accounting needs. Accounting is important for building an efficient management information system (MIS) and managing your money.
Services Covered under Accounting Services – Yearly Plan
- Entries for the full financial year (300-500 transactions each year) are recorded.
- Cash, Sales, Purchases, and Expenses Ledger Accounts Preparation
- Receipts and Expenses Preparation Profit and Loss Statement Balance Sheet
- Bank Reconciliation Statement Preparation
- account receivables and payables balances
- Stock Summary as on date
Who Should Buy Accounting Services – Yearly Plan
A company entity’s books and accounts must be kept in good working order. It is also required for companies that are subject to regulatory or internal audits.
This plan is intended to meet the accounting demands of firms and individuals that work in the following fields:
- Goods Traders
- Consultants & Professionals
- Traders on the Stock Exchange
- Freelancers as individuals
- Owners of Small Businesses.
Information Guide – Documents to Be Submitted
Submission of Documents
The papers required will vary depending on the service you want at the moment. Our specialists will explain the same to you based on your requirements. Year-end Accounting & Bookkeeping Services – Yearly; account maintenance service yearly.
FAQ’s
Is it mandatory to maintain a record of all financial transactions?
Yes, it is mandatory to record all financial transactions and the proper supporting documents to substantiate the transactions.
Why do I need the services of an accountant?
The Income Tax Act mandates that some businesses undergo a mandatory audit, which is only feasible if the accounts are kept in accordance with the law.
Companies are governed by the Companies Act, which mandates that each company file an annual return with the registrar of companies. Even if there are losses or no income in a given fiscal year, it is required.
Individuals and companies may use it to keep track of their spending, track their income, and make educated financial decisions.
I got my startup launched a couple of months back. There are minimal transactions. Should I hire a full-time accountant?
Because most businesses do not require a full-time professional accountant due to the low volume of transactions, and it is not always financially possible to engage one, we have created this bundle to fulfill all of your accounting needs. Allow our professionals to manage your accounts and handle your accounting without the need to hire a full-time accountant.
Will the accountant visit my office in person?
Accounting services will be provided remotely through the use of internet software. Our accountants are not permitted to visit us in person. Any questions can be sent to our specialists through phone or email.
I already have accounting software for my firm. Can your experts use the same software?
Yes, we may utilize your program as long as it can be accessed remotely. Our specialists will log in and prepare your accounts after you give us access to your software.
I have an accounting software license. Will your Expert be able to use the same software?
Tally and QuickBooks are two prominent accounting software programs that our Experts have been educated on. Our expert will show you how to share the data backup of your transactions from your program and how to process your books of accounts using the same software. Your accounts’ last data backup will be shared with you.
What kind of financial reports will I get in this package?
Our expert will be able to offer all of the usual financial reports that the accounting program can create.
I am not using any accounting software. Will I get software access using this package?
Our Expert will construct your books of account utilizing frequently used accounting software such as Tally and QuickBooks if you do not have any. Only the last data backup of your accounts is included in this bundle. The package does not include software access or a license. A software license must be purchased separately.
Can I specify the accounting software to be used?
Our Expert will construct your books of account utilizing frequently used accounting software such as Tally and QuickBooks if you do not have any. Only the last data backup of your accounts is included in this bundle. The package does not include software access or a license. A software license must be purchased separately.
What benefits does better accounting bring to my company?
Better accounting practices enable you to analyze complicated financial data, create reports that contain quarterly and year-end closing records, and monitor and verify taxation problems and filings, among other things.
What are the documents to be filed with the RoC every year?
Once a year, balance sheets and annual returns must be filed. If there is a Return of Allotment, businesses must also file Form 3 (Form No INC-22). Form No. DIR-12, Change of Directors and Other Information, is required if the registered office is changed.
Where and when should the annual general meeting be conducted?
The AGM must be held in the company’s registered office or any other location within the city, town, or hamlet where the registered office is located. The meeting should occur between business hours (9 a.m. to 6 p.m.) on any day that is not a federally proclaimed national holiday. Year-end Accounting & Bookkeeping Services – Yearly; account maintenance service yearly.
