Accounting and Book Keeping

Overview

Bookkeeping, is the process of recording the day-to-day financial transactions of a business. This includes recording all sales, purchases, receipts, and payments. The bookkeeping process provides the data that is used in the accounting process.
Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful for making business decisions. This information is then used to prepare financial statements, including the balance sheet, income statement, and cash flow statement.

The accurate accounting of the business provides the basis for the payment of advance taxes, TDS, and GST. Our specialised accounting services are made to provide you more time to focus on your business rather than your company's accounting. In order to provide accurate and tax-efficient accounting for your business, our team of accountants receive thorough training and are closely supervised by a well-experienced and competent team.

Statutory Requirement

In India, the legal provisions related to accounting are governed by several acts and regulations, including:

1. Companies Act, 2013:
The Companies Act lays down the rules for the maintenance and presentation of books of accounts and the preparation of financial statements for companies registered in India.
2. Income Tax Act, 1961:
The Income Tax Act outlines the tax obligations of businesses, including the requirement to maintain accurate books of accounts and financial records, and the obligation to file regular tax returns.
3.Goods and Services Tax (GST) Act, 2017:
The GST Act requires businesses to maintain accurate records of their sales and purchases, including invoices, and to file regular GST returns.
4. Foreign Exchange Management Act (FEMA), 1999:
This act requires companies to maintain proper books of accounts and financial records in order to comply with foreign exchange regulations.

Documents Requirements

Required in Soft Copy Only

Document Requirement for Accounting & Bookkeeping

Sales Invoices and Purchase Invoices
Sales Returns and Purchase Returns
Debit Notes and Credit Notes
Sales Register, Purchase Register,Creditor and Debtor Ledger,Voucher, etc
Cash Receipts & Payments Details
Bank Receipts & Payments Details
Bank Statements (Detailed)
Assets & Liabilities Details
Copies of Tax Returns like GST Returns, TDS Returns
Copies of Tax Challans Payment for GST, TDS
Other supporting documents

Note:-It's important to note that the specific documents required may vary based on the individual circumstances of the taxpayer and the nature of business. SureTax Fincare will assist in determining the necessary documentation and provide guidance on the same.

Advantages

Compliance with Laws and Regulations

Accounting helps businesses to comply with tax laws and

regulations, including filing accurate tax returns and paying taxes owed on time.

Improved Cash Flow Management

Accounting can help businesses to manage their cash flow more effectively, by providing information about incoming and outgoing cash, and by tracking accounts payable and accounts receivable.

Reduced Risk of Fraud

Accounting helps businesses to detect and prevent fraud by

providing a clear picture of financial transactions and by maintaining internal controls to protect assets.

Access to Capital

Accurate financial information is essential for obtaining financing, whether from banks or other sources. Accurate financial records demonstrate a company’s financial stability and increase the chances of obtaining financing.

Financial Insight

Accounting provides valuable financial information that can be used to make informed business decisions, such as whether to invest in new equipment, hire new employees, or expand into new markets.

Better Budgeting

Accounting provides data that can be used to prepare budgets and to monitor actual performance against budgeted amounts, helping businesses to make more informed decisions about spending and investment.

Better Record Keeping

Accounting provides an organized and systematic approach to record keeping, making it easier to retrieve financial information when needed and reducing the risk of errors or omissions.

Increased Credibility

Accurate accounting records help businesses to build

credibility with lenders, investors, and other stakeholders, by demonstrating financial responsibility and stability.

Frequently Asked Question

Books of accounts are records used to record and maintain financial transactions, including revenue, expenses, and assets.

The types of records included in books of accounts may vary depending on the specific needs of a company, but typically include the general ledger, cash book, sales book, purchases book, journal, and trial balance.

Proper books of accounts are important because they provide the information necessary for companies to make informed financial decisions, monitor their financial performance, comply with regulatory requirements, and detect and prevent fraud.

Time Period of accounting records need to be kept varies depending on the jurisdiction and the type of record. In general, it is recommended to keep accounting records for a minimum of 5-8 years, as this is the period for which most tax authorities can audit a business.

Failure to maintain books of accounts can result in non-compliance with tax laws and regulations, which can lead to fines, penalties, and other legal consequences.

The responsibility for keeping books of accounts typically falls on the management of a company, although they may delegate this responsibility to employees or outside accounting firms.

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SPECIAL ENTITY

MANDATORY REGISTRATIONS

NEED BASED REGISTRATIONS / LICENCES

INTELLECTUAL PROPERTIES

DRAFTING

INCOME TAX RETURN (ITR)

GOODS AND SERVICES TAX ( GST )

TDS / TCS

COMPANY COMPLIANCE

LLP COMPLIANCE

CONVERSIONS

ACCOUNTING & BOOK-KEEPING

pAYROLL MANAGEMENT

LOANS

INVESTMENTS

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Accounting and Book Keeping