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
Document Requirement for Accounting & Bookkeeping
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Sales Invoices and Purchase Invoices
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Sales Returns and Purchase Returns
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Debit Notes and Credit Notes
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Sales Register, Purchase Register,Creditor and Debtor Ledger,Voucher, etc
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Cash Receipts & Payments Details
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Bank Receipts & Payments Details
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Bank Statements (Detailed)
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Assets & Liabilities Details
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Copies of Tax Returns like GST Returns, TDS Returns
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Copies of Tax Challans Payment for GST, TDS
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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
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
Financial Insight
Better Budgeting
Better Record Keeping
Increased Credibility
Accurate accounting records help businesses to build
credibility with lenders, investors, and other stakeholders, by demonstrating financial responsibility and stability.