Accounting/Book Keeping

MAINTAIN YOUR ACCOUNTS

The weekly and monthly reports generated by us will make it seem like you have an accounts team.

Weekly Reports
Payables & Receivables and Weekly Cash Flow Statements

Monthly Reports
Financial Statement & Bank Reconciliation Statement

What is Accounting?
Accounting is the process of storing, sorting and recording financial transactions. All businesses are required by law to submit their accounts to the Income Tax (IT) Department. Several start-ups tend to ignore this requirement early on, and then scramble to put together their accounts when they are raising funding or being acquired. Maintaining the books in-house certainly is a tedious and possibly expensive affair, but getting it done would significantly reduce pains in complying with the requirements of the IT Department, give the promoters and shareholders a good sense of how the business is doing, prove eligibility for loans in later years, and even satisfy investors.

Five Reasons You Need an Accountant

Why do you need an accountant for your start-up?
As you may know, it is essential for businesses to maintain records of their financial transactions, no matter how small. The reason behind this is that the Registrar of Companies demand a strict record of income tax payments at the end of the year. Without maintaining your accounts, this is rather difficult to do, and you may, in fact, end up paying more tax than you should. Even apart from this, though, all businesses should be interested in their books of accounts, as it is crucial while planning expenses and keeping a tab on how the business is shaping up.

What happens if you miss out a day or two of your accounting?
The answer would be simple: misplaced bills and confusing records. This may result in frustrations at the end of the year while you do your tax calculations or even while splitting up profits. Regular maintenance of records is essential, and only a person dedicated to it, like an accountant, can do the needful in this instance.

Why do you need an accountant?
If you’re not an accountant, it’s unlikely that you will be able to have your balance sheet tally at the end of the year. The reason behind this would be misclassification of expenses and assets and liabilities. One needs to ensure that all aspects of the business are correctly classified so that there is no confusion in future. This is the job of an experienced accountant, even though there is software today to do much of the work.

Is it essential to maintain records even though the company makes losses?
No, it is mandatory to maintain books even if you are incurring losses. Any financial transactions made for the business, such as purchase of goods, selling and so on, needs to be updated and submitted at the end of the year for filing income tax.

My tax liability for the year is very low, under the PTS. Do I still need to maintain the account?
Yes, even if your Tax liability is lower than what you would pay under the PTS scheme, books are required as a proof to show at the end of the year. Book maintenance, can, thus, be not avoided under any circumstances.

Advantages of Online Accounting

Always Available
Our services are offered on the cloud, which means that you’ll have 24×7 access to your accounts and can be sure of confidentiality.

Equity Eligibility
If you’re going to raise funding or ask for a loan at a later stage, you would need to provide your books of accounts from the start of operations. If you have a proper record of transactions, your compliance costs would be reduced.

Review Efficiency
All businesses make decisions based on financial data as they provide an unbiased account of the efficiency of the business. In their absence, it is always possible for bias to creep in to decision-making.

Why Startupclues?

15 WORKING DAYS

Just tell us a few details about your business and submit the documents and we’ll begin the process. Within 20 working days, you’ll be ready to operate as a private limited company – without leaving home

CUSTOMER SCORE

We make your interaction with government as smooth as is possible by doing all the paperwork for you. We will also give you absolute clarity on the process to set realistic expectations

PROFESSIONALS STRONG TEAM

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