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Accounting And Book Keeping

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Accounting and Book Keeping

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Accounting and Book Keeping

Accounting is the process or work of keeping financial accounts. Every company must maintain proper books of accounts of its affairs. Accounting can be described as a way to communicate the financial health of a business or an organization to any and all interested parties. It is a way of assessing the assets, liabilities and cash flow, or the future of an entity for all current and future investors. It is the lifeblood of a business and all types of business have basic information that is recorded to get that job done. 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 and most need also to file them with the Ministry of Corporate Affairs. 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.

BENEFITS OF ACCOUNTING AND BOOK KEEPING

Easy to know Tax Compliances

Easy to know Tax Compliances

If the books of accounts are maintained, the information is readily available. If we do not maintain the accounts, finding out the monthly tax liability of the business (Income Tax, TDS, Sales Tax & Service Tax payment and return filing is difficult.
Help to know the Financial  Position

Help to know the Financial Position

All businesses make decisions based on financial statement as they provide a true & fair view account of the efficiency of the business. In their absence, it is always possible for bias to creep in to decision-making.
Funding  Eligibility

Funding Eligibility

If we are going to raise funding or ask for a loan, we would need to provide your books of accounts and Financial Statements for 3-4 years. If you have a proper record of transactions, your compliance costs would be reduced. Also it is easy to get loan from the financial institutions.

Frequently Asked Question

WHAT IS THE PROCEDURE OF MAINTAINING BOOKS OF ACCOUNTS?
Firtsly we will collect the data and information from the client by mail or in hard copy then afterwards we will provides services of mainting the books of accounts.
WHAT SERVICES DO YOU PROVIDE?
Our core service portfolio is comprised of accounting, bookkeeping, accounting systems automation and integration, Controller level services, CFO level services, and payroll. So whether you're willing to seek an expert's help to take care of your books of accounts, or looking for a customized accounting system, or want help to process payroll payments or require a part-time CFO, we can help.
HOW IS MY CLIENT'S PERSONAL DATA SECURED?
  • Registrationwala values and respects the privacy and confidentiality of all information transmitted.
  • The information transmitted is always encrypted and then sent through secure channels on the internet
HOW DO I KEEP TRACK OF INFORMATION SENT AND ENSURE THE QUALITY OF THE RETURN?
  • The information we receive from you is sent electronically and the hard copy of files stays in your office.
  • Once we complete the returns and transmit it to you, we will not retain any information sent unless specifically told by you to do so.
  • You will review and approve the returns prior to e-filing / sending the prepared returns to your client.
WILL IT BE THE SAME BOOKKEEPER EVERY TIME?
Yes, whenever possible we will do our best to make sure you have the same bookkeeper. In addition, you will have a point-person on your account, someone personally familiar with and responsible for your books. You also have the advantages that come with an experienced team of bookkeepers and the back-up of our administrative and support staff.
I ALREADY HAVE AN ACCOUNTING STAFF. WHY DO I NEED REGISTRATIONWALA?
Most accounting staff have limited work experience. They perhaps have worked at two or three other companies where they reported to a more senior accountant. They may now be reporting to the business owner who has a background in general business, engineering or sales – probably not finance or accounting. There are many areas where these staff accountants do not have an experience and need guidance. Registrationwala.com can provide the necessary guidance and management. This enables the staff accountant to grow and to gain the experience to properly address these issues. Eventually, the staff accountant can be promoted to Controller or CFO and then become a more valuable and dedicated employee, and at that time, the talents registrationwala accountant may not be needed. This is a win-win situation. It is a win for our accountants because we were successful in our mission — which is to help our clients grow, and a win for you because you now have an accounting staff that can take you to the next level.
HOW CAN WE PREPARE BALANCE SHEET AND PROFIT & LOSS ACCOUNT OF THE COMPANY?
The company has to prepare its balance sheet and profit & loss account from the books of account maintained by it. Every Balance Sheet of a company must give a true and fair view of the state of affairs of the company as at the end of the financial year and must be in the prescribed format.
WHAT ARE THE BOOKS OF ACCOUNT TO BE KEPT BY A COMPANY?

Every company must maintain proper books of accounts of its affairs.

The following transactions must be entered in the books of accounts of the company which must be kept at its registered office:-

  • All sums of money received and expended by the company and the matters in respect of which the respect of which the receipt and expenditure took place;
  • All sales and purchases of goods by the company; and
  • The assets and liabilities of the company.
  • In the case of a company engaged in production, processing, manufacturing or mining activities, such particulars relating to utilisation of material or other items of cost as may be prescribed relating to certain class of companies as the Central Government may require.

The books of accounts must comply with the following conditions:-

  • The books must give a true and fair view of the state of affairs of the company or the branch office, if any, and explain its transaction.
  • The books must be kept on accrual basis and according to double entry system of accounting.

About Us

Registrationwala.com is a leading company registration consultant in India having strong client base of 10000+.

We are experts in legal, professional and financial advisory services and help our clients in setting up their business entities and managing various business functions feasibly and effectively.

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