Accounting and Book-Keeping Services
Book Keeping is not only mandatorily required but is very important for the company’s growth. Book Keeping enables you to make the correct business decision, pay taxes on time, manage cash flows, prepare the business model for investors, and check if the business is making profits or not.
Settlemytax’s expert team of accountants will guide and assist the clients in the following accounting systems. All the accountants have a minimum experience of 2 years. The software which we work with are :
- Quick Books
- Zoho Books
The benefits of Book-Keeping with Settle My Tax:
- 60% Cost Saving
- You don’t have to worry about employees leaving
- In online accounting, you save on seat needed if you had hired an accountant
- Review by a CA every month so that there are no errors
Once you follow up with Settlemytax’s plan for Book-keeping, we provide you with the finest and the most experienced managers and accountants for your company’sBook-keeping. And you’ll just have to relax and provide us with the required documents and it’s all done on your side.
Once you follow up with Settlemytax’s plan for bookkeeping, we provide you with the finest and the most experienced managers and accountants for your company’s bookkeeping. And you’ll just have to relax and provide us with the required documents and it’s all done on your side.
Following are the steps to be followed by the clients:
Step 1 – Every month end you share the bank statement, expense invoices which you have received, and the invoices which you have raised on clients.
Step 2 – Your manager completes the bookkeeping entries in Quick Books or Tally. He sends the same for your review.
Step 3 – Once you approve it, we calculate your GST and TDS and forward it to the tax filing team.
Settle My Tax’s Book-Keeping package will include :
- Balance Sheet, Bank Reconciliation Statement
- Statement of Account Receivables and Payables
- Stock Summary
- Profit and Loss Account
- Recording Fixed Assets
- Recording of invoices issued for goods sold or services provided to clients
- Recording receipts from customers
- Verifying and recording invoices from suppliers
- Recording and monitoring asset depreciation and other adjusting entries
- Generating and providing financial reports
- Expense payments to suppliers
- Loan payments
Accounting is the pillar of any business; our accountants are capable to deal with your necessities. We offer specially crafted plans suiting your business.
Accounting is the art of recording financial transactions chronologically every day. Every business needs to create and keep up-to-date business books, which are required by law, as well as a modern need to comply with tax laws. The size of the company doesn’t matter, and compliance with the law applies to everyone equally. Payment of input taxes, TDS, and GST is based on correct business reporting. Our accounting services are unique and give you more time to do business than accounting for your own business. Our accountants are well trained and supervised by an experienced and professional team. Therefore, we offer accurate and tax-effective accounting for your company.
Section 128 of the Companies Act 2013 requires each company to prepare and maintain its own books, papers, and other relevant financial reports for each financial year that provide a true and fair view of the company’s business. Similar provisions can be found in Section 34 of the LLP Act 2008 on LLP
The books must be stored for 8 years.
The company or LLP is required to keep books, relevant papers, vouchers, and other accounting documents, bank statements, invoices, registers, etc. for up to eight years. And if there’s a lawsuit on accounts or taxes, records should be kept until the process ends.
Penalties for disobedience
Any failure to comply with Section 128 of the Companies Act will result in a prison sentence of up to one year or a fine of at least Rs. 50,000/-, but this can be up to Rs.5 lakh or both. In the LLP case, the penalty for violating Section 34 is Rs. 25,000/- to 5 lakhs, payable by LLP, and for select partners, this is Rs. 10,000/- to Rs. 1 lakh.
The ledger should be kept at the company headquarters or in an LLP,the Board of Directors may decide to keep books elsewhere in India. However, the decision must be communicated to the ROC on form № AOC 5 within seven days. In the case of an LLP, books must be registered and maintained at its office.
In the case of an LLP, the primary responsibility for keeping books rests with the board of directors or the company’s appointed partners. In the event of non-compliance the Chief Executive Officer, Chief Financial Officer must at all times appoint the Chief Financial Officer of the company and, in the case of an LLP, to become a Partner.
Accounting and audit completion
The final account should be prepared at the end of the financial year and lead to a profit and loss account and balance sheet for the financial year. The books must be signed by two directors or designated partners.