Manage your accounts

Manage your Accounts

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

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HERE’S HOW IT WORKS

Weekly Reports

Payables & Receivables and Weekly Cash Flow Statements

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Monthly Reports

Financial Statement & Bank Reconciliation Statement

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Why should you register your Company?

Registering a company offers many benefits. A registered company makes it genuine and increases the authenticity of your business.

Shields from personal liability and protects from other risks and losses.
Attracts more customers
Procures bank credits and good investment from reliable investors with ease.
Offers liability protection to protect your company’s assets
Greater capital contribution and greater stability
Increases the potential to grow big and expand
You will also get Zero Balance Current Account

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.

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OUR PROCESS

WHY START-UPS PREFER PRIVATE LIMITED COMPANY AS A BUSINESS FORM?

The Private Ltd Company is one of the most preferred business legal forms by growing Indian start-ups. A private limited company can fulfill the requirement of raising funds from private investors easily; attract less tax and is a separate legal entity with perpetual succession which is restricted to other business types. Find out more.

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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.

Frequently Asked Questions

Q. Why is accounting/book keeping essential for a business?

Accounting, a process of storing, sorting and recording financial transactions, is required to be submitted by all businesses at the time of filing their tax returns. Since one cannot go about sorting accounts and dealing with financial matters at the time of filing their returns, it is better to go with the bookkeeping from the beginning, and keep everything in order. Also, apart from the income tax perspective, keeping the books updated can give a good impression to the investors and shareholders. Similarly, the Companies Act, 2013 and the LLP Act, 2008 decrees that the books of all accounts need to be maintained for any company or a partnership business.

Q. What should be tracked in the account books?

The law demands that the account books should include the daily financial transactions, and bills of the financial transactions made. The account books generally include ledgers, trial balance, original and copies of bills and so on. Now, however, with the online accounting, things have become much streamlined and easier to maintain.

Q. Accounting is a simple process. Why pay so much for it?

Startups often look for loopholes to save money, but accounts is not the area to do it in. After all, it’s what your investors will want to have a look at every now and then. Therefore, maintaining the books irregularly is not an option. You need to either buy expert software or outsource your account maintenance and bookkeeping to a professional channel, to ensure your accounting is maintained as per the guidelines provided.

Q. Can accounting be computerised? Or only manual transactions are approved by the Income Tax Department?

Yes, one can submit computerised accounts, too. Now, it is easier to maintain records and all details of financial transactions on designated software or through computerized records, to eliminate any errors and miscalculations.

Q. Do I need to maintain books on my premises or can I appoint an agent to do the needful?

It is your personal choice whether to appoint an expert on your payroll to work on your accounts or engage an agent to do the needful.
There is an advantage in taking the opinion of an expert, such as an agent who can maintain the accounting records as demanded by the income tax, and thus, save you a lot of man hours and hassles of dealing with daily bills and transactions.