Overview:

It is imperative that the business entity keeps track of all the business transactions in order to be acquainted with the financial health of the company or entity and communicate the same to the concerned authorities, especially to those who have vested interest in the company like the directors, shareholders. Having an accounting and bookkeeping process in the organisation helps this purpose, where accounting is the process wherein all the financial transaction of the business is recorded, analysed and interpreted, and bookkeeping is the recording part of the financial transaction systematically.

Many entities fail to keep the financial affairs in place, resulting in massive debt, bankruptcy and in some cases, shutting down of the entity; to avoid such extremities, it is advisable to take the assistance of the professionals to keep the accounting and bookkeeping of the entity up to the mark.

Taxrepair is one of the best firms providing a broad spectrum of services to clients in the matters of accounting and bookkeeping.

Benefits of Accounting and Book-Keeping

1. Help in Accessing the Business Performance

By complying with proper accounting and bookkeeping system, the business owner will be aware of the financial health of their entity by measuring the various business performance like the sales figure, the expenses, income earned, the net profit, the assets, liabilities and many more such accounting parameters.

2. Help in Making Informed Decisions

One of the biggest benefits a business can have in maintaining its books of accounts is that it gives a clear picture of how the business is doing in terms of actual numbers. By knowing the actual numbers, the business owner will be able to make informed business decisions that will help turn the business in the right direction by making the necessary improvements.

3. Know About the Income and Expenditure

Being aware of the income and expenditure incurred will ensure transparency in the business. Knowing the cash flow will also help to see the pattern of income and expenditure, and it will act as a guide to plan and strategies the financial resources and use them in a more economical manner, if possible.

4. Helps in Attracting Investors

Every business, especially the small and medium industries and startups need investors for their growth and expansion. However, investors put in the money only after thoroughly analysing the financials of the company; thereby, it is vital for all the business entities going to the investors to seek funds to keep their book of accounts updated and accurate. Even a slight inconsistency in the accounts is considered a red flag by the investors, and they would refrain from investing in the business.

5. Timelines for Accounting and Book-Keeping Compliance

Our team of experts at Taxrepair assists our clients in a diverse range of financial services. Taxrepair has a proven track record of actively managing compliance, contacting clients, and delivering clear updates and workflows. In addition, our organised approach in providing accounting and bookkeeping services has enabled us to serve our clients better and ensure that the entire procedure is completed within the timeline.

Document Required for Accounting and Book-Keeping

• Scanned and attested copy of PAN Card of:
  • PAN Card of all the partners
  • Business entity and the directors
  • Business entity and the directors person
• Scanned and attested copy of:
  • Aadhar card
  • Passport
  • Voters ID
  • Driving license
  • Driving license
  • Any photo identify issued by the Government
    of India of all the partners
  • business entity and the directors / person
• Copy of Certificate of Incorporation
  • MoA – AoA
  • LLP Agreement
  • Partnership Deed
• Copy of Bank Statement of the current account in the name of the business
• Copy of Bank statement of saving account of partners / business entity and the directors / person.
• Copy of Registration Certificates like GST certificate
• Sales invoices and expense bills for the relevant accounting period
• Details of the assets like Sales Invoices or purchase of assets or pending loans
• Details about the expenses made for company or LLP registration by promoters
• Details of Cash transactions