Accounting & Book Keeping
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Our well-qualified and experienced accountants will take utmost care of managing your accounts and keep you books of accounts up to date.
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Accounting & Book Keeping
We help you maintain day-to-day financial records chronologically. Apart from this, every organization has to maintain books of accounts as prescribed by law and to comply with the Tax laws. Tax payments and GST are based on the books of accounts.
You can stay focused on your core business activity, while our accountants efficiently handle all your accounting needs and prepare and maintain the books of accounts.
Documents Required for Year-end Accounting
- Monthly invoices and bills
- Purchase invoices
- Sale returns
- Debit and credit notes
- Bank account statements
- Cash vouchers
Key Points to be Remembered
Books of Accounts
As per the Companies Act 2013, and Section 128, every company must draft and maintain books of account and related financial books and statements for the current financial year. This demonstrates the current status of the company. A Ltd. Liability company acts as per the provision of Section 34 of the LLP Act.
Every company/Ltd. Liability must maintain books of accounts, invoices, vouchers, bank statement, registers and so on until eight years. In case of legal proceedings, all records are to be maintained until the court proceedings are over.
Every company must comply with the standards of Section 128 of the Companies act. Missing out on this will attract imprisonment for one year or a fine of Rs. 50,000. The penalty might also extend to Rs. 5 Lac. For Ltd. Liability company, the penalty for contravention of Section 34 is Rs. 25,000 to 5 lac payable by LLP and for partner, it is Rs. 10,000 to 1 lac.
ROC to be Intimated on Books of Accounts
Book of accounts must be maintained in the registered office; however, the BOD might decide to maintain it elsewhere. This must be intimated to the ROC using Form No. AOC5 within 7 days. But for Ltd. Liability company, the books must be maintained in the registered office.
Board of Directors' Responsibility
The BOD is responsible for maintaining the books of accounts in case of a company.For a Ltd. Liability, the partners are responsible. If there is a non-compliance of law, the Managing Director, Finance Director, the CFO, and partner of a Ltd. Liability are made responsible.
At the end of the year, Profit & Loss and the Balance Sheet must be prepared. This books of accounts have to signed by the directors or partners. For a company, a statutory auditor must audit, and for Ltd. Liability audit is done only when turnover crosses Rs. 40 lac.