Services
Accounting & Bookkeeping
Books of accounts are needed for tax returns, GST, audit and day-to-day financial decisions. This service covers recording transactions, reconciliations and periodic financial reports. It can be taken up on a monthly, quarterly or one-time basis.
What the service covers
- Recording of sales, purchases, receipts and payments
- Bank, creditor and debtor reconciliations
- Accounting for GST and TDS
- Preparation of the trial balance, profit and loss account and balance sheet
- Periodic MIS reports
- Year-end closing and preparation of books for audit
- Updating of past records from available documents
Documents typically needed
- Sales and purchase invoices and bills
- Bank statements and cash records
- Expense vouchers and receipts
- Loan, asset and investment records
- Payroll records
- GST and TDS returns and challans
- Opening balances or the previous year’s financial statements
- Existing accounting software data, if any
Questions
- Which software is used for maintaining books?
- Books can be maintained in commonly used accounting software or in spreadsheets, depending on the size of the business and its requirements.
- Can records from earlier periods be brought up to date?
- Yes. Bookkeeping for earlier periods can be taken up on the basis of the documents and statements available.
- What is an MIS report?
- A Management Information System (MIS) report summarises key financial figures, such as income, expenses and balances, for a period so that the business owner can review them.