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The accounting and book keeping act as a financial scorecard of the company in front of investors, creditors, borrowers, or banks. The financial health of a business is determined by the financial records, so efficient accounting can present the company’s financial position effectively.
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Accounting & Book Keeping

An Overview - Online Accounting and Book keeping Services

It is the responsibility of every business, large or small, to provide the Income Tax Department, MCA, GST and other authorities, with their accounting documents. To avoid problems like raids and fines, it's always a good idea to maintain track of your finances and provide information to government agencies.

It is very essential to maintain all the financial records to avoid any type of penalties/ fines resulting from investigation/ raids etc. The financial transactions of the business must be recorded as per the provisions provided in Companies Act, 2013, Income Tax Act, 1961, Goods & Service Tax Act, 2017, or the other law being in force as the case may be.

The accounting and book keeping act as a financial scorecard of the company in front of investors, creditors, borrowers, or banks. The financial health of a business is determined by the financial records, so efficient accounting can present the company’s financial position effectively.

Accounting and Book keeping - A Statutory Requirement

As per following provisions of the applicable acts or laws, companies/ small businesses are required to prepare and maintain the book of accounts as per applicable accounting standards.

Section 44AA of Income Tax Act, 1961: Prescribed books of accounts and their supporting evidence.

Section 128 of the Companies Act, 2013 : Books of account, etc., to be kept by company

Section 129 of the Companies Act, 2013 : Preparation of Financial statement by the company

Section 148 of the Companies Act, 2013 : Maintenance of Cost Records by the company

Benefits of Accounting & Book keeping

It is good for businesses to have accounting and book keeping on a real-time basis to have the proper records of the business transactions. Here are some benefits of the accounting and book keeping:-

Budgeting

It enables businesses in effectively controlling income and expenditure and also monitoring managerial strategies and objectives.

Performance Evaluation

Accounting and book keeping of the businesses help to determine the net profit and growth of the business. Proper business transactions recording and accounting of day-to-day activities will help business owners to know the real position of the company.

Cash flow Management

Keeping track of the money that comes into the business on a regular basis helps in projecting patterns, paying employees and suppliers, repaying debts, etc.

Analytical Study

Accounting and book keeping help owners to analyse the historical data and take decision accordingly for growth of the entity/ business.

To avoid Legal issues

In India, towards the end of the year, the Registrar of Companies requires a detailed record of payments and receipts, as well as other commercial transactions, failing which companies may face investigation and other consequences.

How does Startup Club India help in Accounting?

With the utmost changes and development in the business landscape, Startup Club India's certified professionals will assist in every field of financial services that includes:

Consultancy

Our empanelled Chartered Accountants (CA) and professionals will provide robust mechanism for efficient accounting and book keeping system required for business growth.

Accounting And Book keeping

Keeping the records of all the financial information and transactions on a daily basis is termed as book keeping. It includes the payments of loans, suppliers, invoice monitoring the depreciation of assets, financial reports generation and much more.

Preparation of monthly and annual reports of financial accounts accurately

Most focused part of the investors and creditors/ lenders is the financial health of the company. Financial records act as a source from which an investor can judge the performance and assurance of return of income on their investment. The financial statement includes cash flow statements, Balance sheet, Profit and Loss Account and Notes to accounts to the financial statements.

FAQs on Accounting and Book keeping Service

Keeping the records of all the financial information and transactions on a daily basis is termed as book keeping. It includes the payments of loans, suppliers, invoice monitoring the depreciation of assets, financial reports generation and much more.
Accounting is the process to record financial transactions. While Book keeping is a part of the accounting process.
It is very essential to maintain all the financial records to avoid any type of raids or fines. The records of all the financial records should be furnished to the Income Tax Department and keep your business safe from any legal issues.
Benefits of accounting and book keeping are mentioned above
All the day to day business transactions must be recorded and accounted systematically as per the applicable accounting standards, from which financial reports can be generated which helps business owners to make business strategies.
Accountants primary work is to analyse and prepare the financial records of the business. Accountants will be responsible for the day to day to recording of the business transactions like Sale, Purchase, Receipt or payments, provisioning etc.

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