it's pocket friendly
it's hassle free
it's instant
it's completely online
Starting at Just Rs. 699/- (All Inclusive)
Accounting/Book keeping
- it’s super simple
- completely online
- hand-holding support
- instant response & consultation
Explore various pricing plans
All Inclusive Transparent Pricing #NoHiddenCharges
ITR-1 @ Rs. 699/-
- Salary Income
- Rent Income From One Property
- Interest Income etc.
This pricing plan includes free consultation
Fill inquiry form below to pay later
ITR-2 @ Rs. 1099/-
- Salary Income
- Rent Income From Properties
- Capital Gains or Losses
This pricing plan includes free consultation
Fill inquiry form below to pay later
ITR-3 @ Rs. 1999/-
- All Income Covered in ITR-2
- Income From Business or Profession
- Interest Income etc.
- Income or Loss From Intraday Share Trading
- Income or Loss From Derivatives (F&O)
- Director/Patner in a Company/LLP
This pricing plan includes free consultation
Fill inquiry form below to pay later
ITR-4 @ Rs. 1499/-
- Salary Income
- Rent Income From Propeties
- Professional Receipts up to Rs. 50 Lacs
- Businesses Covered under Presumptive Taxation
This pricing plan includes free consultation
Fill inquiry form below to pay later
Know More
Accounting/Book Keeping
An Overview
Accounting and bookkeeping are fundamental aspects of managing a business’s financial information. They involve recording, classifying, summarizing, and reporting financial transactions. This process helps in creating accurate financial statements such as the income statement, balance sheet, and cash flow statement. These statements provide insights into a company’s financial health, aiding in decision-making, compliance with regulations, and facilitating communication with stakeholders. Accounting also involves analysis, tax compliance, technological tools, adherence to ethical standards, and managerial support, making it crucial for maintaining transparency, making informed decisions, and ensuring the long-term success of a business.
Is It Mandatory?
In many jurisdictions and for most businesses, maintaining proper accounting records is mandatory. The specific requirements may vary based on the size of the business, its legal structure, industry regulations, and the country or region’s laws.
Here are some reasons why accounting practices are often mandatory:
Legal Compliance:
- Taxation: Governments require accurate financial records for tax purposes. Businesses need to file tax returns based on these records.
- Regulatory Requirements: Many industries have specific accounting standards mandated by regulatory bodies to ensure transparency and accountability.
- Company Laws: Laws in various countries often mandate businesses to maintain accurate financial records and disclose them to shareholders or regulatory authorities.
Stakeholder Expectations:
- Investors and Creditors: External stakeholders such as investors and creditors often require access to accurate financial statements for investment decisions or providing credit to a business.
- Employees and Management: Internal stakeholders need financial information for decision-making, goal setting, and assessing performance.
Business Operations:
- Effective Management: Accurate financial records help in monitoring business performance, identifying strengths and weaknesses, and making informed decisions.
- Risk Management: Maintaining proper records aids in identifying potential risks and taking preventive measures.
Ethical and Professional Standards:
- Maintaining Transparency: Accounting practices ensure transparency and honesty in financial reporting, aligning with ethical and professional standards.
While the specific requirements for accounting practices might differ based on various factors, maintaining accurate financial records is generally considered essential for the efficient operation, legal compliance, and sustainability of a business. Failure to comply with these standards and regulations can result in penalties, legal consequences, and a loss of trust from stakeholders. Therefore, in most cases, accounting practices are obligatory for businesses.
Information / Documents Required
General Documents / Informations Required from all assessees:
1. Financial Documents:
- Invoices: Both issued and received for sales and purchases.
- Receipts: Proof of expenses, such as office supplies, utilities, rent, etc.
- Bank Statements: Showing transactions, deposits, and withdrawals.
- Credit Card Statements: For business-related expenses.
- Payroll Records: Details of employee wages, taxes, and benefits.
2. Business Agreements and Contracts:
- Leases: Rental agreements for office space or equipment.
- Loan Agreements: Details of loans taken by the business.
- Vendor Contracts: Agreements with suppliers or service providers.
3. Legal and Regulatory Documents:
- Business Licenses: Issued by local or state authorities.
- Tax ID Numbers: Such as Employer Identification Number (EIN) or VAT ID.
- Insurance Policies: Business insurance details.
4. Financial Statements and Reports:
- Income Statements: Reflecting revenues and expenses over a specific period.
- Balance Sheets: Showing assets, liabilities, and equity at a particular date.
- Cash Flow Statements: Recording cash inflows and outflows.
5. Miscellaneous Information:
- Chart of Accounts: A list of all accounts used by the business.
- Business Entity Information: Legal structure details (sole proprietorship, LLC, corporation, etc.).
- Inventory Records: Details of stock or goods held for sale.
- Fixed Asset Records: Information about property, equipment, or other assets owned by the business.
6. Tax-related Information:
- Tax Returns: Filed federal, state, and local tax returns.
- Tax Deductions and Credits: Records supporting deductible expenses or eligible credits.
- Tax Filings for Employees/Contractors: W-2 forms for employees or 1099 forms for contractors.
7. Technology and Accounting Software Data:
- Accounting Software Records: Data from accounting software used for financial transactions.
- Backup and Storage: Securely storing financial data for reference and compliance purposes.
Important Notes:
- Timeliness: Keeping records up to date is crucial for accuracy and compliance.
- Organization: Maintain a systematic filing system for easy retrieval of documents when needed.
- Compliance: Adhere to legal and regulatory requirements related to document retention and financial record-keeping.
Businesses should maintain these documents and information systematically to ensure accurate financial reporting, compliance with regulations, and efficient decision-making. Keeping thorough and organized records assists in audits, tax filings, and overall business management. It’s advisable to consult with Fiscalnow to ensure adherence to specific regulatory requirements applicable to your business.
Benefits
Benefit: Accurate bookkeeping ensures transparency in financial records, aiding in informed decision-making, identifying financial trends, and maintaining compliance with tax laws and regulations. It helps in understanding the financial health of your business
Benefit: Accounting software streamlines record-keeping, automates repetitive tasks, reduces errors, and provides real-time access to financial data. It saves time, enhances efficiency, and allows for better organization of financial information.
Benefit: Maintaining proper records helps track income and expenses, enabling businesses to anticipate cash needs, plan for expenditures, and ensure sufficient funds are available to cover operational expenses and investments.
Benefit: Accurate bookkeeping ensures the availability of necessary financial data for tax filings. It helps in identifying deductible expenses, minimizing tax liabilities, and ensuring compliance with tax laws, reducing the risk of penalties or audits.
Benefit: Organized financial records demonstrate the financial stability of a business, making it easier to apply for loans or secure financing. Lenders and investors are more likely to trust businesses with well-maintained financial records
Benefit: Regular financial reporting provides insights into business performance, helps in identifying areas for improvement, and aids in setting realistic goals. It also helps in demonstrating the company’s progress to stakeholders
Benefit: Access to accurate financial data enables better decision-making by providing information on profitability, expenses, trends, and potential risks. It helps in devising strategies for growth and improving operational efficiency.
Benefit: Outsourcing accounting tasks to professionals ensures expertise in financial management, reduces the burden on in-house staff, and allows businesses to focus on core operations. It also provides access to specialized skills and cost-effective solutions.
