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Book Keeping for Companies
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Book Keeping for Companies @ Rs. 699/-
- Salary Income
- Rent Income From One Property
- Interest Income etc.
This pricing plan includes free consultation
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Book Keeping for Companies @ Rs. 1099/-
- Salary Income
- Rent Income From Properties
- Capital Gains or Losses
This pricing plan includes free consultation
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Book Keeping for Companies @ 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
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Book Keeping for Companies @ 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
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Book Keeping For Companies
An Overview
Bookkeeping is essential for businesses of all sizes, involving the systematic recording, organizing, and managing of financial transactions. Accurate bookkeeping is crucial for informed business decisions, legal compliance, and long-term financial stability.
Effective bookkeeping aids financial management by tracking cash flow and allowing for accurate budgeting and forecasting. It ensures legal compliance by simplifying tax filing and adhering to regulations like the Companies Act in India. Reliable financial records support business decision-making, helping assess performance and make informed investment choices.
Key components of bookkeeping include recording transactions, managing expenses, and maintaining financial statements like the balance sheet, income statement, and cash flow statement. Accounts management, which tracks receivables and payables, is also critical. Best practices involve regular updates, using accounting software, employing qualified professionals, implementing internal controls, and conducting periodic audits.
In conclusion, bookkeeping is fundamental for managing a successful business. It ensures legal compliance, provides valuable financial insights, and supports sustainable growth with Fiiscalnow.
Is It Mandatory?
Yes, bookkeeping is mandatory for companies for several critical reasons. It involves the systematic recording, organizing, and managing of financial transactions, which is essential for legal compliance, financial management, and operational efficiency.
Legal Compliance
Companies must adhere to various legal and regulatory requirements, such as the Companies Act in India. Proper bookkeeping ensures accurate and timely filing of taxes, financial statements, and other regulatory reports, helping to avoid legal penalties and fines.
Financial Management
Effective bookkeeping allows businesses to track cash flow, manage expenses, and create accurate budgets and forecasts. This is crucial for maintaining financial health, securing funding, and making informed business decisions.
Operational Efficiency
Maintaining accurate financial records helps companies monitor their financial performance, manage accounts receivable and payable, and streamline operations. It also supports strategic planning and growth initiatives by providing reliable financial data.
Conclusion
In conclusion, bookkeeping is not only mandatory for legal compliance but also essential for the overall financial health and success of a business. For expert bookkeeping services with  Fiscalnow.
Information / Documents Required
General Documents / Information Required from all assesses:
Legal Compliance
- Regulatory Requirements: Proper bookkeeping ensures accurate and timely filing of taxes, financial statements, and other regulatory reports, helping to avoid legal penalties and fines.
- Audit Preparedness: Maintaining detailed financial records is necessary for audits, as auditors need access to accurate records to verify compliance with regulations.
Financial Management
- Cash Flow Management: Effective bookkeeping helps track cash flow, ensuring sufficient funds for operations and investments.
- Budgeting and Forecasting: Accurate records enable precise budgets and forecasts, aiding in strategic planning.
- Performance Evaluation: Financial statements from bookkeeping records help assess performance and support informed decision-making.
Operational Efficiency
- Transaction Recording: Systematic recording of sales, revenue, and expenses is essential for financial transparency.
- Accounts Management: Proper tracking of accounts receivable and payable ensures efficient operations and cash flow management.
- Internal Controls: Implementing robust controls prevents fraud and ensures record integrity.
Benefits
Bookkeeping is mandatory to ensure legal compliance with regulatory requirements, such as tax filings and financial reporting. Accurate bookkeeping helps companies avoid legal penalties and fines.
Bookkeeping helps track cash flow, manage expenses, and create accurate budgets and forecasts. This is crucial for maintaining financial health and making informed business decisions.
Maintaining detailed financial records through bookkeeping ensures that companies are prepared for audits. Auditors require accurate records to verify financial statements and regulatory compliance.
Systematic recording of transactions and proper accounts management through bookkeeping streamline financial operations, ensuring efficiency and transparency in business activities.
Accounting software automates and streamlines bookkeeping processes, reduces manual errors, improves accuracy, and enhances efficiency, allowing businesses to focus on strategic activities.
How does bookkeeping support business decision-making? Regular financial statements derived from bookkeeping records help assess the company’s performance, identify areas for improvement, and support informed decision-making regarding investments and resource allocation.
Internal controls in bookkeeping prevent fraud, ensure the integrity of financial records, and promote accountability within the organization, thereby safeguarding the company’s assets.
Periodic audits verify the accuracy of financial records, identify potential issues, and ensure compliance with legal and regulatory standards. They also provide assurance to stakeholders regarding the company’s financial health.
