Accounting & Book Keeping
Attrition is the biggest challenge faced by companies today. Continuity of accounts and book keeping personnel is very important for every organization. Our virtual services offer a solid hedge against this challenge.
Our well-qualified and experienced accountants will take utmost care of managing your accounts and keep your books of accounts up to date.
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Accounting & Book Keeping
We help you maintain day-to-day financial records chronologically and as prescribed by law, leaving you free to focus on your core business activities. Tax, GST, Reports and other compliances are based on the books of accounts.
Documents Required for 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 Section 128 (1) of the Companies Act 2013, requires every company to prepare books of accounts and other relevant books and papers and financial statements at the registered office. Section 34 of LLP Act 2008 provides that every LLP is required to maintain the prescribed books of accounts and Statement of Account and Solvency, which is to be filed with the Registrar every year.
Every company/LLP must maintain books of accounts, invoices, vouchers, bank statement, registers and so on for a period of 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 INR 50,000. The penalty might also extend to INR 5,00,000. For LLP, the penalty for contravention of Section 34 is INR 25,000 to 5,00,000 payable by LLP and for partner, it is INR 10,000 to 1,00,000. Those who come under Tax audit and GST are also required to maintain books of accounts.
ROC to be Intimated on Books of Accounts
Books of accounts must be maintained at the registered office; however, the Board of Directors (BOD) might decide to maintain it elsewhere. This must be intimated to the ROC using Form No. AOC-5 within 7 days.
Board of Directors' Responsibility
The BOD is responsible for the books of accounts in case of a company. For LLP, if there is a non-compliance, the Key Managerial Person (KMP) is made responsible. If there is a non-compliance of law, the Managing Director, Finance Director, the CFO and partner of LLP are made responsible.
At the end of the year, Profit & Loss Statement and the Balance Sheet must be prepared. These books of accounts have to be signed by the directors or partners. For a company, a statutory auditor must audit, and for LLP audit is done only when turnover crosses INR 40 lakhs.