Proprietorship Registration
Starting a Proprietorship Firm is easy, simple and cost-effective. We offer consultation, GST Registration, and Udyam Enrolment (MSME) in our packages to set up a proprietorship firm. Talk to our start-up advisors today.
Cloud-Based Accounting By Zoho
In today’s uncertain times, being on the cloud and having online access to your business has gained significant importance. Our cloud accounting specialist team shall help you build your accounting from scratch or will help you to migrate your accounting data to Zoho Books. We offer the following cloud enablement services throughout India.
Customization
We help you to change the way accounting is done. Being on the cloud has its advantages, and we make it simple and easy. You don’t need to be a B. Com or accountant to run your business on the Zoho Books. It is the perfect choice for growing a business.
Migration
We are experienced in migrating your data from one software to another. Our most popular service is migration from tally to Zoho books. However, we fully support migrations from platforms like QuickBooks, Busy or Marg accounting software.
Training
We train accountants to use cloud-based accounting software and help them with ongoing support services. The training covers a general understanding of Zoho Books, Payroll, Inventory, Invoicing software, and we train the accountants to customize it as per the requirement of the business.
Outsourcing of Accounting Work
Accounting is an art of recording transactions of financial nature daily on a chronological basis; every business must prepare and maintain an up-to-date book of accounts, which is a requirement of law and a modern-day necessity to comply with tax laws. The size of the business does not matter, and the legal compliances apply in the same manner to all. The payment of advance taxes, TDS and GST is based on the proper accounting of the business. Our outsourced accounting services are unique and designed to get more time to do your business and not the accounting of the company you own. Our accountants are well trained and supervised by a well experienced and professional team so that we deliver accurate and tax-efficient accounting for your enterprise.
Key Legal Point on Accounting of Your Business
In today’s uncertain times, being on the cloud and having online access to your business has gained significant importance. Our cloud accounting specialist team shall help you build your accounting from scratch or will help you to migrate your accounting data to Zoho Books. We offer the following cloud enablement services throughout India.
Legal Provision
Section 128 of the Companies Act, 2013 requires that every company shall prepare and maintain its books of account and other relevant books and papers and financial statements for every financial year, giving a true and fair view of the state of the company’s affair. An almost similar provision is in section 34 of the LLP Act, 2008 concerning LLP.
Books to be preserved for 8 Year
A company or an LLP must preserve the books of accounts, relevant papers, vouchers and other accounting records, bank statement, invoices, registers etc., until eight years. And in case there is any legal proceeding concerning accounts or tax, then records to be preserved until the conclusion of such proceeding.
Punishment for Non-compliance
For any non-compliance of Section 128 of the Companies Act, there is imprisonment for a term which may extend to one year or with a fine which shall not be less than Rs. 50,000/-, but which may extend to Rs.5 lakh or with both. In the case of LLP, the penalty for contravention of section 34 is Rs. 25 thousand to 5 lac payable by LLP and for a designated partner, it is Rs. 10 thousand to 1 lac.
Place of Maintaining Account
Book of Account is to be maintained at the Registered Office of the company or LLP. The board of directors may decide to keep and maintained the books of account at any other place in India. However, such a decision must be intimated to the ROC in Form No. AOC 5 within seven days. In the case of LLP, the books must be maintained at the registered office of the LLP
One Person Company Registration In India
Responsible Person
The primary responsibility for maintaining the books of account is on the Board of Director of the company or the designated partners in LLP. However, in case of non-compliance of law, the Managing Director, the whole time director in charge of finance, the Chief Financial Officer of the company, and LLP, the designated partners, are held responsible.
Finalisation of Accounts & Audit
At the end of the financial year, final accounts need to be prepared, resulting in the profit and loss account and the balance sheet for the fiscal year. The books of account need to signed by two director or designated partners. In the case of companies, the books must be audited by the statutory auditors of the company, and in the case of LLP audit is required when turnover crosses 40 Lac.