Benefits Of Outsourced Accounting
Find out how outsourced accounting can improve accuracy, save time, and reduce stress!
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Legal compliance for bookkeeping
Accounting & bookkeeping has been mandated under different set of laws and non-compliance can result in hefty penalties and financial implications. Bookkeeping is mandatory for you if you fall under any of these criteria:
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Every incorporated Company must maintain its Books of Accounts:
- At the registered office or a board-approved site.
- Notify the RoC if books are kept elsewhere.
- Accounts can be electronic.
Books to be maintained for 8 years from the end of the relevant financial year.
Every registered person is required to maintain GST records at the principal place of business.
Books to be maintained for 6 years from the last date of filing the annual return for that year.
For Individuals & HUF
- Sale from the business or profession exceeding Rs. 25,00,000
- Income from business or profession exceeds Rs. 2,50,000 in any of the 3 preceding years
For other than Individuals & HUF
- Sale from the business or profession exceeding Rs. 10,00,000
- Income from business or profession exceeds Rs. 1,20,000 in any of the 3 preceding years
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In General
Every incorporated Company must maintain its Books of Accounts:
- Claiming lower income than presumptive income
- Notify the RoC if books are kept elsewhere.
- Accounts can be electronic.
Books to be maintained for 8 years from the end of the relevant financial year.
Every registered person is required to maintain GST records at the principal place of business.
Our Services Include
Maintaining Accounting Records
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Book-keeping
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Payroll Processing
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Accounts Reconciliation
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Bank Reconciliation
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AR Management
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Inventory Management
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Monthly Financial MIS Reporting
Regulatory Compliances and Filings
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Filing of Monthly/ Quarterly GST Returns
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Monthly TDS Computation
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Quarterly Filing of TDS & TCS Returns
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GSTR-2B Reconciliation
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ESIC & PF Return Filing
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Professional Tax Return Filing
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Frequently Asked Questions
Get answers to common questions on outsourced accounting and bookkeeping
What is the difference between Accounting and Bookkeeping?
Accounting involves managing and interpreting financial data for decision-making, including tax filing and financial reporting, while bookkeeping focuses on recording daily transactions like sales, purchases, and payments.
How much does it cost to outsource accounting and bookkeeping?
The cost of outsourced accounting services depends on the size of your business and the complexity of your financial needs.
Typically, outsourcing is more affordable than hiring in-house staff, with plans that can be tailored to suit different business sizes and requirements.
Is outsourced accounting safe and secure?
Yes, reputable outsourced accounting firms implement strict data security protocols and use secure, encrypted systems to ensure your financial data is protected from unauthorised access or breaches.
How do outsourced accounting firms ensure compliance with tax laws?
Outsourced accounting firms stay updated with the latest tax regulations and laws. They ensure your business remains compliant by accurately filing taxes, maintaining detailed records, and offering expert tax planning services.
What services are included in outsourced accounting and bookkeeping?
Services typically include managing accounts payable and receivable, payroll processing, bank reconciliations, financial reporting, GST Return Filings , and compliance with accounting standards and laws.
Customized services may also be available based on your business needs.
What is the difference between outsourcing accounting and hiring an in-house accountant?
Outsourcing accounting offers more flexibility and cost-effectiveness than hiring an in-house accountant.
You gain access to a team of professionals with diverse expertise at a lower cost, and you can scale services up or down as needed.