Book Keeping & Accountancy

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Book keeping & accountancy

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What is Book Keeping & Accountancy?

Systematic recording of financial transactions is known as book-keeping and accounting is the analysis and interpretation of this data. Businesses enter into various transactions daily. So all these transactions must be tracked and organised at some place. Book-keeping is a part of accounting and hence accounting is a broader term. There are various accounting standards applicable to every business based on which transactions should be recorded. So it may be beneficial for you to outsource your book-keeping and accounting work to experts at ICI.

Table Of Contents

Overview

Book-keeping and accountancy are a continuous process happening daily through the year. Based on the data stored, the company can prepare their financial statements. Book-keeping and accountancy is not only essential for businesses but also for individuals and non-profit organisations.

Book-keeping follows a double-entry system wherein every transaction has two parts – debit and credit. Example: Purchase of goods for cash – In this case, one factor is the goods coming in the business (debit part) and the other part is the cash going out (credit part) of business. This system serves as an error-detection system because if at any point, the total credit is not equal to the total of debt, then there is some mistake while recording transactions.

Benefits

Documents Required

Process

How will we help you?

FAQs

a. Why should you outsource your accounting work to us?

We have a team of experts who can help you maintain all your records on our cloud platform, thereby saving you a lot of time and effort.

b. Is my data secured with you?

We have the best practices that ensure full confidentiality. Your data is essential and limited for us and we shall not share it with anyone.

c. What benefits does better accounting give to a company?

Good accounting systems can help the management analyse the records and make better decisions. Also, management can make use of reports to present data in front of prospective investors and lenders to raise funds.

d. Is book-keeping a mandatory provision as per companies or income tax Act?

If the sale/turnover/gross receipts from the business or profession is more than ₹ 25,00,000 or the income from business or profession is more than ₹ 2,50,000 in any of the 3 preceding years, then books of accounts will be compulsorily maintained.

As per companies act, all companies have to maintain books of account at its registered office either in physical copy or electronically.

e. What falls under Books of Accounts?
  • Purchase and sale invoices
  • Bank and cash statements
  • Inventory Details
  • Fixed Asset details
f. For how many years do I have to maintain books of accounts?

As per the Income Tax Act – 6 years from the end of the financial year

As per Companies Act – 8 Years from the end of the financial year

g. What are the other services related to accounting & book-keeping provided by ICI?

Along with book-keeping and accountancy, we also provide other related services such as GST filing, filing of income-tax and TDS returns, ROC compliances, etc.

h. What are the advantages of cloud-based accounting?
  • 24 X 7 access to your accounts
  • Simultaneous working on the same software
  • Completely paperless
i. Still have doubts?

Speak to our experts who shall solve all your doubts.
Call us at  +91 7738 066 334  or Mail us at info@indiacompanyincorporation.com

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