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How it Works
Every Company Registered in India Any of Pvt Ltd Company, OPC Company, Public Company, Nidhi Company or Other Registered under ministry of corporate affairs, they should comply with the latest ongoing rules and regulations under companies act 2013.
- The Date of Annual General Meeting is significant to reckon the due date of filing returns to the registrar of companies (ROC)
- The first ROC return to be filed is about intimation of auditors appointment in AGM for subsequent period in Form No ADT-1 within 15 Days of AGM
- Second return to ROC is filing of balance sheet, and profit and loss account and directors report in Form No AOC-4 within 30 days of AGM
- Third return to be filed is Annual Return of the company in Form No MGT-7 within 60 Days of the AGM
When should I hire a bookkeeper?
You should hire a bookkeeper as soon as you start your business. This way you’ll avoid mistakes from the beginning and reduce headaches. Depending on your needs our bookkeepers can complete a full year’s bookkeeping in as little as 3 hours time. If that’s all it takes, can you do it in less time?
Do I need a bookkeeper? I know EXCEL and prefer to use it.
If you own a corporation it’s recommended that you hire a professional bookkeeper. Bookkeeping needs to use double journal-entry accounting to ensure that the Trial Balance is accurate. As a privately-held corporation, whether you have one shareholder or fifty shareholders, the accountability, accuracy and compliance needs to be the same.
What’s the difference between what a bookkeeper does and what an accountant does?
A bookkeeper puts together a complete database of your business’ income and expense for your fiscal year (or calendar year). An accountant takes the bookkeeping data and forms the reporting necessary for the tax completion. The danger here is that the work of the bookkeeper directly influences the work of the accountant. If the bookkeeping reports are in error – the accounting reports will be in error, too. The importance of using a first-rate bookkeeper is key to your business’ success.
Is it okay to keep my receipts and bring them to my Accountant at year-end?
Bookkeeping is relatively inexpensive and is crucial to your business success. It is important to stay up-to-date with income and expense reporting, so you can make the proper decisions sooner to reduce losses that may be preventable. Trades especially are vulnerable in this area as they perceive great compensation for the project but underestimate the true value of labour and materials required. Find a bookkeeper that will accept your receipts every two months and keep you profitable.
I had a sole-proprietorship and incorporated part way through the year. How does this affect my bookkeeping?
Treat these as two separate businesses with two distinct bookkeeping records. It is very important that each business has its own Business numbers and GST numbers as well. The business numbers cannot be shared, and each business requires its own unique business bank account.
Why should I outsource? Can't I do it myself?
You can maintain your own records, however, accounts can be time consuming and complex if you encounter a tax or VAT issue or are unsure of best practice. If you are busy running or growing your business it is likely that you lack the resources to dedicate to proper accounting, and if you don’t enjoy it either it will quickly become a burden. With a multitude of responsibilities to run a business day-to-day it’s all too easy to forget a VAT return or miss a payment.
Outsourcing to experts like us gives you peace of mind ensuring everything is running smoothly with the accounting side of your business and frees up your time to allow you to focus on other business activities.