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Accounting is the systematic process of recording and summarizing financial transactions and then analyzing and reporting the results. It is crucial for every business irrespective of its size, to maintain clear accounting records as per the Income Tax Department reforms. Often entrepreneurs with startups neglect the maintenance of their accounts, which later causes complications. Government organizations must be kept updated on your finances when required, or it might result in heavy penalties.
Evaluating the Company’s Performance: The calculation of net profit, sales growth, and other metrics assists the business in knowing its performance and gives them an idea about its progress in achieving its goals.
Providing details to Investors and Stakeholders: Clear accounts help in gaining investors’ trust by providing them information on the company’s solvency, creditworthiness, liquidity, stock, and bond issuers.
Budgeting: It will take you nowhere without a budgeting method. Knowing your financial position will assist organizations in efficiently controlling the company’s income and expenditure without sacrificing managerial policies and goals.
Managing Cash Flow: It is crucial to keep track of the income of the company and what’s the inflow and outflow of company funds to pay salaries to employees, make payments to suppliers, repay debts, etc.
Mandatory by law: In India, companies must maintain income tax records at the end of every year as per the Registrar of Companies; failing that might result in fines and penalties.
Having meetings of the board of directors:
It is essential to facilitate four meetings every quarter in a calendar year. The first meeting of the board of directors must be arranged within the first 30 days from the day of incorporation.
The minutes of the meeting proceeding must be arranged:
All of the companies must file their minutes of the meetings, and they shall be preserved as they can provide to be applicable under disputes. The meeting minutes must be stored and held at the registered office.
Issuance of share certificates:
A share certificate must be issued to the subscribers of the memorandum within 60 days of incorporation of the company.
Disqualification declarations and disclosure of directors’ interests:
The first meeting must have a discussion on all of the director’s views about other companies and if they have any intention of joining them.
Making a declaration of commencement of business with the RoC:
Form INC 20A is needed to be filed within 180 days of incorporation once the company gets registered.
Facilitation of annual general meetings:
Conducting AGMs is mandatory compliance for all companies. The first AGM shall take place within nine months of the end of the company’s first financial year, and the subsequent AGMs shall occur within six months of the end of the following financial year.
After the AGM, company returns must be filed with the RoC within 60 days.
Mandatory registrations:
All mandatory registrations for the company like GST, PF, ESI, IEC, etc. must be completed
A better accounting practice allows you to analyze complex financial data, generate reports that include closing records for quarters and years, monitor and check taxation concerns, etc.
Yes, it is mandatory to do compliance filing for every company even if there are zero transactions, and it will just make the process quick and easy.
The AGM can be arranged at the registered office premise of the company or anywhere in the city or town where the company’s registered office is situated. The meeting should commence between 9 am – 6 pm, the business hours window, and should be held any day of the week except a national holiday according to the central government’s calendar.
Accounting statements are crucial financial records that help you understand your company’s financial health, including funds, assets, liabilities, and profits. They provide a clear snapshot of your business’s performance.
We recommend updating your accounting statements regularly, ideally on a quarterly basis. This ensures that you have real-time insights into your company’s financial standing.
Absolutely! Our team of experienced Chartered Accountants specializes in maintaining accurate and up-to-date accounting statements for your company. We take care of the numbers, so you can focus on growing your business.
Accounting statements encompass details on funds, assets, liabilities, profits, and losses. They provide a comprehensive overview of your company’s financial performance.
Maintaining clear accounting statements helps you understand the cost of running your business, make informed financial decisions, and demonstrate financial transparency to stakeholders.
Yes, with Eazy Startups, you can securely access your accounting statements online at any time. We prioritize convenience and transparency in our services.
Reviewing past statements helps identify financial trends, evaluate the success of past strategies, and plan for the future. It’s a valuable tool for strategic decision-making.
Our Chartered Accountants use advanced software and rigorous quality checks to ensure the accuracy of your accounting statements. We adhere to industry best practices.
Yes, we offer comprehensive tax planning services based on your accounting statements, helping you optimize your tax liabilities and maximize savings.
Yes, failing to maintain accurate accounting statements can lead to penalties and legal complications. Eazy Startups ensures compliance, helping you avoid such issues.
Getting started is simple! Contact us via our website, and our team will guide you through the process of setting up accounting services tailored to your company’s needs.
Yes, we offer seamless data migration services to ensure a smooth transition if you are switching from another service provider to Eazy Startups.
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