Bookkeeping
Maintain accurate books of account and periodic financial records for a business.
What's covered
- Bookkeeping is the systematic recording of every financial transaction a business makes — sales, purchases, payments, receipts, and bank movements — in a structured ledger. Accurate books are the starting point for every statutory filing, management report, and financial statement a business produces.
- In India, the Income-tax Act and the Companies Act both prescribe that businesses maintain proper books of account. For GST-registered entities, the records must support every return filed; for businesses subject to tax audit under Section 44AB, books must withstand the auditor's scrutiny. Gaps in bookkeeping directly translate into compliance risk.
- Monthly bookkeeping with bank reconciliation keeps records current, prevents backlogs at year-end, and gives the business real-time visibility into its financial position. It also ensures that input-tax credit claimed in GST returns is backed by correctly recorded purchase invoices.
- Outsourcing bookkeeping to a CA firm combines the accuracy of professional accounting with the compliance knowledge to flag issues early — before a return is filed or an audit is conducted.
Benefits
- Audit-ready books maintained in accordance with the Income-tax Act and, where applicable, the Companies Act
- GST-ready ledgers with purchase invoices correctly recorded so input-tax credit claims are fully supported
- Monthly bank reconciliation to catch discrepancies early and keep cash positions accurate
- TDS-ready records with payee-wise deduction entries that feed directly into TDS returns
- Periodic management information — trial balance, profit and loss, and balance sheet — for informed decision-making
- Clean year-end closing that reduces the turnaround time for statutory audit and ITR filing
How we work
- 01
Engagement setup
Obtain access to the business's accounting records, bank statements, and sales and purchase documents. Agree on the chart of accounts and the cadence for document submission — weekly, fortnightly, or monthly.
- 02
Monthly recording and classification
Record all transactions — sales invoices, purchase bills, expenses, payroll journals, and bank entries — in the agreed accounting software. Classify each entry correctly so that the GST treatment, TDS applicability, and income-tax head are consistent from the outset.
- 03
Bank reconciliation
Reconcile the ledger balances against bank statements at the close of each month. Identify and resolve any uncleared items, duplicate entries, or posting errors before the next reporting cycle begins.
- 04
Periodic reporting and year-end closing
Prepare a monthly or quarterly trial balance, profit and loss account, and balance sheet for management review. At year-end, close the books, pass adjusting entries, and hand off the final accounts for statutory audit or ITR preparation.
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