Bookkeeping and accounting is keeping track of financial and other business transactions with business owners and management. Every income or expense and every asset or obligation is recorded in the books of accounts. The accounts are finalised at the end of every financial year ending on 31st March. Then comes the compliance part after end of financial year for recording business transactions with regulatory authority. The companies and LLPs are required to file the financial statement with MCA for every financial year with assistance of company secretaries. Where accounting is mandatory for the most of businesses, annual compliance is compulsory only for the companies and LLPs.
Accounting and bookkeeping are necessary for running a business successfully. With CA assisted accounting, we ensure your books are up-to-date ensuring the accounting standards applicable.
Any registered company has to submit the annual return and financial statement to MCA for every financial year ending on 31st March. With CS assisted filing, we make annual compliances easy for you.
An LLP is also an entity registered with MCA and thus it has to submit the financial statements and partner’s details with the MCA. The reporting period is the financial year ending on 31st March of each year.
Yes, bookkeeping is mandatory for all businesses except the sole proprietorship firm. Even the proprietorship firm has to maintain accounts after crossing a certain turnover. Additionally, the companies have to maintain accounts as per the accounting standards prescribed.
Accounting & bookkeeping helps every business by providing the sufficient data for its submission to respective authorities (MCA, IT Department, GSTN, etc.). It additionally helps owners to keep track of inflow and outflow of money which is helpful to make strategic decisions for product development and business growth.
Annual Compliance is mandatory for all companies and LLPs registered with MCA. Irrespective of their turnover and capital, the annual filing must be complied with. Late filing or non-filing result in additional fee and penalties.
Yes, annual compliance is mandatory even after the closure of the first financial year. Although the closure of the financial year depends on the date of incorporation, the annual filing would be mandatory for said year.
For the annual compliance, the company/ LLP has to provide the financial statements (audited, if required) along with the details of the directors and partners for the concerned financial year.
