Accounting is the process of keeping track of, analyzing, and making sense of all the money transactions. It is the job of every business, no matter how big or small, to give the Income Tax Department their accounting records. Most startups don't pay attention to these problems at first; after a few years, they have to deal with them, plus interest. It's always a good idea to keep track of your money and give the government the information they need to help you avoid problems like raids and fines. Companies have to keep their annual returns up-to-date.
Importance of Accounting & Business Compliances to a Business - Mumbai
Budgeting: It helps businesses keep track of their income and expenses while keeping an eye on their managers' policies and goals.
Evaluating the Business's Performance: This helps measure how well a business is doing based on key metrics like net profit, sales growth, and so on.
Financial Information to Investors and Stakeholders: Investors will learn more about the business's solvency, creditworthiness, liquidity, stock and bond issuers, and other aspects of its financial health.
Mandatory by law: At the end of the year, the Registrar of Companies in India needs a detailed record of all income tax payments. Companies may have to pay more taxes or fines if this isn't done.
who are we – Business Accounting - Mumbai
We have a team of CA, CS, and Lawyers experts in the field of Accounting & Taxation to handle accounts up to finalization.
