Shweta Saboo & Co.

Accounting & Bookkeeping

Accounting and Bookkeeping are the backbone of any successful business. Bookkeeping involves the systematic recording of financial transactions, while accounting interprets, classifies, analyzes, and summarizes this financial data for better decision-making.

Accurate and timely financial management ensures regulatory compliance, optimizes business performance, supports strategic planning, and builds investor confidence. Whether you are a startup, SME, or large enterprise, professional Accounting and Bookkeeping services allow you to focus on growing your business while ensuring your finances are in perfect order.

Key Features

Accurate Financial Records

Maintain systematic and error-free records of all business transactions.

Regulatory Compliance

Ensure timely GST, TDS, Income Tax, and other statutory filings to avoid penalties.

Periodic Financial Reporting

Get monthly, quarterly, and annual financial statements (Profit & Loss, Balance Sheet, Cash Flow) for informed business decisions.

Real-Time Bookkeeping

Use cloud-based solutions for real-time tracking of income, expenses, receivables, and payables.

Budgeting and Forecasting

Analyze financial data to create budgets, forecasts, and financial projections.

Tax-Ready Books

Keep your accounts audit-ready and tax-compliant with neatly organized books.

Information Checklist

For Bookkeeping:

Sales Invoices
Purchase Bills
Expense Receipts
Bank Statements
Credit Card Statements
Petty Cash Expenses
Payroll Reports
GST Returns (if applicable)

For Accounting:

Trial Balance (if maintained)
General Ledger Details
Fixed Assets Register
Details of Loans and Advances
Investment and Depreciation Schedules
Previous Year’s Financial Statements (if applicable)
Tax Deducted at Source (TDS) Statements
Any Outstanding Debts and Receivables Reports

FAQs

What is the difference between accounting and bookkeeping?

Bookkeeping refers to the daily recording of financial transactions, while accounting involves summarizing, interpreting, and analyzing those transactions to prepare financial statements and reports.

Is bookkeeping mandatory for small businesses in India?

While there is no formal requirement for very small businesses to maintain bookkeeping, it is strongly recommended for accurate tax filing, compliance, and financial management. Businesses registered under GST, Companies Act, or Income Tax Act must maintain proper books of accounts.

What are the basic books of accounts a business must maintain?

Businesses must maintain a Cash Book, Sales Register, Purchase Register, Journal, Ledger, Bank Book, and inventory records. Additional registers may be required depending on the nature of the business.

How often should bookkeeping be done?

Bookkeeping should ideally be done on a daily or weekly basis to avoid backlog and maintain real-time financial accuracy. Regular updates help in smoother compliance and financial planning.

Can accounting and bookkeeping be outsourced in India?

Yes, businesses of all sizes often outsource accounting and bookkeeping to professional firms for cost-effectiveness, expert handling, and to ensure regulatory compliance without maintaining a full-time in-house finance team.

What accounting software is commonly used by businesses in India?

Popular accounting software in India includes Tally, Zoho Books, QuickBooks, Busy Accounting, and Marg ERP. Cloud-based software is increasingly preferred for real-time access and automation.

What are the penalties for not maintaining proper books of accounts?

Failure to maintain books of accounts as per the Income Tax Act or Companies Act may attract penalties up to ₹25,000 or more. Improper maintenance can also lead to complications during audits and tax assessments.

Is GST filing related to bookkeeping?

Yes, GST filing requires accurate bookkeeping records of sales, purchases, input tax credit, and output tax liabilities. Proper bookkeeping ensures that GST returns are filed correctly and on time.

What is the role of accounting in financial decision-making?

Accounting provides financial reports like Profit & Loss Statements, Balance Sheets, and Cash Flow Statements that help business owners make informed decisions regarding growth, investments, and resource allocation.

Do startups and freelancers also need accounting and bookkeeping services?

Yes, even startups, freelancers, and solopreneurs benefit from organized accounting and bookkeeping to track income, manage expenses, prepare for tax filing, and improve financial health.

How do I choose the right accounting and bookkeeping service for my business?

When choosing a service provider, consider their experience with businesses of your size, their understanding of Indian tax laws, software proficiency, service packages offered, response time, and data security standards.

When should a business shift from manual bookkeeping to accounting software?

Businesses should shift to software-based bookkeeping when transaction volume increases, when manual errors become frequent, when GST and tax compliances grow complex, or when real-time financial insights are needed for decision-making.

Can bookkeeping mistakes affect my tax returns?

Yes, inaccurate bookkeeping can lead to incorrect GST filings, underreported or overreported income, and errors in tax deductions, potentially resulting in notices, penalties, and tax audits.

Is it necessary to reconcile bank statements regularly?

Yes, monthly reconciliation of bank statements ensures that all transactions are correctly recorded, identifies errors or fraud early, and matches your book balances with actual bank balances.

What are the benefits of cloud-based accounting solutions?

Cloud-based accounting offers real-time access to financial data, automatic backups, enhanced security, multi-user collaboration, remote accessibility, and seamless integration with GST and tax filing portals.