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What is Accounting ?
Accounting is the process of storing, sorting and recording financial transactions. All businesses are required by law to submit their accounts to the Income Tax (IT) Department. Several start-ups tend to ignore this requirement early on, and then scramble to put together their accounts when they are raising funding or being acquired. Maintaining the books in-house certainly is a tedious and possibly expensive affair, but getting it done would significantly reduce pains in complying with the requirements of the IT Department, give the promoters and shareholders a good sense of how the business is doing, prove eligibility for loans in later years, and even satisfy investors.
Process
STEP 1
Upload the Required Documents & Information to our web portal
STEP 2
Choose Package and Pay online with different payments modes available
STEP 3
We wull apply for Digital Signature and Director Identification Number of proposed directors
STEP 4
Check for Company's Name availability, apply for Name Approval
STEP 5
Prepare MOA, AOA and other necessary Incorporation documents
STEP 6
File Incorporation documents & obtain Certificate of Incorporation, PAN & TAN
Five Reasons You need an Accountant
- Why do you need an accountant for your start-up?
As you may know, it is essential for businesses to maintain records of their financial transactions, no matter how small. The reason behind this is that the Registrar of Companies demand a strict record of income tax payments at the end of the year. Without maintaining your accounts, this is rather difficult to do, and you may, in fact, end up paying more tax than you should. Even apart from this, though, all businesses should be interested in their books of accounts, as it is crucial while planning expenses and keeping a tab on how the business is shaping up.
- What happens if you miss out a day or two of your accounting
The answer would be simple: misplaced bills and confusing records. This may result in frustrations at the end of the year while you do your tax calculations or even while splitting up profits. Regular maintenance of records is essential, and only a person dedicated to it, like an accountant, can do the needful in this instance.
- Why do you need an accountant?
If you’re not an accountant, it’s unlikely that you will be able to have your balance sheet tally at the end of the year. The reason behind this would be misclassification of expenses and assets and liabilities. One needs to ensure that all aspects of the business are correctly classified so that there is no confusion in future. This is the job of an experienced accountant, even though there is software today to do much of the work.
- Is it essential to maintain records even though the company makes losses?
No, it is mandatory to maintain books even if you are incurring losses. Any financial transactions made for the business, such as purchase of goods, selling and so on, needs to be updated and submitted at the end of the year for filing income tax.
- My tax liability for the year is very low, under the PTS. Do I still need to maintain the account?
Yes, even if your Tax liability is lower than what you would pay under the PTS scheme, books are required as a proof to show at the end of the year. Book maintenance, can, thus, be not avoided under any circumstances.
Why Bizivalue ?
Registering a company offers many benefits. A registered company makes it genuine and increases the authenticity of your business.
– Shields from personal liability and protects from other risks and losses.
– Attracts more customers
– Procures bank credits and good investment from reliable investors with ease.
– Offers liability protection to protect your company’s assets
– Greater capital contribution and greater stability
– Increases the potential to grow big and expand
– You will also get Zero Balance Current Account
Faqs
The registrar of companies (RoC) across India expect applicants to follow a few naming guidelines. Some of them are subjective, which means that approval can depend on the opinion of the officer handling your application. However, the more closely you follow the rules listed below, the better your chances of approval. First, however, do ensure that your name is available.
If you have all the documents in order, it will take no longer than 15 days. However, this is dependent on the workload of the registrar.
No, new company registration is a fully online process. As all documents are filed electronically, you would not need to be physically present at all. You would need to send us scanned copies of all the required documents & forms.
Complete Process
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