Accounting/Book Keeping, Payroll and Business Compliance

Accounting / Book Keeping

There are many different aspects to accounting, and it can be a complex field to understand. However, with the help of our team, accounting is becoming easier to manage and understand. In this article, we'll take a look at how AI is changing the accounting landscape and making things easier for both businesses and individuals.

Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions. The financial statements that are derived from the accounting process are used by various users such as: investors, creditors, government, and others to assess an organization's financial position and performance.

It is a critical function in any organization, whether for-profit or non-profit or any size whether small medium or large entities.

There are many reasons why accounting is necessary.

First, it provides a record of all financial transactions. This record can be used to track the performance of the business over time.

Second, accounting can help management make sound financial decisions by understanding where the money is coming from and where it is going, management can make informed decisions about how to utilise resources.

Finally, accounting provides information that is useful for tax purposes by understanding how much money the business has earned and spent, businesses can calculate their tax liability and ensure that they are complying with tax laws to avoid unnecessary attention from the assessing officers.

There are a few important aspects to be considered when discussing accounting for your business. First, you need to make sure that you have a system in place to track all of your income and expenses. This will help you to stay organized and keep on top of your finances. Secondly, you need to make sure that you are keeping accurate records. This means that you should be recording all transactions, both income and expenses, in a timely manner. Lastly, you need to make sure that you are using accounting software that is compatible with your needs. There are many different accounting software programs available, so it is important to find one that will work well for your business organisation.

There are three golden rules of accounting stated by the apex bodies of accounting:

1. For Real Account

   Debit What Comes In, Credit What Goes Out.

2. For Nominal Account

   Debit All Expenses and Losses, Credit all Incomes and Gains

3. For Personal Account

   Debit the Receiver, Credit the Giver

Payroll

Every business with employees must comply with payroll laws. Non-compliance can result in penalties, interest, and even jail time. This article will help you understand the basics of payroll compliance.

Payroll compliance is the process of ensuring that an organization's payroll practices adhere to all relevant laws and regulations. This can involve ensuring that employee wages are calculated correctly, taxes are withheld and paid properly, and that other deductions are made in accordance with applicable laws. Payroll compliance is a complex and ever-changing area, so it is important for organizations to stay up to date on the latest developments.

Payroll is one of the most important aspects of any business. It's responsible for making sure that employees are paid accurately and on time. But payroll can also be a complex and compliance-heavy process. That's why it's important to partner with a payroll provider that can help you stay compliant with all the relevant laws and regulations.

At Kireeti Consultants, we understand the importance of payroll compliance. We stay up to date on all the latest changes in payroll law, so you don't have to. We can help you navigate the complex world of payroll compliance, and make sure that your employees are always paid accurately and on time. Contact us today to learn more about our payroll compliance services.

With the increase in regulations around the compliance of organisations, Payroll has been one major concern across the industries with constant changes and filing of ESI and Provident Fund filings along with Full and Final Settlement of the employees while they leave.

We at Kireeti Consultants will help your organisation in the statutory filings and help you avoid any kind of penalties and fines. Our scope of works includes:

• Setting up the payroll for all new employees
• Tax planning: Tax planning will be done twice a year and whenever there is any revision in the salaries or on declaration of bonus. Based on this we ascertain the tax amount that has to be recovered from the employee on a monthly basis from the pay-out so that there is no liability on the employer for short deduction of taxes. We, being experts in taxation provide this unique service which will not be rendered by other payroll vendors as they generally do not have in-house expertise to do so
• Collecting the investment declarations at the beginning of the year and when a new employee joins, for calculating their tax liability;
• Collection of investments and other tax planning proofs as declared by the employee for tax calculation and ensuring that there are no discrepancies in the proofs submitted;
• Tax computation statements are provided to an employee on a half yearly basis.
• Providing Form 16’s of all the employees at the end of the year.
• Providing the details for submission of quarterly e-TDS returns
• Providing PF returns to be filed with the Department;
• Preparing E-TDS (Quarterly) returns for filing with IT Department;
• Apart from the above services, we would also attend to the queries raised by the employees and answer them on priority;
• The following reports are generated on a monthly basis and are submitted to the employer:
  1. Pay Register
  2. Tax deducted at source report on salaries & Challan
  3. Process Full & Final Settlement for the employees left during the month
  4. Professional Tax Report & Challan
  5. PF Statement & PF Challan
  6. ESI Report & ESI Challan
  7. Bank Transfer Advice
  8. Payslips
  9. Maintaining records of these transactions

Statutory Compliance

Every company, whether small or large, needs to follow certain rules and regulations. These are governed by various statutes. Depending on the business activities, a company may be required to comply with one or more statutes. Some of the common compliance requirements in India are Labour laws, Taxation (both direct and indirect), ROC Compliances etc.

Statutory compliance in India refers to the legal requirements that businesses must adhere to in order to operate within the country. These requirements can vary depending on the type of business, but typically include things like obtaining the necessary licenses and permits, filing tax returns, and adhering to health and safety regulations. Failure to comply with these requirements can result in heavy fines or even imprisonment.

While complying with all the relevant laws may seem like a daunting task, it is actually essential for any business operating in India. Not only does it help to avoid penalties, but it also makes the business more reputable and trustworthy in the eyes of customers and other stakeholders.

Kireeti Consultants help businesses ensure they are compliant with all the relevant laws. These include online filing, maintaining of records and professional services that specialize in compliance.

In a rapidly globalizing economy, it is important for businesses to be aware of the various statutory compliance requirements in India. By adhering to these requirements, businesses can ensure that they are operating within the legal framework and avoid any penalties. Furthermore, statutory compliance can help businesses to build trust with stakeholders and create a positive reputation.

There are a number of different types of statutory compliance that businesses may need to be aware of in India. These include environmental regulations, labour laws, tax laws and company laws. Based on the nature of the business, there may be other specific compliance requirements that need to be met.

Making sure that your business is compliant with all relevant statutory requirements can be a complex and time-consuming process. However, it is essential in order to avoid any negative consequences. There are a number of resources available to assist businesses in meeting their compliance obligations, including government websites and private sector providers.

Statutory compliance in India refers to the various laws and regulations that businesses must adhere to. This can include things like environmental regulations, labour laws, and tax laws. Failure to comply with these regulations can result in heavy fines or even closure of the business. Therefore, it is important for businesses to be aware of the various compliance requirements in India.

There are a number of industries in India that need to comply with statutory regulations. These include the banking and financial services industry, the healthcare industry, the telecom industry, and the food and beverage industry. Each of these industries has specific regulations that they need to follow in order to operate legally in India.

There are a number of statutory compliance regulations businesses need to be aware of in India. These can vary depending on the type and size of business, but some of the more common compliance issues include tax registration, labour laws, and company law.

One of the best ways to ensure compliance with statutory regulations is to appoint a qualified professionals with the company. Thy will be responsible for keeping up to date with changes in legislation and ensuring that the company complies with all relevant regulations. They can also provide guidance and support to employees on compliance issues.

Another way to ensure compliance is to implement policies and procedures that cover all aspects of statutory regulation. These should be designed to help employees understand their responsibilities and what is expected of them. The policies and procedures should be regularly reviewed and updated as needed to ensure they remain effective.

There are a number of resources available to businesses on statutory compliance in India. These include government websites, publications from business associations and online information from specialist providers. It is important to use reliable sources of information when researching compliance requirements, as there can be significant penalties for non-compliance.

Statutory compliance is important for businesses in India to maintain a legal and ethical standing. By complying with the various statutes, businesses can avoid penalties and damages. Furthermore, statutory compliance also helps businesses build trust with their stakeholders.

We at Kireeti Consultants will be happy to engage with your industries to help you understand the complications in the laws and make your company compliant with all the necessary statutory obligations.