One must always record daily transactions on a real time basis…
Keeping a real time track of your transactions is a must as the last thing you want is to be stuck backtracking all your transactions that haven’t been recorded. It raises the scope for error and missing out on a single transaction could result in all your efforts going in vain.
Also, when you look at moving to an accounting system, you need to have enough data to feed into the software. There are several cloud based softwares such as Quickbooks that are very economical and have a great, user-friendly interface. If you have your excel sheets ready, a few clicks is all it takes to import them into Quickbooks.
Q: How To Stay Aware Of All The Compliances You Need To Follow?
You must have prior knowledge of all the compliances you need to follow. In order to do this, you must:
Create a due date chart of all the various compliances and follow that chart diligently.
Don’t just follow it on the due date itself, set reminders ten days in advance that let you know that you have a certain compliance coming up.Implement monthly reporting.
Keeping a real time track of your transactions is a must as the last thing you want is to be stuck backtracking all your transactions that haven’t been recorded. It raises the scope for error and missing out on a single transaction could result in all your efforts going in vain.
Also, when you look at moving to an accounting system, you need to have enough data to feed into the software. There are several cloud based softwares such as Quickbooks that are very economical and have a great, user-friendly interface. If you have your excel sheets ready, a few clicks is all it takes to import them into Quickbooks.
Q: How To Stay Aware Of All The Compliances You Need To Follow?
You must have prior knowledge of all the compliances you need to follow. In order to do this, you must:
Create a due date chart of all the various compliances and follow that chart diligently.
Don’t just follow it on the due date itself, set reminders ten days in advance that let you know that you have a certain compliance coming up.Implement monthly reporting.
You may not be consider yourself knowledgeable enough to maintain a balance sheet and profit and loss sheet but basic things like a revenue sheet and an expense sheet can definitely be managed without much effort.
Q: How To Find Out About All The Tax Compliance You Need To Adhere To?
Well, in order to achieve this you’ll need to perfectly understand your sector. You need to consider the compliances you need to adhere to, both at the current stage you’re in as well as when you grow and scale further in the future. For example, the best way to break it down is to think that if you were to be the number 1 in your sector, what all compliances would come into play and at what stage.
One trap that you mustn’t get stuck in is, use advice given from a professional who is an uncle or a family member to counter what your accountant is telling you. No doubt, it’s always great to get an opinion from other people.
However, the uncle or family member probably won’t have as much exposure or knowledge about the startup ecosystem and hence, their opinions maybe slightly skewed and inaccurate. It’s always advisable to find someone who is aware of your sector/industry.
Read more: http://aristotleconsultancy.com/blog/accounting-basics-for-indian-startups-compliances-valuation-and-a-lot-more/
Learn more about Tax Compliance & GST compliance services at Aristotle Consultancy.
Web Title: Accounting Basics For Indian startup consultants : Compliances, Valuation And A Lot More
Q: How To Find Out About All The Tax Compliance You Need To Adhere To?
Well, in order to achieve this you’ll need to perfectly understand your sector. You need to consider the compliances you need to adhere to, both at the current stage you’re in as well as when you grow and scale further in the future. For example, the best way to break it down is to think that if you were to be the number 1 in your sector, what all compliances would come into play and at what stage.
One trap that you mustn’t get stuck in is, use advice given from a professional who is an uncle or a family member to counter what your accountant is telling you. No doubt, it’s always great to get an opinion from other people.
However, the uncle or family member probably won’t have as much exposure or knowledge about the startup ecosystem and hence, their opinions maybe slightly skewed and inaccurate. It’s always advisable to find someone who is aware of your sector/industry.
Read more: http://aristotleconsultancy.com/blog/accounting-basics-for-indian-startups-compliances-valuation-and-a-lot-more/
Learn more about Tax Compliance & GST compliance services at Aristotle Consultancy.
Web Title: Accounting Basics For Indian startup consultants : Compliances, Valuation And A Lot More
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