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Accounting Overview

Accounting and Book keeping - An overview

Accounting is the structured process of recording, organizing, summarizing, and interpreting financial data to provide meaningful insights and ensure compliance with legal and regulatory standards. This includes the preparation of financial statements and supporting strategic decision-making.

Bookkeeping, as a foundational element of accounting, focuses on the meticulous documentation of daily financial transactions like sales, purchases, receipts, and payments. Together, these interrelated functions form the backbone of accurate financial management, enabling businesses to maintain transparency, meet statutory obligations, and drive informed growth.

Checklist of Bookkeeping Services and Accounting Services

Checklist of Bookkeeping Services and Accounting Services

A well-organized bookkeeping and accounting checklist ensures businesses maintain accurate financial records, comply with regulations, and make informed decisions. This checklist covers essential tasks and processes for effective financial management.

  • Business Details
    • Business Registration Documents (e.g., Certificate of Incorporation, GST Registration)
    • Tax Identification Number (e.g., GSTIN, PAN)
    • Contact Details (Business Address, Email Address, Phone Number)
  • Financial Information
    • Previous Financial Statements (Balance Sheet, Income Statement, Cash Flow Statement)
    • Trial Balance from the last accounting period
    • General Ledger and Journal Entries for ongoing transactions
  • Bank Details
    • Access to Bank Statements for the required accounting period
    • Bank Reconciliation Reports (if available)
    • Details of all active Bank Accounts used for business transactions
  • Tax Records
    • Tax Filing Records (Income Tax Returns, GST Returns, VAT Returns)
    • Input Tax and Output Tax Records for the applicable tax period
  • Invoices and Receipts
    • Sales Invoices (Details of all revenue-generating transactions)
    • Purchase Invoices (Details of expenses and vendor transactions)
    • Receipts for any other business income or payments
  • Payroll Information
    • Employee Details (Names, Designations, Salary Structure)
    • Payroll Registers for the current accounting period
    • TDS (Tax Deducted at Source) and other statutory compliance records
  • Inventory Details (if applicable)
    • Inventory Management Reports
    • Details of purchases and sales affecting inventory levels
  • Accounting System and Software
    • Access Credentials to Current Accounting Software (if any)
    • Details of the existing Accounting Process or Single-Entry/Double-Entry System used
  • Business Policies and Agreements
    • Payment Terms and Credit Policies for customers and vendors
    • Contracts or Agreements with vendors, clients, and stakeholders
  • Miscellaneous Documents