Accounting and Compliance
Books written up months late leave errors that surface at the bank's annual review or in an assessment. We keep accounts and prepare financial statements, run payroll, handle company and LLP law filings, FEMA reporting and registrations, and set up the records behind them.
Last reviewed 8 October 2026
Accounts are reliable when their figures agree with outside records. The bank balance should match the bank, and sales should match the GST returns. Stock should agree with the floor, and balances with group companies should agree on both sides. Where they do not, a cash credit limit may be reduced at renewal, or an assessing officer may treat the gap as unexplained income.
The work on this page covers the books and the compliance that follows from them: financial statements, payroll, company and LLP law, FEMA reporting, registrations and the record-keeping systems behind them. It is done for companies, LLPs, partnership firms and family businesses from the Nashik office, with visits to the factory in Satpur, Ambad or Sinnar at the year end and when stock is counted.
Books and financial statements
The tax return, the bank's renewal of limits and the owner's own decisions all rest on the accounts. If the books are written up only in May, errors from August are found when the returns already filed can no longer be corrected.
Bookkeeping
Sales, purchases, expenses and bank transactions are recorded monthly or quarterly, in your software or in ours. Books that have fallen behind are rebuilt and brought up to date.
Accounts payable and receivable
Supplier bills are matched to purchase orders and goods received, and customer balances are followed by age. Amounts due to micro and small suppliers are tracked against their statutory due dates.
Bank reconciliation
Every current, cash credit and loan account is reconciled with the bank statement each month. Entries that do not match are investigated while the documents are still at hand.
Monthly closing
Accruals, provisions, depreciation and stock are booked at each month end. The year end then becomes a review of work already done.
Financial statements under Ind AS and AS
The balance sheet, profit and loss account, cash flow statement and notes are prepared in the Schedule III format, under Indian Accounting Standards or Accounting Standards as the company's framework requires. Firms and LLPs receive statements suited to the tax return and the bank.
Consolidation
For groups, inter-company balances are matched and eliminated, and consolidated statements are prepared with the related-party disclosures they require.
Payroll and labour law
Payroll processing
Monthly salary and wage computation from attendance, with payslips, bank transfer files and the tax deducted at source on salaries.
PF, ESI and professional tax
Monthly contributions and returns under the Employees' Provident Fund and Employees' State Insurance schemes, and professional tax under the Maharashtra law.
Labour law returns
Periodic returns and registers under the labour laws that apply to a factory or establishment, prepared from the payroll records.
Company and LLP law
Incorporation
Formation of private companies, LLPs, partnership firms and Section 8 companies, with the name application, constitutional documents and first registrations.
ROC and MCA annual filings
Financial statements, the annual return, director KYC, returns of deposits and the half-yearly MSME return for companies, and the annual statements of LLPs.
Event-based filings
Forms for a change in directors, registered office, share capital or charges, and for other events the Companies Act or the LLP Act requires to be reported.
Statutory registers
The registers of members, directors, charges and contracts that a company must keep, maintained and updated as events occur.
Board and general meeting support
Notices, agendas, minutes and resolutions for board and general meetings, prepared in line with the Act and the secretarial standards.
Strike-off, closure and liquidation
Removal of a dormant company's name from the register, closure of an LLP, and support in voluntary winding up, including the final accounts and filings.
Registrations and FEMA reporting
FDI and ODI reporting
Reporting of foreign investment received and of investment made outside India, through the RBI's FIRMS portal and the authorised dealer bank, together with the annual return on foreign liabilities and assets.
MSME (Udyam) registration
Registration on the Udyam portal and its update when investment or turnover changes the enterprise's category.
Shops and establishments registration
Registration or intimation under the Maharashtra Shops and Establishments law for offices and commercial premises.
Import Export Code
Application for the IEC with the Directorate General of Foreign Trade and its annual update.
Other business registrations
PAN, TAN, GST, professional tax and similar registrations that a new business or unit needs before it starts trading.
Records and accounting systems
Document management and digitisation
Financial records and statutory registers are scanned, indexed and stored so that any voucher or minute can be found when an auditor, a bank or an officer asks for it.
Records retention
A schedule sets how long each class of record is kept under company, tax and GST law, and when it may be destroyed.
Tally set-up, sale and support
The firm is an authorised Tally partner. We supply Tally licences, set up the company, ledgers and inventory masters, and support the users afterwards.
Administration support
Routine office tasks around the accounts, such as filing, correspondence with banks and departments, and tracking of compliance dates.
For manufacturers
A factory's books hold work in progress, material lying at job workers and machinery still under installation, none of which a trading business records. Errors in these items are what a bank inspection or a tax audit questions first.
Stock that agrees with the floor and the bank
Raw material, work in progress, finished goods, stores, tools and scrap are valued on a consistent basis every month. The book figure must agree with the physical count and with the stock statement sent to the bank. Where a difference exists, its cause is established before the bank or an assessing officer raises the question.
Job work in the books
Goods at a job worker's premises remain your stock. A separate record is kept of material sent out, received back and lost in process, so that the year-end valuation agrees with the GST job-work records.
Several units, one company
Some companies run units in Satpur, Ambad or Sinnar, or in another state. For them we keep unit-wise accounts and reconcile inter-unit transfers every month, and the transfers are eliminated in the company's statements.
Fixed assets and capital work in progress
Machinery under installation and borrowing costs on expansion loans remain in capital work in progress until the asset is ready for use. Schedule III requires an ageing of CWIP, which we maintain.
Factory payroll and contract labour
Shift wages, overtime and contractor bills are reconciled with attendance, and the PF and ESI position of contract workers is checked against the contractor's returns.
How an engagement runs
Take-over of the books
The last audited accounts, the returns filed and the current ledgers are read, and the opening balances are agreed.
A fixed monthly calendar
Documents arrive on a set date, the books are closed by another, and filing dates are listed for the year.
Monthly reporting
After each close, the owner receives a short statement of sales, margins, debtors, creditors, stock, cash and the bank limits used.
Year-end handover
Closed books, schedules and reconciliations are handed to the auditor with the supporting papers.
What we need from you
Monthly accounting needs the following on a fixed date each month. For a clean-up or a first year, the last audited accounts and returns are also requested.
- Sales and purchase invoices, or access to the billing and purchase software
- Bank statements for every account, including loan and cash credit accounts
- Attendance records, payroll summary and contractor bills
- Stock reports from stores and production, and the scrap register
- Job-work challans and records of goods received back
- Loan agreements, sanction letters and repayment schedules
- Fixed asset purchase and sale documents
- For companies and LLPs, the MCA login details, statutory registers and minutes of meetings
Common questions
Can you take over accounts kept by our in-house accountant?
Yes. Usually the in-house accountant continues with day-to-day entries, and we review, reconcile and close the books each month or quarter. If the work has fallen behind, we take it over until the books are current, after which responsibilities are agreed afresh.
Do we need Ind AS or Accounting Standards?
The answer depends on whether the company is listed, on its net worth, and on whether it belongs to a group that follows Ind AS. Many unlisted private companies follow the Accounting Standards. The criteria are tested against your figures each year, because the change is triggered when a net worth threshold is crossed or when a holding company moves to Ind AS.
Which ROC filings does a private company make every year?
After the annual general meeting, every company files its financial statements and its annual return with the Registrar of Companies. Directors complete their KYC when the rules require it. Some companies also file returns on deposits and half-yearly returns on amounts owed to micro and small suppliers. Further forms are filed whenever a director, the registered office, the capital or a charge changes.
Should a new business be a company, an LLP or a partnership firm?
Each form differs in liability, compliance cost, tax rate and the ease of bringing in investors. A partnership firm is the simplest to run, an LLP limits liability with lighter filings, and a private company suits a business that expects outside capital. The choice is set out with its annual compliance load before incorporation.
Do we have to buy Tally through you?
No. The accounts can be kept in any software you already use. Tally licences and set-up are available from the firm where a client wants them.
Why do you keep stock records when that is the factory's job?
For most manufacturers, stock is the largest item on the balance sheet, and the bank limits are based on it. The count is done by your stores and production teams. We value the stock, match it to purchases, production and sales, and investigate differences before they become a question for the auditor, the bank or the tax officer.
See also: Taxation, GST and Indirect Tax, Manufacturing finance
Contact the firm
About Accounting and Compliance, or any related matter. A phone number or an email address is enough for us to reply.
- Office
- Office at Plot 08, Eden Complex, Gangapur Road, Nashik 422222
- Hours
- 9:30 AM to 8:00 PM; other times by appointment