Accounting is mandatory requirement in order to comply with company compliance such as statutory audit, Annual filing and Income Tax return filing.
Every Private Limited Company is required to maintain books of accounts properly as per Companies Act, 2013 and get their accounts audited and file Annual filing every year.
Accounting is one of the key functions of all businesses. The Companies Act, 2013 casts an obligation upon a company to preserve in good condition the book of accounts together with relevant vouchers to any entry for upto 8 years.
Every Company shall prepare its Accounts and get the same audited by a Chartered Accountant at the end of the Financial Year compulsorily. The Auditor shall provide an Audit Report and the Audited Financial Statements for the purpose of filing it with the Registrar.
Annual return consists of information and documents that include the Balance Sheet of the Company, Profit & Loss Account, Compliance Certificate, Registered Office Address, Register of Member, Shares and Debentures details, Debt details and information about the Management of the Company. The annual return would also disclose the shareholding structure of the Company, changes in Directorship and details of transfers of securities.
The Managing Director, the Whole-Time Director, in charge of finance, Chief Financial Officer or any other person of a company nominated by the Board of Directors is responsible for ensuring that the book of accounts of the company is maintained properly.
n case, the Company does not maintain proper Book of Accounts, imprisonment or penalty of upto Rs.5 lakh can be levied under the Act. Therefore, it is vital to maintain the books of accounts of a company properly with professional help.
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