Virtual CFO Services
Accounting, Tax & GST

CFO Services for Startup & Small Business in India

You are not alone; more than 85% of businesses in India outsource their tax filing to a consultant, and in the case of small businesses, the number is more than 95%. Setindiabiz is a team of experienced professionals and accountants with over two decades of experience handling your bookkeeping, GST and TDS filing compliance. Availing of our virtual CFO Services is a wise decision given the laws and regulations such as accounting standards, companies act, LLP act, income tax act, and GST Act, which runs over 10,000 pages and possibly more.

What are virtual CFO services offered by Setindiabiz

Our virtual cfo services in India relieve you of your worries and offer financial reporting, discipline and corporate governance through remote accounting and responsible tax filing services. While this page is dedicated to accounting, TDS, and GST filing, you may also benefit from our payroll and compliance retainership services.

Accounting for Small Business

Accounting is the backbone of every business where a trained person needs to record all the business transactions, such as purchases or sales, in the case of a trading company and, for the service sector, the billing for the services provided. The payments and receipts in the bank or cash must also be identified and recorded in the appropriate ledger to make a correct balance available. We have seen businesses needing help with this essential finance function. Therefore, our accounting services and the Virtual CFO Services are beneficial. In the following paragraphs, we have dealt with the regulatory aspect of accounting for the companies and the LLP.

Accounting For Companies

Section 128 of the Companies Act 2013 provides mandatory preparation and maintenance of Books of Account for Companies in India. It further provides that the accounting should be prepared in a double-entry system of bookkeeping and must be kept at the registered office of the company. In case the books of account are not maintained at the registered office of the company, then the address of such other place must be reported to the ROC in form AOC-5 within seven days of the decision to maintain the books of account at a place other than the registered office by the Board.

Accounting for the LLP

Similar provisions are provided in Section 34 of the LLP Act, 2008. The LLP is also mandated to maintain proper records and books of account that reflect its correct financial position. Just like companies, the books of account of the LLP must be kept at the registered office of the LLP. There is no provision under the LLP Act regarding maintaining the books of account at some other place than the registered office of the LLP.

Monthly Financial Statements & MIS

In our CFO package, we provide monthly financial statements after the end of a particular month that comprise the Trial Balance, Profit and Loss Account and the Balance Sheet. The trial balance shows the closing balance of a specific ledger, which helps in collecting outstanding balances from customers. The profit and loss account gives a clear picture of revenue vs expenses and Individual components affecting the profitability of the company. The balance sheet helps you understand the correct position of the company’s assets and liabilities.

Benefits of Finance Department MIS

TDS Payment & Quarterly Return Filing

TDS is the short form of Tax Deducted at Source, also known as withholding Tax. While making payments against bills such as Rent, professional fees, contractors, etc., the TDS must be deducted at the applicable rate prescribed under the Income Tax Act. These deductions are mandatory, and the TDS’s non-deduction would amount to the disallowance of such expenses while computing the Income Tax Liability. The TDS deducted during the month needs to be deposited to income tax within the seventh of next month.

Quarterly Return Filing