Loading…

More about Monthly accounting package

What does the accounting package include?

  • Bookkeeping
  • GST filings
  • TDS filings
  • Professional tax filings
  • PF filings
  • Payroll processing
  • Quarterly returns filings (GST and TDS)

Best suited for:

  • Startups
  • Small businesses
  • Online businesses and entrepreneurs selling on ecommerce portals like Amazon, Flipkart etc.
  • Freelancers and traders

Process Flow

Timeline 4-6 working days
  • Raise a request with us, discussion with Wazzeer team, share basic information
  • Preparation of package best suited for you, review proposal and hire
  • Share details and documents
  • Accounting entries and preparation of financial statements
  • Support in finalizing the list of payments to be made at the end of the month
  • Payroll processing
  • TDS amount calculation and its filings
  • GST amount calculation and its filings
  • PT and PF amount calculation and their filings
  • Quarterly returns filings

Required Documents

  • Revenue and expense transaction records, bank statements etc.
  • Data of employees and their salary

Key Deliverables

  • Accounting entries
  • Financial statements for the month
  • Payments to be made at the end of the month including salaries
  • TDS amount and its filing
  • GST amount and its filing
  • PT amount and its filing
  • PF amount and its filing
  • Quarterly returns filings

Why choose Wazzeer?

  • One platform for all your requirements

    Incorporation is just the first step. Wazzeer supports you throughout your journey as an entrepreneur. Log in to get things done efficiently. A dedicated Account Manager offers the required human touch and acts as an advisor to you.

  • Experienced professionals

    Our professionals have at least 5 years of experience and have incorporated thousands of companies among them. The rich experience ensures that the process is smooth and right in the first go.

  • Defined process

    Over the last few years, doing over 500 incorporations, we have defined every step of the process. A virtual process is in place enabling us to deliver hassle free experience for you.

  • Cost Effective

    You pay what you see in the proposal. No surprises or hidden charges.

Frequently Asked Questions

The taxes and returns applicable to a business depends on its nature of business, scale and geography. However, on a broad level, most of the businesses have to comply with the following:
  • GST: The business needs to file GSTR 3 (b) before 20th day of the next month. The GST amount needs to be deposited with the GST department.
  • TDS: A business is required to deduct the applicable TDS while making any payment. This TDS amount is to be deposited with the Income Tax department before the 7th of next month.
  • Professional tax: Businesses with employees applicable for Professional Tax have to deduct this amount from their salaries and deposit it with the Professional Tax department of the state.
  • PF filings: For companies with PF registration, the PF amount of the contributions from the employees and the employer needs to be deposited with the PF department before the 10th of the next month.
  • ESI filings: For companies with ESI registration, the ESI amount of the contributions from the employees and the employer needs to be deposited with the PF department before the 10th of the next month.
  • The taxes and returns applicable to a business depends on its nature of business, scale and geography. However, on a broad level, most of the businesses have to comply with the following:
    1. GST Returns: Both monthly (GSTR-3B) and quarterly (GSTR-1) returns need to be filed.GSTR-1 has to be filed every quarter
    2. TDS Returns: This has to be filed every quarter
    Please note that the returns need to be filed even when there is no transaction or no tax collection. Failure to do so will attract penalty.
    No, you are not legally bound to do the monthly bookkeeping process. However, it is advisable to do so:
    1. The records of the company are well maintained
    2. For filing of taxes, the amount needs to be calculated. In the absence of bookkeeping and entries, calculation of taxes is prone to errors.
    3. For Private Limited Companies and other entities which meet the revenue criteria, auditing is mandatory. Bookkeeping is the process of creation of the books which are audited by the auditor. It is advisable to maintain monthly books of accounts which can be audited at the end of the financial year instead of creating the accounts in the end.
    Tax filings and returns are mandatory and needed to be done by every business for which they are applicable.
    The monthly accounting package has been designed to take care of the requirements of any business. It comprises of:
    1. Bookkeeping: accounting entries and consolidated financial statements
    2. GST filings: calculation of GST amount and its filings
    3. TDS filings: calculation of TDS amount, its filings and generation for form 16 and form 16A
    4. PT filings: calculation of PT amount and its filings
    5. Payroll processing: salary structure, calculation, support in processing salaries and generation of form 16
    Tax filings and returns are mandatory and needed to be done by every business for which they are applicable.
    Yes, the professional will be using software like Quickbooks or Tally to make the entries and maintain the book of accounts.
    Yes. You can opt for a package where visits is included. Usually the number of visits vary from no visits to once a month to once a week. You can choose the number of visits you would want.
    As an entrepreneur, we will never advise you to take your eyes completely away from the accounts of your company. It defines the pulse of the company and as the leadership, you must have a watch on it. You will, however, not need to invest considerable time and efforts in the accounting process. We will be able to take care of that and share the final statements and action items with you. The efforts that would be needed from your end include:
    • Sharing of revenue and expense transaction records, bank statements etc.
    • Sharing employees’ data
    • Raise invoices (unless you mandate us to do this on your behalf). We will create and walk you through a very simple process for this.
    • Clear payments
    • Make payments or transfer funds for the applicable taxes
    If you have taken GST Registration, then you will have to do GST Returns. Even if you have not done any business transactions in the quarter/ month you will still need to file GST Returns.
    Yes, GSTR-3B has to be filed by every registered business irrespective of whether was any transaction in that month or not.
    • GST has a concept of input credit. Whatever GST you pay for the purpose of your business, you can take it as input credit.
    • While filing GST Returns you will have to give the details of all the Invoices you have raised against your clients/ customers and all the Bills you have received against which you have paid GST to your Vendors.
    • The total GST you pay = (Sum of all the GST you have collected) - (Sum of all the GST you have paid for the purpose of your business)
    In case your input credit is more than your Output GST you can carry forward the credit to the next quarter
    TDS means Tax Deducted at Source. When any dealer makes any payment to any vendor, the dealer has to deduct TDS from the original amount.
    TDS is paid to Government through the Income Tax department every month. Every quarter TDS returns need to be filed to the IT department. Here we need to give the details of every deduction made in that quarter. Details involves name of the vendor, PAN number, purpose of payment etc.
    In case, you have not deducted any TDS in the month, you need not do TDS filing for that month. However, you will have to do the quarterly filings )even if you have not deducted any TDS in the entire quarter).
    • When we deduct TDS, and file returns every quarter, IT department issues Form 16A on the name of the vendors against whom TDS is deducted. Vendors use this while filing their annual IT Returns.
    • Form 16 is generated once a year on the TDS deducted against the salary of the employees. This form is used by the employees while filing their Income Tax returns.
    • IT Act makes it mandatory for a business to deduct TDS from vendors and employees. In case you don’t deduct TDS for any applicable case, then you will not be able to claim that expense in your company’s P&L statement while filing the ITR.
    • This increases the profit (or reduces the loss) of the company and the applicable taxes need to be paid
    Payroll processing the process of salaries to your employees according to company policy and statutory requirements. The net amount to be payable to every employee will have to be calculated each month after accounting for deductions like fines & penalties, advances, statutory deductions like PF, ESI, Gratuity, health insurance and additions like reimbursements, bonuses and incentives as per company policy and statutory requirements. It also includes deciding the salary structure, generation of payslips and generation of form 16.
    Strictly speaking there are no filings required in Payroll Processing. However, the statutory requirements related to the payroll processing like PT filing, TDS on salaries filing, PF filing, ESI filing etc. can be considered as filing in payroll processing.
    Yes. As a part of payroll processing we will help you in coming up with the best suited salary structure of the employees.

    Still have doubts?

    Get started

    Drop us a note with basic details. You will receive a call from us.