For Small businesses, hiring a full-time accountant is an expensive process. Having a junior, inexperienced accountant comes with the risk of needing to comply with all statutory requirements; finding a replacement in case of the resignation of an accountant is a troublesome task. A junior accountant will need help supporting higher-end tasks like tax planning, structuring employee pay packages, meeting investor or bank document requirements, inputting taxation and other laws, etc. A smaller business also may need more work to keep an accountant engaged full-time. To support smaller companies, we at MKDA have extended our services in accounting, payroll, and compliance.

Accounting/ Bookkeeping: We provide accounting services on cloud-based software. We are also using the traditional accounting package Tally. We do daily, monthly, and quarterly bookkeeping services depending on the size, volume, and nature of the company's business activity and per the client's requirements. We provide both on-site and off-site accounting services.

Accounting Services include:

• Raising invoices and accounting for invoices raised and receipts from customers.
• Verify vendor bills and their payment after obtaining approvals and making necessary deductions.
• Accounting for the expenses, purchase of assets, and monthly payments.
• Bank reconciliations
• Preparation of monthly management information system report.
• Budgeting and cost vs. budget analysis and reporting.
• Preparing Financial Statements as per Indian GAAP.

Tax compliance: Indian regulatory framework demands reporting and returns to be submitted to concerned finance departments. Experienced accountants can handle tax compliance perfectly. Delays in submission or non-submission of reports and returns attract penal actions. Thus, we at MKDA have developed the working culture to meet the compliance requirements of various business entities. We keep ourselves updated with the changes in tax laws, prioritize complying with the filing requirements within the due dates, and provide expert advice on tax-related matters.

Income Tax Services include:

• Computation of the monthly TDS and its remittance.
• Preparing and filing of Quarterly e-TDS returns of the Company. Sharing the TDS Certificates with vendors.
• Estimation of the advance tax of the Company and its remittance.
• Consultancy services on the Income Tax of the Company.

GST Services include :

• Computation of monthly GST liability and remittance.
• Filing the monthly & quarterly, and annual GST Returns of the Company.
• Application for GST Refund and Coordination with Department
• Consultancy services on matters concerning the GST Tax of the Company.

Professional Tax Services include :

• Payment of Monthly PT and filing of Monthly return
• Preparation and filing of Annual return
• Payment and filing of Annual PT for the Company

The payroll processing at MKDA includes the following:

• Obtain Income Tax Declaration Forms from employees.
• Advice on the Structuring CTC.
• Prepare Monthly Payroll register and advice to the Company for the amount to be paid, and execute the payment, Payslip generation.
• Advise employees on uploading / Collection of Investment proofs annually and verification of investment proofs.
• Clarify employees on tax matters.
• Prepare and file Quarterly e-TDS returns for the employees of the Company.
• Generation of Form 16 of the Company employees on an annual basis.

There are different registers to be maintained and various filings that are required to be done under company law. The companies are required to make multiple compliances under the Labour Laws.

Our Services include:

Company Law

• Preparation of minutes of Board Meetings and General Meetings
• Preparation and filing of ROC Annual Returns.

Labour Law

• Preparation and Filing of PF & ESI returns and other forms with the PF Department on any queries.
• Preparation and filing of returns and documents under other applicable labour laws
• Maintenance of various registers under the different labour laws

We at MKDA have a defined process to move the bookkeeping records into accounting software to proceed with the finalization of statutory year-end accounts.

Finalization of Accounts includes:

• The balance in accounts matches with the supporting documents and is duly reconciled.
• Rectifying the errors in expense and other incorrect postings by your bookkeeper or the cashbook.
• Reports – Trial Balance, General ledger, Transaction list, Finalizing entries, Journal entries, Financial statement, Corporation tax
• Coordination with the Auditor towards completing Audit under the companies Act, Income Tax Audit & Transfer Pricing Audit.

SOFTWARE WE USE

Accounting Softwares: Tally, SAP, Quickbooks, Sage, Zoho Books,

Payroll Softwares: GreytHR, Saral, Sagpayroll.