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Reliable Accounting & Bookkeeping for Stress-Free Compliance
Lawfinity provides expert accounting, GST/TDS/ITR filings & audit-ready records for growing businesses.
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Introduction and Its Compliance
In today’s fast paced business world, an accurate accounting and bookkeeping forms the foundation of every successful entity. Lawfinity, understands that proper financial records are not just about the numbers, they are crucial for the purpose of compliance, informed decision-making, business growth and legal transparency.
Accounting involves systematic recording, classifying and summarizing of financial transactions, while bookkeeping ensures the baseline operations of financial data is organized and up to date. Businesses in India must comply with various financial reporting standards such as the Companies Act, 2013, Income Tax Act, 1961, GST laws, auditing standards issued by ICAI (Institute of Chartered Accountants of India) and other relevant laws applicable time to time. Lawfinity make sure that your business stays fully compliant with all the statutory requirements while maintaining accurate financial data.
Why It Is Needed
Proper accounting and bookkeeping are vital for any business, as they enable accurate tracking of income, expenses, profits and liabilities while ensuring timely and unerring filing of tax returns such as GST, TDS and Income Tax. They play an important role in maintaining statutory compliance under Indian laws and regulations, while also facilitating the preparation of precise financial statements for investors, banks and regulatory bodies. By maintaining organized and proper records, your business can avoid penalties, audits and potential legal complications, thereby safeguarding your financial health and credibility.
With Lawfinity as your partner, you get error free, up to date and compliant financial records freeing you to focus on business growth.
Benefits and Advantages
- Financial Transparency With proper bookkeeping, businesses gain a clear picture of cash flow, profitability and financial health, aiding better business decisions.
- Compliance Assurance Lawfinity ensures timely filings for GST, TDS, Income Tax, ROC and other statutory returns, minimizing legal risks and penalties.
- Audit Readiness Well-maintained financial records ensure smooth internal, statutory or external audits whenever required.
- Improved Financial Planning Accurate books allow better forecasting, budgeting and managing working capital.
- Simplified Loan & Funding Process Investors and lenders require clean and audited financials; organized books make obtaining loans and attracting investors easier.
Eligibility Criteria
- Any business entity operating in India, whether small or large, needs accounting and bookkeeping services, including:
- Private Limited/Public Limited Companies
- LLPs and Partnership Firms
- Sole Proprietorships
- Startups & MSMEs
- Non-Profit Organisations, Societies & Trusts
- Branch offices of foreign companies
Documents Required
To start with accounting and bookkeeping services, the following documents are generally required:
- KYC Documents of Owners/Directors/partners (Email id, Mobile No. PAN, Aadhaar, Voter id, Bank Statement etc.)
- Certificate of Incorporation / Registration documents of business
- PAN Card of the business entity
- GST registration certificate
- Bank account statements
- Purchase and sales invoices
- Expense bills and receipts
- Payroll records
- Fixed asset details
- Loan agreements (if any)
- Previous financial statements (if applicable)
Steps Involved
- Initial Consultation & Understanding Business Model:
- Collecting Documents & Setting Up Accounting Software:
- Classifying Income & Expenses:
- Recording Transactions & Reconciliations:
- Generating Financial Statements (P&L, Balance Sheet, Cash Flow etc.):
- Filing GST, TDS, Income Tax, ROC returns, etc.:
- Periodic Review, Reporting & Audit Support:
Penalties
- Non-compliance or improper bookkeeping can result in:
- Penalties under GST, Income Tax and Companies Act and applicable laws
- Disqualification of directors for non-filing of financial statements
- Interest on delayed tax payments
- Hefty fines for incorrect returns or audit failures
- Reputational damage and business disruptions
- Lawfinity ensures complete accuracy to help you avoid these penalties.
Timelines
Accounting
Monthly / Quarterly / Annually (as per business size)
Bookkeeping frequency
Monthly / Quarterly / Annually (as per business size)
Timelines may vary depending on document verification and government approvals.
Fee
Frequently Asked Questions
Because every great business starts with the right answers.
Yes. Every business must maintain accurate financial records as required under Indian laws for tax filings, audits and compliance purposes.
Improper bookkeeping can lead to financial mismanagement, wrong tax filings, penalties, audits and legal trouble.
Yes. Lawfinity uses modern accounting software that allows real-time access and digital record maintenance for clients.
Absolutely. We provide comprehensive compliance services, including all filings, along with bookkeeping.
Outsourcing to Lawfinity reduces cost, ensures expert handling and minimizes compliance risks compared to managing it in-house.
Yes. We assist businesses in cleaning up backlogs, correcting old records and regularizing past non-compliance.
Ideally, books should be updated monthly. Lawfinity offers customized frequency depending on your business needs.
GST filings, TDS returns, ROC filings, Income Tax filings, statutory audits and financial statement preparation are key compliances.
Yes. We provide full support during statutory and tax audits, including preparation of audit reports and liaison with auditors.
Voices of Success
Hear from those who have thrived with us and discover how businesses have transformed and grown with our expert guidance and support.
Anil Yadav
Shaperz India Grain Private Limited
“From FSSAI to Trade License, Lawfinity handled all our approvals efficiently. One-stop solution for all licensing needs.”
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