Do I need a CA for bookkeeping or can I use software?

Software handles data entry, but a CA ensures correct classification, accounting standard compliance, and audit-readiness. For businesses with GST/TDS obligations, professional bookkeeping is strongly recommended.

How often should books be updated?

Weekly or at least monthly. Real-time bookkeeping helps with cash flow management, GST compliance (monthly returns need updated data), and avoids the year-end rush before audits.

What accounting standards apply in India?

Companies use Ind AS or older Indian GAAP depending on size and listing status. Small companies and non-corporate entities may use simplified standards. Your CA applies the appropriate standard.

Can my CA also handle payroll?

Yes, many CAs on Finamize offer payroll processing as part of bookkeeping — salary computation, PF/ESI deductions, TDS on salary, and pay slip generation.

How are depreciation schedules handled?

Depreciation is computed under both Schedule II of the Companies Act (useful life method for books) and Section 32 of the Income Tax Act (WDV with prescribed rates for tax). The difference creates deferred tax entries.

What books must be maintained for GST compliance?

Records of inward and outward supply with HSN/SAC codes, stock of goods, input tax credit availed and utilised, output tax payable and paid, and advances received. These must be maintained at each place of business.

Bookkeeping & Accounting Services by CAs | Finamize

Accurate books of accounts maintained by qualified CAs. From daily entries to financial statements, keep your finances organised and audit-ready.

Overview

Accurate bookkeeping is the foundation of every financial obligation in India — from GST return filing and TDS compliance to statutory audit and income tax assessment.

Accurate bookkeeping is the foundation of every financial obligation in India — from GST return filing and TDS compliance to statutory audit and income tax assessment. Without properly maintained books, businesses face compliance failures, incorrect tax computations, and adverse audit observations. The Income Tax Act and Companies Act mandate specific books to be maintained, with consequences ranging from disallowance of expenses to best judgment assessments.

Finamize connects you with CAs who handle bookkeeping end-to-end — chart of accounts setup, daily transaction recording, bank reconciliation, accounts receivable/payable management, and monthly financial statements. They ensure compliance with Indian Accounting Standards (Ind AS) or Indian GAAP as applicable, and cloud-based accounting through Tally, Zoho Books, or QuickBooks enables real-time collaboration.

Your CA also prepares MIS reports with key business metrics, handles payroll processing with PF/ESI deductions, computes depreciation per both Income Tax Act and Companies Act schedules, and ensures your books meet the 8-year record retention requirement under Indian law.

ITR TYPES SUPPORTED

18+

BUILT-IN CALCULATORS

100%

ICAI VERIFIED CAS

24-48hrs

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Why Finamize

Why Choose Finamize

Ledger & Journal Maintenance

All transactions recorded accurately in proper books of accounts per Indian Accounting Standards. Sales, purchases, expenses, and assets tracked systematically.

Bank Reconciliation

Monthly bank reconciliation to match your books with bank statements. Unreconciled entries are flagged and resolved before they cause compliance issues.

Financial Statements

Profit & Loss statement, Balance Sheet, and Cash Flow statement prepared as per applicable accounting standards. Ready for audit, tax filing, or loan applications.

Monthly MIS Reports

Get monthly management information reports with key metrics — revenue trends, expense breakdown, receivables ageing, and cash position.

How It Works

Get Started in 3 Steps

Share Transaction Data

Upload bank statements, invoices, receipts, and payment records. Your CA sets up the chart of accounts for your business.

Recording & Reconciliation

Your CA records all transactions, reconciles bank accounts, and maintains organised ledgers throughout the month.

Reports & Review

Receive monthly financial statements and MIS reports. Review with your CA to track business health and prepare for tax filing.

Platform Features

What You Get

Chart of Accounts Setup

Customised chart of accounts aligned with Indian accounting standards and GST reporting requirements for your business type.

Bank Statement Import

Automated import and categorisation of transactions from major Indian banks, with smart matching to reduce manual entry.

GST-Compliant Invoicing

Invoice generation with HSN/SAC codes, automatic IGST/CGST/SGST computation, and sequential numbering per GST rules.

P&L and Balance Sheet Generation

Monthly and annual financial statements in Schedule III format (Companies Act) or standard format for non-corporate entities, ready for audit.

Payroll Processing

Salary computation including PF (12% employer + 12% employee), ESI deductions, professional tax, TDS under Section 192, and pay slip generation.

MIS Report Templates

Management dashboards covering revenue trends, expense ratios, debtor ageing, cash flow position, and key financial ratios.

Regulatory Framework

Accounting Standards in India

Indian Accounting Standards (Ind AS) are mandatory for listed companies, companies with net worth above Rs 250 crore, and their holding/subsidiary/associate companies. Other companies follow Indian GAAP (Accounting Standards issued by ICAI).

Section 128 of the Companies Act 2013 requires every company to maintain books of account on accrual basis that give a true and fair view of the state of affairs, including books relating to all money received and spent, sales and purchases, and assets and liabilities.

Books of account that must be maintained include: journal, ledger, cash book, bank book, purchase register, sales register, fixed asset register, stock register, and documents supporting all entries including invoices, vouchers, and receipts.

Digital and electronic records are accepted as proper books of accounts under the Companies Act and Income Tax Act, provided they are accessible in India and printable. Cloud-based accounting software is fully compliant when proper backup and access controls are maintained.

Under Section 209 read with Rule 3 of the Companies (Accounts) Rules, books of account and related vouchers must be retained for a minimum period of 8 financial years preceding the current year. For companies less than 8 years old, records from incorporation must be maintained.

FAQ

Frequently Asked Questions

Get Professional Bookkeeping

Keep your books accurate and audit-ready with help from a verified CA. Monthly reconciliation, financial statements, and MIS reports.