Accounting and Taxation
- Promo
- Introduction
- Importance of Accurate Bookkeeping
- ‘Data as Oil’ in Financial Compliance
- Understanding True Profit & Non-Cash Items
- Common Accounting Mistakes
- Steps to select the accounting software
- AI Tools for MSME Bookkeeping
- Impact of Timely Compliance on Funding
- Role of a Virtual CFO
- Real-Life Smart Accounting Success
- Need to Adopt AI tools in Accounting
- Importance of GST
- Importance of Accounting in getting funds
- Financial Budgeting
- Frequency for tracking Budget
- Financial Discipline for small business
- Rapidfire
Final Action Points Checklist for Accounting & Financial Management
An accounting and taxation checklist ensures businesses accurately record all financial transactions, reconcile bank and ledger accounts, and prepare essential reports like balance sheets and income statements. It involves maintaining up-to-date records of payables, receivables, inventory, and assets, while tracking depreciation. For taxation, it covers gathering necessary documents, calculating liabilities for income tax, VAT/GST, and payroll taxes, and filing returns on time to avoid penalties.
Download ChecklistLatest on Accounting and Taxation
Understanding Financial Literacy: A Beginner’s Guide to Managing Money
Financial literacy is essential for small business owners. It refers to the ability to understand and effectively use various financial skills, such as budgeting, investing, borrowing, and saving. In today’s complex financial environment, understanding these concepts can make a significant difference in the success of a business.
read moreResources for Accounting and Taxation
ClearBooks AI (by ClearTax)
ClearBooks AI is an AI-powered bookkeeping tool that automates categorizing receipts, invoices, and bank statements to deliver real-time financial insights in minutes.
read more
Zoho Books AI
Zoho Books AI is an intelligent accounting assistant that automates transaction categorization, bank reconciliation, invoice processing, and real-time financial insights to streamline your bookkeeping.
read more
TallyPrime with AI Add-ons
TallyPrime with AI add‑ons is an intelligent accounting platform that automates data entry, reconciliation, anomaly detection, reporting, and predictive insights—boosting accuracy and efficiency.
read more
Vyapar App AI (New Update)
Vyapar App’s new AI update introduces an intelligent co-pilot that auto-extracts and categorizes data from receipts, invoices, and bank statements—plus delivers daily business insights and fraud detection alerts.
read more
BharatGPT for Accounting (Emerging)
BharatGPT for Accounting is an emerging AI-enabled platform tailored for Indian businesses that automates bookkeeping, tax compliance, invoicing, and financial forecasting with localized expertise.
read more
Fincent (India-focused)
Fincent is an India-focused AI-assisted bookkeeping and financial management platform that combines sleek software with human expertise to automate bookkeeping, invoicing, tax prep, and real-time financial insights for SMBs.
read more
Open (NeoBank)
Open is an Indian neo‑bank tailored for SMEs, offering integrated business banking, payments, expense management, and lending tools—all via a mobile-first platform.
read more
Recko (now Razorpay Reconciliation AI)
Razorpay Recon (formerly Recko) is an AI-driven reconciliation platform that automates matching of payment transactions, bank statements, and invoices—boosting financial operations efficiency by up to 80%
read more
Khatabook Smart
Khatabook Smart is a free, multilingual digital ledger app that helps small businesses track transactions, send automatic reminders, manage multiple outlets, and accept QR/UPI payments seamlessly.
read moreConnections to the accounting and taxation
FAQs
Yes. MSMEs must maintain accurate financial records like ledgers, vouchers, and statements etc.
Most use accrual accounting, though small businesses under presumptive taxation may use cash basis. Accrual accounting is a method that recognizes revenues when earned and expenses when incurred, regardless of when cash is exchanged. This means that transactions are recorded when they occur, not when payment is received or made.
Sales & purchase bills, expense receipts, inventory records, Cash Flow/bank statements, payroll, tax filings, ledgers, etc.
Yes. Tools like Tally, Zoho Books, Vyapar, and Busy are widely accepted and compliant.
Yes, if turnover exceeds ₹40L (goods), ₹20L (services), or if dealing in e-commerce/interstate trade.
Monthly or quarterly reconciliations are ideal to ensure accuracy and catch discrepancies early.
Mixing personal/business expenses, ignoring depreciation, delayed entries, GST non-compliance etc .
Small units may manage in-house; hiring a professional is advised for tax, audit, and compliance.
MSMEs are liable for Income Tax, GST (if registered), TDS (if applicable), and Professional Tax (state-specific).
Non-compliance leads to penalties, interest, late fees, possible GST registration cancellation or audit scrutiny etc.
Bookkeeping is the systematic recording of financial transactions. It helps in managing cash flow, tracking performance, and ensuring compliances.
Common mistakes include mixing personal and business expenses, not recording transactions promptly, and ignoring bank reconciliation etc.