Accounts Outsourcing anywhere in India

The team of FIBOTA prepares books of accounts for you, as per your requirement. FIBOTA offers various plans for subscription of account outsourcing services. FIBOTA is the online plat form offering accounts outsourcing services at standardized rates. The detailed description of plans offered by FIBOTA are as under: -

Plans offered by FIBOTA for Accounts Outsourcing / Book Keeping Service

No. of Transactions less than or equal to

250

(including - sale, Purchase, Bank & Cash)

Rs. 2499/- Per Year

No. of Transactions are between

250 to 1000

(including - sale, Purchase, Bank & Cash)

Rs. 4999/- Per Year

No. of Transactions are between

1000 to 3000

(including - sale, Purchase, Bank & Cash)

Rs. 7499/- Per Year

No. of Transactions are between

3000 to 6000

(including - sale, Purchase, Bank & Cash)

Rs. 11999/- Per Year

No. of Transactions are greater than

6000

(our expert will get in touch with you for specification of the work)

Detailed understanding of PLANS offered by FIBOTA

Plan A:If the number of transactions (including sale, purchase, Bank & Cash ) of any entity (which includes all the legal structure like individual, Proprietorship, Partnership, AOP, BOI, Trust, Private Limited and Limited Companies) are less than 250 - the accounting services charges are Rs 2499/- Per Year

Plan B:If the number of transactions (including sale, purchase, Bank & Cash) of any entity are more than 250 but less than 1000 - the accounting services charges are Rs 4999/- Per Year.

Plan C:If the number of transactions (including sale, purchase, Bank & Cash) of any entity are more than 1000 but less than 3000 - the accounting services charges are Rs 7499/- Per Year.

Plan D:If the number of transactions (including sale, purchase, Bank & Cash) of any entity are more than 3000 but less than 6000 - the accounting services charges are Rs 11999/- Per Year.

Plan E:In case of entities whose accounting transactions are more than 6000 (called as large COPORATES) then FIBOTA will get in touch with the customer and understand the volume of data and skilled resources required for the execution of assignment and accordingly quotation will be communicated based on the nature of work.

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HOW FIBOTA WILL EXECUTE THE ASSIGNMENT?

1.Once the customer selects the plan and finalize the engagement, the designated Expert of FIBOTA will get in touch with the customers.

2.The designated Expert of FIBOTA will understand the nature of business and documentation process of Sales/Purchase/Journal/Cash Voucher and Banking transactions.

3.The customer has option, if customer wishes to get the accounting done at their business premises then FIBOTA team will go to the business premises of the customer and will do the accounting entries. This option is available for customer having transaction above 6000 and it's subject to geographical location.

4. The customer has to send the hard copy of documents to the fibota business premises or alternatively the customer can send the soft copy on email id or they can whatsapp the relevant documents for accounting.

5. The fibota also collects the document from the customer premises, if required. and subject to geographical location However the administration cost of the collecting the documents form client premises will be charge separately. team of FIBOTA will collect the documents from the customer and accounting will be done from the Business premises of FIBOTA. The documentary/evidence requirement from customer is based on the nature of assignment.

6.The accounting process of FIBOTA is reviewed by the designated experts. Once the accounting is done, the remaining queries and suspense entries will be discussed with the customers.

7.Once the customers resolve the relevant queries raised during the accounting process, the accounts are finalized and Balance sheet and profit and loss account is prepared.

8.The final deliverable (in soft copy) like Books of account/documents including Balance sheet and Profit and loss account is then shared/deliveredto the customers by the team of FIBOTA.

WHY FIBOTA?

1.The Bigwigs and the team of FIBOTA has expert knowledge in accounts outsourcing and book keeping services. Therefore, FIBOTA’s client get valuable advice from the experts and that too at cost effective rates.

2.FIBOTA has required manpower, infrastructure and skilled resources, therefore FIBOTA’s client do not need incur additional infrastructure cost and manpower cost of Book Keeping.

3.FIBOTA has wide network across India and therefore FIBOTA’s client do not need to be dependent on a single or a team of accountant

4.FIBOTA's provides various financial service under one roof and FIBOTA has designated expert in all such finance field therefore FIBOTA’s client has one-point contact and solution for all their Financial requirement.

5.FIBOTA's ensures confidentiality of the data for their clients.

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WHY BOOK KEEPING?

Various statutory laws have prescribed different criteria for maintenance of Books of Accounts. These laws include Income Tax, GST & Companies Act.

Under Income Tax Act

Description Individual or HUF Any other assesse
In case of Existing Business and Profession if any of the below mentioned limits are exceeded in any one of the 3 preceding Previous years, then the Books of Accounts are required to be maintained.
Income from Business or Profession >2,50,000 >1,20,000
Turnover/Gross receipt in the Business and Profession >25,00,000 >10,00,000
Similarly in case of newly setup business if the expected income or Gross receipts are expect in exceed the above mentioned limits then Books of Accounts are required to be maintained as per Income Tax Act

Note:

For the person engaged in “specified profession” such as legal, medical, engineering, architectural, accountancy, company secretary, technical consultancy, interior decoration, authorised representative, film artist or information technology if the annual receipts from profession exceeds Rs 1.50 Lakhs then Books of Accounts are required to be maintained.

Under GST

Every registered person under GST is required to keep and maintain all specified Accounts and records at his principal place of Business. GST law prescribes various kind of records to be maintained by the registered person which mandates maintenance of Books of Accounts. At this juncture it is pertinent to note the threshold limit for GST Registration. Various state has different registration limit but in majority of states the registration limit for GST is Rs 40 Lakhs for Person engaged in supply of goods exclusively. For others, the GST registration limit is Rs 20 Lakhs (there are various other conditions for threshold limit of GST Registration prescribed under GST Law which shall be dealt separately)

Under Companies Act

Every company registered under Companies Act, 2013 is required to keep books of accounts for the purpose of ROC Compliance. There is no limit of turnover, income or loss prescribed under the act for the maintenance of books of accounts.

DURATION FOR WHICH BOOKS OF ACCOUNTS BE MAINTAINED FOR A PARTICULAR FINANCIAL YEAR

Following are the duration for which books be maintained for the number of years for different statutory laws: -

Income Tax Act: Books of Account be maintained for a total of 7 financial years from the end of relevant year

GST: Books of Accounts and the specified records as per GST Provisions should be maintained for 6 years from the date of the Annual Return under GST

Companies Act: Books and records to be maintained as per Companies Act for 8 years from the end of relevant year.