Ravi Ranjan
Mktg & Hr
It, Hrm, Operations
+1 Other

Cite.Co is a repository of information and resources created by industry seniors and experts sharing their real world insights. Join Network
Hi All,
We are a small Software Development firm located at Lucknow and will like to have our own accounting process from scratch.Can any one suggest me that how we can do it and what all processes should be followed for the clearing of the funds.
How to track down all the minutest expenses done on the daily and the regrular basis.
It will be great if any one can help me out on the same process

Dear Veronica,
Am not bit sure if i have understood your problem completely...but i would like to suggest you , as being near to start up , and working from scratch , first you need to catch up your budget and compliance. if you are following something like ISO and all you need to move through their route.or rather you can start up with making the basic required files and collecting all documents and bifurcating them as incoming and outgoing. Name and code your files , you can also use excel sheets to maintain and retain datas seperately.
so first divide your requirements and the filings required as of salary, invoice,office expenses, purchases e.t.c. if you plan , you will surely get the way .
If you need more assistance you are welcome.
Have a nice day

Hi Ravi,
What i basically want is to track all the amounts which are coming in and going out of the company.Suppose as i say some invoices come for the bill payment then like who should keep the invoices,check them,deadline of the invoice payment,then when the payment was done...May be you can say the whole budgetting process..which could at the end of the month let me know what all amounts were spent and whether we are in loss or profit .
Please suggest how to go about it.

Use tally software and take the services of a CA / or Auditor they will charge around 2000 rs per month and you can generate invoices from tally itself
Hi All,
Can you just let me know what should be the overall procedure for handling the Accounts in an IT company
Also if possible can some one provide me with the format of agreement with CA and his work of scope.

Hi All,
can some one please let me know how to work for the accounts on our own without any help of the accountant guys...as its a small company and will not like to have extra expenses to be done at our end

Dear even if it is small company, there are lots of statutory things which need to be looked after , only an accountant can do those taxes, excise, service tax, PF etc, so tomorrow if something is not done there can be a penalty and fine for some non compliance of statutory things..
Hi Deadsoul,
Thanks for the response..but can you suggest how company and CA should work together to get the things working in the accounts section.
Suppose one guy at our co end can maintain the monthly records and at the end of the month CA can review it...or if any other options you can suggest

You have identified it correctly. Generally a commerce graduate, with 5-6 years of experience is hired and can do the job of administering the accounts well. Obviously, based on the status of the business (proprietary, partnership.....) accounting varies. As long as the administrative assistant/accounts executive can take care of day-to-day, a certified accountant would be able to do the necessary.
Realistically doing it yourself is a pain, and not worth the hassle, as a person with the above experience can be hired even part-time to take care of the job.
You can find such people in other small businesses (generally revenue less than 20-30 lacs), or helping with the management of co-operative housing societies.
Hope this helps.

This discussion thread is closed. If you want to continue this discussion or have a follow up question, please post it on the network.
Add the url of this thread if you want to cite this discussion.

About Us Advertise Contact Us
Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2020 Cite.Co™