Every day is a juggling act for small business owners and entrepreneurs. Marketing, sales, product development, customer service – the list goes on and on. In this whirlwind, finance management often takes a back seat. It’s completely normal to be confused about accounting software and how it can help streamline your finances.
Here at Am Accountable our virtual accounting firm works exclusively with start-ups and small businesses. We understand these concerns first-hand and have helped countless business owners navigate the world of accounting software. we’re going to answer some frequently asked questions (FAQs) so that you can gain clarity and choose the perfect solution for your business.
People Should go for cloud-based accounting software which can be accessed from any device with internet connection and offers automatic backups or opt for desktop package that only runs on specific computer thereby limiting accessibility
The procedure for registration usually involves determining the type of business entity, choosing an exclusive name, preparing the Memorandum and Articles of Association (MOA) or Company’s Regulations (CR), obtaining Digital Signature Certificate (DSC) and Director Identification Number (DIN), filing incorporation documents with Registrar of Companies (ROC), obtaining Certificate of Incorporation CoI , Applying for PAN & TAN etc.
Documentation requirements vary between jurisdictions, but they usually require identity proofs and address proofs of directors and shareholders, Memorandum and Articles of Association, proof of registered office address, and PAN Cards for Directors.
The registration process takes about 10-15 days on average, although this period may vary depending on how fast the regulatory authority works and completeness of documentation provided.
The ongoing compliance obligations include keeping statutory registers, conducting annual general meetings (AGMs), submitting annual financial statements together with tax returns, updating changes in the company details with Registrar of Companies and fulfilling other statutory duties.
Although it is possible to independently register a company, seeking help from a chartered accountant or legal expert can ensure that all the legal and regulatory requirements are met, and make it easier.
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