Banner Image

Online Business Accounting for LLPs by Expert CA Panel

Online Legal India LogoBy Online Legal India Published On 03 Dec 2020 Updated On 08 Jan 2022 Category Accounting

Limited Liability Partnerships (LLP) is nothing but a combination of both partnership and corporation. So, the partners involved in an LLP share a limited liability. Their assets are safe from any misconduct made by another partner.

For Startups and MSME (Micro Small Medium Enterprise), an LLP is a stepping stone to greater growth.

For any organization generating revenue, accounting is a necessary part of running a business. Accounting is not only "number crunching," but the systematic process of recording and interpreting a business's financial information.

An LLP assigned accountant's job is to keep records of all the business entity's financial transactions and cash flow.

Limited Liability Partnerships and Accounting

 

For maintaining any business or partnership, an accountant must keep track of the cash flow by following methods.

  1. Maintaining Accounts: – The accountant makes sure all the books of accounts are maintained in an orderly manner.
     
  2. Payroll & Salary: – Accountant keeps track of the employee's Salary that need to be paid after deducting taxes like TDS, PF, and ESIC.
     
  3. TDS Compliance: – Accountant makes sure to deduct TDS while making payments to vendors, employees, and other professionals. 
     
  4. Service Tax Compliance: – Every month, the accountant makes arrangements for the payment of service tax after deducting available service tax credit. 
     
  5. Record Keeping: - Accountant keeps records of the assets and liabilities of an LLP.

The financial year of any company starts on 1st April and ends on 31st March every year. At the end of each FY, the partners must prepare an annual financial statement for audit purposes. To do the needful, hiring an accountant is a must.

Following the digital age, hiring an online accountant seems like the best option now. Online Legal India™ is going to provide just that for you.

LLP Accounting at Online Legal India™
 

Besides a proficient virtual accountant, your business can get LLP Registration and GST Registration under one roof at Online Legal India™. From managing the documents to handling the filing process, the experts will stand by your side. 

We provide all-inclusive accounting services to small businesses, CPA's, CFO's, non-profit organizations, entrepreneurs, and individuals across the globe.

So, how team Online Legal India™ can help you in your LLP Accounting process? Let us in the comment section below.

 

                                                                   

 


Share With :

Leave A Comment


Comments

Anjali Malhotra

Commenter

Anjali Malhotra

Commenter

Ask Our Expert!

Recent Post
Banner Image

Minimum Turnover for GST before Application

27 Feb, 2024

download GST Registration Certificate

Download GST Registration Certificate from GST Portal

21 Feb, 2024

e filing trademark

Learn Trademark E-Filing Process and Its Entire Details

08 Feb, 2024

e register trademark

Trademark E-Registration Process for Brands in India

06 Feb, 2024

consumer rights

Know Consumer Rights to Solve Purchase-related Issues

01 Jan, 2024

Trending Post
Banner Image

Consumer Complaint against Tamil Nadu Electricity Board TNEB

30 Nov, 2020

Legal Action

How to Take Legal Action against Mental Harassment in India?

07 Nov, 2020

Banner Image

UPPCL Uttar Pradesh Power Corporation Ltd. Complaint Filing

19 Nov, 2020

Banner Image

How to File a Complaint Online in Consumer Court in India

27 Nov, 2020

Consumer Complaint against Service Centre

Online Complaint Filing against Hero Motocorp

04 Dec, 2020

Categories