Harun Raaj & AssociatesHarun Raaj & Associates
Operations & CFO Services

Bookkeeping & Accounting Services

Bookkeeping

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SCOPEConfirmed in writing
TYPICAL TIMELINEMonthly
DOCS REQUIRED2 documents

Overview

Bookkeeping is the disciplined recording of a business's financial transactions — sales, purchases, receipts, payments, payroll and bank movements — so that at any moment the P&L, the balance sheet and the cash position are real. The obligation to maintain records is statutory: books of account must be kept under Section 44AA of the Income Tax Act 1961, accounts and records are required under Section 35 of the CGST Act 2017, and every company must keep proper books of account under Section 128 of the Companies Act 2013. Bookkeeping is the layer underneath every one of those obligations.

What good bookkeeping buys a business owner is control and speed. When the books are current, GST returns fill themselves, TDS reconciles, loan applications use real numbers, and the year-end audit is a review instead of a reconstruction. When the books are months behind, every downstream event — a filing, a loan, a sale, an investor query — becomes a firefight that costs more than the bookkeeping ever would.

The consequences of letting books slide are the quiet kind of expensive. A GST return prepared from memory instead of records invites notices; a TDS return with mismatched challans draws the fee regime of Section 234E; and a company whose books do not reflect its actual transactions has, in the eyes of Section 128, failed a statutory obligation. Auditors and tax officers test the books against the bank statements — gaps surface exactly there.

This service is for startups, MSMEs, traders, professionals and companies that need their financials kept current without building an accounting department. We maintain your books on a monthly cycle — invoicing, expense capture, bank reconciliation, payroll and statutory mapping — under the record-keeping framework of the Income Tax Act, the CGST Act and the Companies Act, and close your month with a P&L, a balance sheet and a tax position you can act on.

How It Works

  1. 1

    Setup & Chart of Accounts

    We set up your accounting structure, bank feeds and invoice system to the record-keeping requirements of the law.

    Harun Raaj & Associates does this3-5 days
  2. 2

    Monthly Data Collection

    You share bank statements, invoices and expenses, or connect them to the accounting system.

    You do thisMonthly, 1-2 days
  3. 3

    Recording & Reconciliation

    We record transactions, reconcile bank and card statements, and resolve differences with you.

    Harun Raaj & Associates does thisMonthly, 3-5 days
  4. 4

    Statutory Data Mapping

    We map the books to GST, TDS and payroll positions so returns are prepared from records, not memory.

    Harun Raaj & Associates does thisMonthly
  5. 5

    Monthly Close & Reports

    You receive the monthly P&L, balance sheet, cash flow and a status note for decisions.

    Harun Raaj & Associates does thisMonthly, 1-2 days

Frequently Asked Questions

Which accounting standard applies to my business?
Most SMEs not required to follow Ind AS follow the ICAI Accounting Standards (AS 1-29) under the Companies (Accounting Standards) Rules 2006, notified under Section 133 of the Companies Act 2013. Companies with net worth below Rs 250 crore that are unlisted use these standards. We determine your applicable framework before setting up the chart of accounts.
How does monthly bookkeeping connect to my GST filings?
Under Section 35 of the CGST Act 2017, every registered person must maintain accounts and records at the principal place of business. Properly classified monthly books feed directly into GSTR-1 (outward supply details) and GSTR-3B (summary return), eliminating reconciliation mismatches and reducing risk of interest under Section 50 of the CGST Act for late or short payment of tax.
What books of accounts must my company maintain under the Companies Act?
Section 128 of the Companies Act 2013 requires every company to keep books of account on a double-entry accrual basis at its registered office (or an approved alternate location) and retain them for eight years. Failure to maintain proper books is an offence under Section 128(6), carrying penalties for the MD, whole-time directors, and CFO.
Do I need a tax audit, and how does bookkeeping quality affect it?
Under Section 63 of the Income-tax Act 2025 (equivalent to Sec 44AB, IT Act 1961 (≡ §63, IT Act 2025) of ITA 1961 for AY 2026-27), businesses with turnover exceeding Rs 1 crore (or Rs 10 crore where cash transactions are below 5%) must get accounts audited by a CA and file Form 3CA/3CB with Form 3CD. Discrepancies flagged in Form 3CD clauses such as Clause 14 (depreciation) and Clause 26 (TDS default) almost always trace back to poor underlying books.
How are TDS deductions recorded in the books?
Every payment subject to TDS must be recorded with the deduction posted under the relevant section — for example, Section 194C for contractor payments and Section 194J for professional fees under ITA 1961 (equivalent provisions in Chapter XXXIX of ITA 2025 for TY 2026-27 onwards). We reconcile TDS payable entries against Form 26AS and AIS each quarter and ensure Form 16A is issued within the deadline prescribed under Rule 31 of the Income-tax Rules 1962.

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