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Can i maintain my own accounts for sole prptrship firm?

Avneesh (Student) (29 Points)

05 November 2017

Hey,

I have a small sole properitorship firm. Since we are selling online, its cumpolsory for us to get GST number and file it.

I have a CA who maintains the account and files GST but its very costly for us. His fees amounts to 20% of our profits. I was thinking maybe I can maintain my books on my own like recording sales, expenses, etc. and maintain an excel sheet.

So, is it possible to maintain my own account or is it government requirement to have a CA? and is there any specific way in which these accounts have to be prepared? I have heard about TALLY 9, maybe I can learn it.

It will be a great help if you can help me to solve this problem, otherwise I would have to start something else for a living.

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17 Replies

Parv Kumar (Student) (4037 Points)
Replied 05 November 2017

You can maintain at your own....

OR

You can hire some accountant who do it for you...

RAJA P M ("Do the Right Thing...!!!") (127404 Points)
Replied 05 November 2017

@ Mr. Avneesh.,

Yes... You can... Why not...?

You can maintain your business account yourself no more restriction. ..

Just you ll search in Google you can get some ideas about Tally and use it based on your requirements...

GOOD LUCK DEAR...

4 Like

RE.Vishresh (Accounts Executive) (220 Points)
Replied 05 November 2017

dear RAJA P M Sir.,

Can I file all GST returns myself...?

RAJA P M ("Do the Right Thing...!!!") (127404 Points)
Replied 05 November 2017

Yes... You can...

Avneesh (Student) (29 Points)
Replied 05 November 2017

Thank you sir. I will search for it on google.

Studentsca (CA Practice ) (3577 Points)
Replied 05 November 2017

Mr. Avneesh Yes you can maintain your own books of accounts by purchasing an accounting software and through excel sheets. Paying 20% of profits as fees is very much on the higher side and you should change your CA immediately. You can adopt a DIY approach or find another CA and focus on improving your business profit. You are already running a profitable business (which is considered by the most difficult in today's competition) hence no need to do anything else for a living !!!

S ELAVARASI (ACCOUNTANT) (2975 Points)
Replied 06 November 2017

Yes Mr. Avneesh.,

You can maintain your accounts... When get time use the time for your updating knowledge...

Avinash Kumar (CA-Final Students) (192 Points)
Replied 06 November 2017

Yes, you can maintain your accounts & file gst returns yourself, if you can do this, i will suggest you to find other professional or CA that you can afford.

CA Priyank Nagori (Chartered Accountant) (66 Points)
Replied 06 November 2017

I don't think it's easy job to maintain accounts by your own without knowledge of accounting entries as accounting is itself a complex subject. It is like misguiding a person, as without knowledge or less knowledge is dangerous.

I would suggest that as your business is in profit and you are paying only 20% of profit as accounting and gst return filing fees, which in my opinion is reasonable by looking to the complexity of GST subject and number of returns including accounts maintainance. It will benefit you in long run.

(Guest)

one entry for sales

one for purchase

one for receipt

one for payment

some knowladge of bank reco

know hw to write cheque and voucher

know hw to write cash voucher (very easy )

little know about filling

and little knowladge of tax (enouth )

return is nothing but a form where u fill the value as per ur recorders

best luck

diffcult in starting period but as time goes u feel nothing is easy than it

do of ur own

best luck

" Nothing is impossible in this world unless u try "

3 Like

(Guest)

if any diffcult let me we r here for help u (free of cost )

only thing u have to put ur efforts

1 Like

RAJA P M ("Do the Right Thing...!!!") (127404 Points)
Replied 06 November 2017

Wow...!!!

My Dear Mr. Ravi.,

Very Good Boost Up to the Querist....

I fully Agreed with YOU without Notice....!!!

Also I Appreciate You....

GOD BLESS YOU

>>> GOOD LUCK <<<

1 Like

(Guest)

Thanks Raja Sir

" We all are student here and come for learn "

and remember knowladge will increase when u share it

and most of us learn form mistakes only so whoever u whatever u

r doing just remebmer one thing spread knowladge do

something for society spread knowladge and remove darkness of fear

and bring happyness "

2 Like

Avneesh (Student) (29 Points)
Replied 06 November 2017

Thank you Ravi ji for your positive words. I will try my best to learn it. It will not be that tough. Everything is on internet. And we also have this awesome forum with such good people.