Can i maintain my own accounts for sole prptrship firm?

A/c entries 399 views 17 replies

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.

 

Replies (17)
You can maintain at your own....

OR

You can hire some accountant who do it for you...
@ 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...
dear RAJA P M Sir.,

Can I file all GST returns myself...?
Yes... You can...

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

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 !!!

Yes Mr. Avneesh.,

 

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

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. 

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.

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 "

 

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

only thing u have to put ur efforts 

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 <<<

heartheartheart

 

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 "

 

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.


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