Hello,
This is my second year of running a business and I have very general idea about accounting in general. The business was on a small scale last year but the volume has picked very substantially last year. Since I had not paid the taxes and return for last year, I am working with a CA to complete the same. Have a few queries regarding this:
- I am not being intimated of the fees by the CA saying it all depends on the amount of work needed. the overall busines yearly revenue is less than 1 crore. Close to 30-40 bank transactions per month, that's it. What will roughly be the fees..dont want to be stuck with a mammoth invoice at the end of the work.
- For the next year, I will be audited. Will it make sense for me to let the CA the accounting and the auditing or shuld i hire a different accountant and then take it to CA for audit
The CA is very straight forward, believes in paying the govt every penny legal, whereas I am of the opinion we should try and make max use of process which can lead to good tax savings. I am close to 6 months late this year for last year's financial returns, hence I dont want to look for another CA, but for next year do you think it makes sense to search for somebody else?
Please let me know your thoughts on how to handle the situation and the best way to proceed managing the accounts of a small organisation.
Thanks!
Patrick.
CAclubindia
