Most efficient way to manage GST compliance and a/cs for a new LLP

Jose T Muricken (1 Points)

28 April 2021  

Hi All,

I recently started a consulting firm registered as an LLP based out of Chennai and I am the only person managing the show. I am trying to find efficient ways to organize the compliance and accounting part of the business. This need has come up due to the following reasons;

1. At my present state of operations, I dont require a full time employee. So my alternatives have been Chennai based CAs and outsourced accounting service providers. However they are outside my social circles. I am unable to assess quality of service outcomes and the going rates for such services. 

2. On working hours I spend my entire time on work. However, Its easy for me to find time (say 10 hours per week) to organize my accounting, GST filing, MCA compliances etc 

Given the above, I am deliberating between the following;

1. To appoint an outsourced accounting service provider

2. To make use of integrated platforms like Zoho books

I am mentally biased towards a good accounting and complaince platform. However, I dont want to spend unnecessary time if compliance and accounting takes more than 10 hours every week. Let me also list down the kind of business transactions I might enter in best case

1. At best 5 - 10 invoives every month. Clients mostly out of Mumbai, Delhi, Bangalore

2. Dont have much expenses, but will record following expense head monthly - drivers expense, car rentals, maintenance, maid expenses, subscripttion to softwares/software platforms and publications, travel -air/train among others. No salary to any employee apart from partners salary, interest on capital contribution by partners etc  

Look forward to hear valuable thoughts from the forum