What is Bookkeeping Services?
Bookkeeping is the day-to-day recording of a business's financial transactions: sales, purchases, expenses, receipts and payments. Good books are the base for GST and income tax returns, audits, loan applications and decisions. Outsourced bookkeeping lets you keep reliable records without hiring a full-time accounts team.
Who needs it
- Startups and small businesses without an in-house accountant.
- Growing businesses whose books are behind or inconsistent.
- E-commerce sellers with high transaction volumes across marketplaces.
- Professionals and consultants who need clean books for tax filing.
- Companies preparing for audit, fund raising or a bank loan.
Benefits
- Books updated every month, so year-end is not a scramble.
- Monthly MIS: profit and loss, balance sheet, receivables and payables.
- Bank, GST and TDS reconciliations done as part of the routine.
- Smooth audit and tax filing from clean, consistent records.
- Lower cost than hiring and managing a full-time team.
What good books look like
Good books are consistent, complete and backed by documents. Every entry has a voucher or bill behind it, expenses are posted to the right head, and the bank balance in the books matches the bank statement at the end of each month. A clear chart of accounts, set up once for your business, is the foundation. It decides how sales, costs and tax are grouped and what your reports will show.
Our monthly routine
Each month follows the same sequence, so the books close on a predictable date rather than whenever the documents arrive.
- Collect documents by an agreed date each month.
- Record sales, purchases, expenses, receipts and payments.
- Reconcile bank and card accounts, and match marketplace or payment-gateway settlements.
- Reconcile GST and TDS with the ledgers.
- Review by a chartered accountant, then close the month and share reports.
Reports you should receive
A monthly close should produce more than a profit figure: the working capital position is usually the more useful half.
- Profit and loss statement and balance sheet
- Receivables and payables ageing, so you know who owes you and whom you owe
- Cash position and a simple cash-flow view
- GST input and output summary
- Notes on unusual items or missing documents
Choosing accounting software
Which tool you use matters less than using one consistently, but each suits a different size and shape of business.
| Tool | Suits | Points to note |
|---|---|---|
| Tally | Traders, manufacturers and businesses that want strong GST and inventory features | Desktop-based by default; cloud access needs set-up |
| Zoho Books | Service businesses and startups wanting cloud access and integrations | Subscription pricing per plan |
| QuickBooks | Businesses with international exposure or existing QuickBooks users | Check Indian GST features and support for your plan |
The best tool is the one your team will actually use. If you already have software, we usually work in it rather than ask you to switch.
What you need to do each month
The routine depends on four things from your side, and the first is the one that sets the timetable.
- Send sales and purchase invoices and expense bills by the agreed date.
- Share bank and card statements and marketplace settlement reports.
- Tell us about new contracts, loans, assets and payroll changes.
- Review the monthly reports and reply to queries within a few days.
How bookkeeping helps your tax and funding
Banks look at the accuracy of your books when you apply for a loan. Investors look at the quality of your numbers when they do due diligence. The tax department looks at your books when you get a notice or are selected for scrutiny. Books that are updated monthly make each of these far easier and often cheaper, because you spend days and not weeks gathering information.
Common questions
Three questions come up most often, about original bills, about catching up earlier periods, and about access to the books.
- Do you keep original bills? You keep the originals and share scanned copies, unless the law needs the original with you.
- What about past years? We can catch up old periods separately, and then move to a monthly routine.
- Can I see the books anytime? If you use cloud software, you can have read-only access.
Official sources: the Accounting Standards notified under the Companies Act and the books-of-account rules in the Companies Act, 2013 and the Income-tax Act.
Documents required
- 01Sales and purchase invoices, expense bills and receipts
- 02Bank statements and credit card statements
- 03Opening balances or last audited financial statements
- 04Payroll data and loan statements
- 05Marketplace settlement reports for e-commerce sellers
- 06Access to your accounting software, or an agreed data export
- 07GST and TDS returns filed so far
Due dates and penalties
| Item | Due date | If missed |
|---|---|---|
| TDS deposit | 7th of the next month | Interest and late fee on delayed TDS |
| GSTR-1 and GSTR-3B | 11th and 20th of the next month | Late fee and interest |
| Advance tax instalments | 15 Jun, 15 Sep, 15 Dec, 15 Mar | Interest under Sections 234B and 234C |
Statutory dates apply to your registrations, not to bookkeeping itself. Regular books help you meet them.
Mistakes to avoid
- Mixing personal and business transactions in the same account.
- Not reconciling bank accounts monthly, so errors pile up.
- Keeping bills in WhatsApp and email instead of a shared system.
- Booking expenses without bills, which can be disallowed in tax audit.
- Not recording cash transactions or director loans properly.
- Leaving the books to year end and then relying on estimates.
Why PHMG
- Partner-led: a chartered accountant reviews your work, not only a junior team.
- Clear fee and scope in writing before we start.
- Deadlines tracked for you, with reminders well before the due date.
- Your documents and data are handled confidentially.
- Online service across India, with a single point of contact.
Fees depend on your case. Request a quote for a clear scope and fee.