Books written up as the year happens.

Bookkeeping is the part of the work with the least glamour and the most consequence. Every return, every audit and every projection is drawn from it — and none of them can be better than the records underneath.

What is kept

Books that are written up as the month happens, reconciled to the bank, and ready when something is asked of them.

✓Day books, ledgers, purchase and sales registers
✓Bank and cash reconciliation, every month rather than every March
✓Debtors and creditors ageing — who owes you, and for how long
✓Stock and inventory records
✓Fixed asset register and depreciation
✓Tally and spreadsheet books, taken over from whatever you keep now
✓Monthly MIS: what came in, what went out, what is owed

Why monthly, and not at the year end.

Almost every business that has been stung has been stung by one of these four. None of them is about being tidy.

Input credit you cannot claim any more

GST credit is matched against what your suppliers filed. Find a missing invoice in the month it happened and a supplier can still be chased; find it a year later and the credit may simply have gone.

A tax bill that arrives as a surprise

Advance tax is due in four instalments through the year. Books that are current make each one a calculation; books that are not make the first three a guess and the last one a shock.

Debtors nobody chased

An ageing statement is the difference between knowing a customer is ninety days late and finding out when the year closes. By then the conversation is harder and sometimes it is too late to have.

A year-end that costs more than it should

Twelve months reconstructed in March takes longer, costs more and produces a weaker set of accounts than twelve months written up as they happened. The work does not disappear by being deferred.

Taking over books that already exist.

Most businesses arriving here already keep something — a Tally file, a spreadsheet, a set of bill books, or a previous accountant's working. None of that has to be abandoned. The opening balances are verified against the last filed return and the last audited statement, the ledgers are brought onto a consistent footing, and from that month the write-up runs forward normally.

Where the earlier records and the earlier returns do not agree, you are told. That is an uncomfortable conversation to have at the start of a relationship and a far worse one to have with an officer, so it is had at the start.

What you get to see each month.

A monthly MIS is not a formality. It answers the three questions an owner actually has: what came in, what went out, and what is still owed in each direction. Alongside it sit the bank reconciliation and the debtors and creditors ageing — which between them tell you whether the profit on the page is money you have or money you are waiting for.

General information, not advice. Which books you are required to keep, and for how long, depends on your turnover and constitution — section 44AA of the Income-tax Act and the GST rules both have their own requirements, and the Companies Act adds more for a company.

Send a month and see how it comes back.

One month of purchases, sales, expenses and a bank statement is enough to show what the write-up and the MIS actually look like before anything is committed to.

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