Accounting System
- A system that collect, store and process financial and accounting data
- An accounting system is how you keep your business’s records.
- Keeps track of transactions like invoices, money spent from the bank account, bills from suppliers, and money you have spent yourself on business costs.
- Fast Record search
Payroll
- Amount of money that a company pays to its employees.
- Company keep records of its employees compensation including: gross wages, salaries, bonuses, commissions, and so on that have been earned by its employees.
- Signifies the amount that has been paid out to employees for the services they have done for the organization within a certain period of time.
How to Maintain Corporate File System –
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- Organizing and Maintaining Digital Files-
-Digitizing your files makes record-keeping faster, easier, safer, and more accurate.
-Keep everything where you or an employee can easily access it later. - Organizing and Maintaining Paper Files-
- Organizing and Maintaining Digital Files-
-For organizing paper files need to establish a good recordkeeping system for hard files and arrange them according to type.
-Routinely update your file cabinets as necessary.
-Periodically, remove old files that you likely no longer need and archive them at a separate location.
Form 16-
- A certificate issued under section 203 of the IT Act for tax deducted at source from salary.
- It is a complete record of Income Tax deducted from the salary of the employee by the employer.
- complete record of Income Tax deducted from the salary of the employee by the employer. known as a Salary Certificate since it also contains complete details of salary paid by the employer and its components as well as tax deducted from salary.
- It is issued by the employer even when there is no tax deduction from the salary of the employee.
TAX Advice-
- Tax Advice given by tax advisor or tax consultant- is a person trained in tax law.
- verify the balance sheets of companies.
- write a proper statement of income.
