Accounting System

  1. A system that collect, store and process financial and accounting data
  2. An accounting system is how you keep your business’s records.
  3. Keeps track of transactions like invoices, money spent from the bank account, bills from suppliers, and money you have spent yourself on business costs.
  4. Fast Record search

Payroll

  1. Amount of money that a company pays to its employees.
  2. Company keep records of its employees compensation including: gross wages, salaries, bonuses, commissions, and so on that have been earned by its employees.
  3. 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 –

  1. 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.
  2. Organizing and Maintaining Paper Files-
  3. -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-

  1. A certificate issued under section 203 of the IT Act for tax deducted at source from salary.
  2. It is a complete record of Income Tax deducted from the salary of the employee by the employer.
  3. 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.

  4. It is issued by the employer even when there is no tax deduction from the salary of the employee.

TAX Advice-

  1. Tax Advice given by tax advisor or tax consultant- is a person trained in tax law.
  2. verify the balance sheets of companies.
  3. write a proper statement of income.