Limited Liability Partnerships (LLP) is nothing but a combination of both partnership and corporation. So, the partners involved in an LLP share a limited liability. Their assets are safe from any misconduct made by another partner.

For Startups and MSME (Micro Small Medium Enterprise), an LLP is a stepping stone to greater growth.

For any organization generating revenue, accounting is a necessary part of running a business. Accounting is not only "number crunching," but the systematic process of recording and interpreting a business's financial information.

An LLP assigned accountant's job is to keep records of all the business entity's financial transactions and cash flow.

Limited Liability Partnerships and Accounting

For maintaining any business or partnership, an accountant must keep track of the cash flow by following methods.

1. Maintaining Accounts: – The accountant makes sure all the books of accounts are maintained in an orderly manner.
    
2. Payroll & Salary: – Accountant keeps track of the employee's Salary that need to be paid after deducting taxes like TDS, PF, and ESIC.
    
3. TDS Compliance: – Accountant makes sure to deduct TDS while making payments to vendors, employees, and other professionals. 
    
4. Service Tax Compliance: – Every month, the accountant makes arrangements for the payment of service tax after deducting available service tax credit. 
    
5. Record Keeping: - Accountant keeps records of the assets and liabilities of an LLP.

The financial year of any company starts on 1st April and ends on 31st March every year. At the end of each FY, the partners must prepare an annual financial statement for audit purposes. To do the needful, hiring an accountant is a must.

Following the digital age, hiring an online accountant seems like the best option now. Online Legal India™ is going to provide just that for you.

LLP Accounting at Online Legal India™
 

Besides a proficient virtual accountant, your business can get LLP Registration and GST Registration under one roof at Online Legal India™. From managing the documents to handling the filing process, the experts will stand by your side. 

We provide all-inclusive accounting services to small businesses, CPA's, CFO's, non-profit organizations, entrepreneurs, and individuals across the globe.

So, how team Online Legal India™ can help you in your LLP Accounting process? Let us in the comment section below.