Even though cooperative housing societies are non-profit organisations, their accounts have to be properly maintained. This is important not just for annual audits, but also for enforcing financial prudence and optimisation of financial resources.
Society admins must track multiple streams of income, record expenses, manage funds, reconcile bank accounts, and manage petty cash. ApnaComplex bookkeeping is a specialised service that helps societies track income and expenses, prepare and publish financial statements, and file tax returns.
Scope of ApnaComplex Bookkeeping Service
The all-inclusive bookkeeping services from ApnaComplex include:
As a non-profit making entity, gated communities have limited sources of income. Other than maintenance fees, these sources include parking charges, fines and penalties, non-occupancy charges, membership deposits, and interest accrued from various investments. Tracking income ensures that there is a record of every payment. Apart from giving us a true picture of the society’s accounts, it also reduces the chances of any misappropriation of funds.
ApnaComplex helps in tracking income by:
- Raising invoices
- Entering collection and issuing receipts
- Publishing defaulters’ reports
- Sending reminders to defaulters
- Calculation and addition of penalty
- Handling accounting complaints from members
- Tracking non-member income
- Handling ad-hoc member income and cheque bounces
A gated community has many expenses, ranging from maintenance and repairs to staff salaries and vendor payments. These expenses must be recorded and tracked to ensure there are no unaccounted entries. Expense tracking by ApnaComplex includes:
- Entering bills and payments
- Reconciliation of bank accounts
- Ensure petty cash balances are matching
- Publish un-reconciled transactions
You can read more about ApnaComplex tools for expense tracking here. Learn more about leveraging expense tracking to cut down on society management costs.
The preparation of financial statements is an important task, especially during the year-end when all accounts have to be closed and later presented to members during the Annual General Body Meeting. With our bookkeeping services, you can generate and publish financial statements, including Profit & Loss, Balance Sheet, Payments and Receipts statements.
Filing tax returns is one of the most crucial tasks for the society’s accounting team. Non-compliance can invite negative repercussions, including penalties. ApnaComplex bookkeeping team helps in ensuring that all tax compliances are carried out. This includes:
- Confirming if Professional Tax, TDS and GST returns are filed
- Verifying TDS receivable and advance tax entries
As the annual audits inch closer, every society has to make sure that its financial statements are up to date. For society treasurers and accountants, this is the most challenging time. ApnaComplex has a unique bookkeeping service that can also help in coordinating with and assisting auditors at this time.
To know more about ApnaComplex communication, facility management, billing and expense tracking modules, reach out to us at firstname.lastname@example.org or +91 80886 11229 for any other concerns.
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