Caution - Six things to start doing immediately if you own a Corporate entity in India

With effect from 01.04.2014 as per Notified section 12 of the New Companies Act 2013, every company shall comply with the following requirements:

1. Paint or affix its name and address of registered office, outside every offices of the company;
2. Get its name, address of its registered office and the Corporate Identity Number (CIN) along with telephone 
3. Number, fax number, if any, e-mail and website addresses, if any,
4. Printed in all its business letters, billheads, letter papers and in all its notices and other official publications;
5. Get its name printed on hundies, promissory notes, bills of exchange and such other documents as may be notified by Central Government from time to time.
6. Also, in case where the company has changed its name during last 2 years, it shall also print former name along with its current name under Sr. no. 1 & 2 mentioned above.

Penalty for non-compliance : Rs.1,000/- for every day during which the default continues but not exceeding Rs.1,00,000/-.  

What if accounting become live compass to the business?

It's like finding a gold bar from a junk box which we never thought was useful.

If entrepreneur perceived the accounting to be a live compass instead of a postmortem of the business, life would change drastically for businessmen and the way they perceive accounting to be.

They will start working hard to keep this live and track it daily. It will become like a dart game for them which one plays when frustrated from the regular work. One will like to check what's going on in my business? Is the hard-work right on target? Does my business have enough fuel (cash) to drive it to a distance where I want to reach before I get the next fuel station. Is the spread (growth rate) correct to control when need be and at the same time to reach in time. 

This can convert business into a game of numbers like any other game where we have a clear cut board showing where we are and what are we chasing to win. 

The enjoyment multiplies and so the business!!

Points to act on:

1. Make your accounts upto date on daily basis

2. Track all your accounts on weekly basis

3. Understand that cash is king and track it hard

4. Choose a right accountant

Believe me knowing something is almost like achieving. Just start knowing more to be winners. Accounting is way ahead!!