Statements need reconciled books
P&L and balance sheet quality depends on correct ledgers, bank reconciliation, GST/TDS matching, asset schedules and closing entries.
Situations this page is built for
- You need P&L and balance sheet for ITR.
- Bank loan or investor asks for financials.
- Audit is due.
- Books need year-end closing entries.
- Previous statements do not match records.
Documents and details usually required
- Bank statements, credit card statements and payment gateway reports.
- Sales invoices, purchase bills, expense receipts and debit/credit notes.
- GST returns, TDS data and payroll information if applicable.
- Loan schedules, fixed asset details and opening balances.
- Previous accounting file from Tally, Zoho, QuickBooks or spreadsheets.
- Customer/vendor lists and receivable/payable ageing.
Practical process before hiring
Define monthly scope
Set transaction volume, software, reports, GST/TDS and payroll expectations.
Collect source data
Create a consistent monthly process for invoices, bills, bank data and approvals.
Reconcile and close
Match bank, GST, receivables, payables and ledgers regularly.
Review reports
Use P&L, balance sheet, cash-flow and MIS reports to make decisions.
What to expect in India
| Work type | Typical price range | Timeline |
|---|---|---|
| Basic bookkeeping | Rs. 2,000 - Rs. 6,000 per month | Monthly |
| Small business accounting retainer | Rs. 6,000 - Rs. 25,000 per month | Monthly close |
| High-volume accounting/MIS | Rs. 25,000+ | Ongoing |
Prices vary by document readiness, urgency, city, professional experience and whether previous periods need cleanup.
Common red flags and mistakes
- Updating books only at year-end.
- Mixing personal and business expenses without notes.
- Skipping bank reconciliation.
- Not matching GST returns with books.
- Not defining monthly reports and closing dates.
What to mention when you post
- Business type and monthly transaction count.
- Current accounting software and data status.
- Whether old months need cleanup.
- Need for GST, payroll, TDS, MIS or only bookkeeping.
- Preferred monthly reporting date.
How to choose the right professional
- Ask for exact monthly deliverables.
- Confirm software access and file ownership.
- Check whether GST/TDS/payroll are included.
- Set a monthly closing date.
- Review sample reports before finalising.
Extra checks before you finalise
- Decide whether the professional is responsible for only posting entries or also reviewing ledger classification and tax impact.
- For monthly retainers, ask for a fixed closing calendar covering bank reconciliation, GST matching, receivable ageing and owner review.
- If the books are used for loans, investors or audit, request supporting schedules instead of only a P&L and balance sheet export.
Questions people ask before hiring
Can statements be prepared from bank statements?
Only with supporting invoices and classification. Bank alone may be insufficient.
Are schedules included?
They should be included for audit/tax-ready statements.
How long does it take?
Depends on book readiness and transaction volume.
Can WorkIndex compare accountants?
Yes, post business type and year details.