Monthly accounting services provide substantially more value than yearly service. If an accountant only sees your numbers once a year, it is too late to offer advice that would have helped to make that year more profitable. And also too late to lower your tax liability for a year that is already over with.
Advantages of monthly account :-
According to Public Ruling, Income Tax Act 1967, all business records and books of accounts shall be retained for a least 7 years from the end of year in which the returns is furnished.
Example The financial year of a company is the year ending 31.12.2017. The company fails to furnish its return for the Y/A 2017 by 31.07.2018 as required under the Act. The return is furnished on 28.02.2019.
The records of the company for the financial year ending 31.12.2017 should be retained until 31.12.2026 [i.e. 7 years from the end of 2019 (the year in which the return is furnished), and not from the end of year of 2017.
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