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Revolutionizing Turnover Certificate

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Turnover Certificate An Overview

A turnover certificate is a factual statement that certifies the turnover of the entity based on the requirements. The turnover certificate in India assures the users that the turnover generated by the business entity during a specific period. A turnover certificate is issued by the Chartered Accountant. This certificate certifies the total turnover of the applicant’s organization.

The turnover can be for 1 or more years depending on the requirements. This turnover is in the name of the organization’s applicant and not that of a group or sister organization.

Documents Required Turnover Certificate

Financial Statements: These include balance sheets, income, and cash flow statements.
Audit Reports: Certified audit reports prepared by authorized auditors.
Business Registration: Proof of the entity's legal registration.
Sales Records: Detailed records of sales transactions.
Bank Statements: Statements from relevant bank accounts showing financial transactions.

What will be included in the turnover certificate?

The contents of the turnover certificate in India will depend on the requirements and the purpose for which the turnover certificate is being produced. A basic turnover certificate includes the following information:

Name and details of the business entity
Registration details
Period for which the turnover is stated
Purpose of the turnover certificate
Details of the practicing professional
UDIN
Any other information as required.

Benefits of Turnover Certificate

Credibility: It enhances the credibility of the company's financial performance as it is issued based on verified financial data.
Transparency: Provides transparency regarding the company's turnover to stakeholders, including investors, creditors, and regulatory authorities.
Legal Compliance: Helps in fulfilling legal obligations and requirements related to financial reporting.
Facilitates Decision Making: Enables stakeholders to make informed decisions based on accurate financial information.
Business Growth: A documented turnover can facilitate access to loans, investments, and partnerships for further business growth.

Customer Testimonials

“ Credfy have been a huge help to our business since we have worked with them. They are a really friendly and professional team and always quick to respond. Thank You. ”

Kumkum Nanda

Product Manager

“ Credfy payroll and bookkeeping services have helped massively during our first 2 years business. Without their monthly support, we would not nearly be as efficient.”

Sanjay Singh

C.E.O, Yugal India Pvt. ltd

Credfy.in: Legal Information for Indian businesses

Credfy.in has been a one-stop solution for any business or entrepreneur looking for a lawyer, chartered accountant or company secretary. We have been particularly instrumental in ensuring startups are fully compliant with India`s labyrinthine legal system. Over the past five years, the depth of our offerings, connection with reliable professionals, affordable prices and customer satisfaction has made us the largest online facilitator of legal services in India. We have already served over 120,000 customers and have a steadily growing network of over 1000 professionals from all the major cities (particularly the metros of Mumbai, Bangalore, Chennai, Delhi and Kolkata) on our online platform. In 2016, we launched Libra, a law practice management software, for legal professionals across India.

Starting a Business

Many founders are confused about what kind of entity to register when they start their business. Should it be a private limited company,limited liability partnership , partnership firm, one person company or a sole proprietorship. Each of these has very specific advantages and disadvantages. There is no one type for all businesses. A private limited company registration, for example, would be a good fit for any venture that will look for funding at a later stage. You can contact Credfy.in for all the advice you need. We assure you of great service at a reasonable price. You can find a company name availability here.

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Government Registrations

In India, you need a license for everything in business. Started a manufacturing business? You need aGST Registration and a Trade License. For a food business, you need an FSSAI license. Have employees? You need a Professional Tax registration and Shops & Establishments Act Registration. If that`s not enough, you also need to file GST Returns and Professional Tax Returns.

Legal Documentation

The worst way to approach business is to just get into new partnerships and arenas without examining consequences. By getting a lawyer to draft contracts or agreements with new vendors, employees and investors, you`re ensuring that you have all the downsides covered. At Credfy.in, we connect you to lawyers who will deliver complex documents, fromshareholders agreements and founders` agreements to terms of service/privacy policy and non-disclosure agreements, at a reasonable cost in a few days` time. Well-known startups, such as Holachef and Big Basket, have chosen to connect with a lawyer through us for their documentation work.

Mandatory Compliance

It`s not enough to have started a private limited company or an LLP. You need to comply with all the requirements of the Ministry of Corporate Affairs and Income Tax Act once you do. You need to inform them of every relevant change you make, whether it is adding a director, removing a partner or increasing authorised share capital. You also need to file annual returns and maintain your accounts. In the case of a private limited company, you even need them audited. At Credfy.in, we facilitate all these services completely online. Which means you can engage a professional on retainer for the year and we`ll ensure that all the formalities are completed for you while you focus on your business.

Libra for Lawyers

The legal fraternity in India comprises largely independent lawyers and small law firms with under five partners. Such practices have a difficult time managing their practices efficiently. Our law practice management software Libra is, therefore, a game-changer, as it will enable lawyers to single-handedly manage their practice. It gives them 24-hour access (on mobile and desktop) to their clients, cases, schedule, bill payments and even nation-wide judgements.Software for lawyer`s offices will have a huge impact on any area of the practice.