Essential Accounting & Compliance Checklist for Businesses
As we step into the Financial Year 2026–27, it’s the perfect time for businesses to streamline their accounting practices and ensure compliance with statutory requirements.
Whether you are using Tally Prime or planning to move to a smarter solution like Elixir Books, having the right system in place will make your financial management much easier.
1:Update Financial Year
Begin by changing the financial year to 2026–27 to ensure proper data recording and reporting.
2:Reset Invoice Number Series
Start a new invoice numbering sequence for the new financial year to maintain proper documentation and avoid duplication.
3. Avoid Data Splitting (Unless Finalized)
Do not split your previous year’s data unless all entries are finalized and audited.
With modern systems like Elixir Books, you can manage multi-year data seamlessly without worrying about unnecessary splits.
4.Enable E-Invoicing (For ₹5 Cr+ Turnover)
For businesses with turnover above ₹5 crores:
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E-invoicing is mandatory
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Ensure it is properly enabled in your software
Elixir Books provides simplified e-invoicing integration for smooth compliance.
5. HSN Code Compliance
Make sure all your products/services have proper HSN codes updated.
6. Complete Bank Reconciliation (BRS)
Before any data splitting:
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Finish Bank Reconciliation Statement (BRS)
Automated reconciliation in Elixir Books can save significant time.
7. Maintain Bill-Wise Accounting
Track:
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Receivables (Debtors)
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Payables (Creditors)
Using Elixir Books, bill-wise tracking becomes effortless with clear reports.
8. MSME Compliance (Very Important)
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Collect MSME registration details
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Update them in your records
Payments not made within 45 days may be disallowed.
Elixir Books helps track due dates and MSME-related compliance easily.
9. GST Reconciliation (GSTR-2A & 2B)
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Match purchase records with GSTR-2A & 2B
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Complete for FY 2025–26
With Elixir Books, reconciliation reports are structured and easy to analyze.
10. Balance Confirmations
Obtain confirmations for:
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Loans
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Debtors & Creditors
11. Apply for LUT (Exports & SEZ)
Apply for LUT for FY 2026–27 if applicable.
12. Start a Smart Saving Habit
Save at least 10% of your monthly income in:
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Gold / Silver
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Equity / SIP
13. MSME Certificate from Suppliers
Collect and maintain MSME certificates for compliance.
14. Verify GST Additional Places
Ensure all additional business locations are registered on GST portal.
15. Update TDS Rates
Update your system with latest TDS rates for accurate deductions.
Elixir Books keeps your compliance aligned with updated tax rules.
16. Maintain Stock-Wise Books
Start maintaining:
- Item-wise stock records
Elixir Books provides detailed inventory tracking with real-time insights.
Final Thoughts
Starting the financial year with the right processes and tools will:
- Reduce compliance risks
- Improve efficiency
- Save time during audits
While traditional software like Tally Prime continues to be widely used, businesses looking for automation, better reporting, and ease of use can consider upgrading to Elixir Books for a more streamlined experience.
