Accounting for IT companies
Serving businesses in India
IT companies run on people and projects: payroll is the biggest cost, revenue arrives in milestones or monthly retainers, and many clients and vendors sit in other countries. That makes accuracy in billing, foreign-currency records, payroll filings and indirect tax more important than in most businesses. Livida keeps the books, payroll and compliance of IT companies in order across India, Singapore, the UAE, the USA and Canada.
Who we work with
- Software development and IT services companies
- IT consultancies and technology staffing firms
- Offshore development centres and subsidiaries of overseas companies
- Small product teams and agencies building for clients abroad
What makes the accounting different
The points that most often decide whether the books and filings are right for it companies. In India, indirect tax is GST.
Project and milestone billing
Revenue tied to milestones, time-and-material contracts and retainers has to be booked in the right period, with clear receivables and follow-up.
Foreign clients and foreign-currency invoices
Invoices in other currencies, bank receipts and exchange differences need consistent treatment so the books match the bank and the tax returns.
Export of services and indirect tax
Services supplied to overseas clients can have special indirect tax treatment. In India this often involves a Letter of Undertaking for GST, and each country has its own rules.
Payments to overseas vendors and tools
Software licences, cloud services and foreign contractors involve payments abroad, which can bring withholding and reporting requirements.
Payroll for a growing team
Salaries, bonuses, benefits and statutory deductions have to be right every month as headcount changes.
What Livida handles in India
Bookkeeping and monthly accounts
Project-wise and client-wise books, receivable ageing, expense tracking and month-end reports.
Payroll and employer filings
Payroll processing with the statutory filings each country requires, including PF, ESI and TDS on salary in India.
GST, VAT and sales tax
Registration and returns, plus the paperwork for exports of services where it applies.
Foreign remittance paperwork
Form 15CA and 15CB for payments to non-residents from India.
Company and tax compliance
Annual company filings, income and corporate tax returns, and registrations such as Udyam or Startup India where they fit.
Setting up abroad
Incorporating a subsidiary or branch to serve clients in Singapore, the UAE, the USA or Canada.
Bookkeeping is available in every market we serve. See the full list of services in India or compare countries.
Frequently asked questions
Can Livida handle accounts for an IT company with clients in several countries?
Do you help with GST on exports of IT services?
Talk to us about accounting for it companies
Tell us about your business and we will outline how Livida can support it.