Balance Sheet for the Physiotherapist
There is no turnover limit for drafting a balance sheet for the physiotherapist. However, if the physiotherapist’s turnover exceeds Rs. 2 crores, they are required to get their accounts audited by a qualified auditor. The auditor will prepare a balance sheet as part of the audit process.
If the physiotherapist’s turnover is less than Rs. 2 crores, they are not required to get their accounts audited. However, they may still choose to draft a balance sheet for their own records. This can be helpful for tracking the physiotherapist’s financial performance and for making financial decisions.
Here are some of the benefits of drafting a balance sheet for a physiotherapist, regardless of turnover:
1. Track financial performance:
A balancesheet can help the physiotherapist to track their financial performance over time. This can be helpful for identifying trends and making financial decisions.
2. Make financial decisions:
A balancesheet can help the physiotherapist to make informed financial decisions. For example, the physiotherapist can use the balance sheet to determine how much debt they can afford to take on or what kind of investments they should make.
3. Attract investors:
If the physiotherapist is looking to attract investors, a balancesheet can be a helpful tool. Investors will want to see that the physiotherapist is financially sound before they invest in their business.
4. Meet legal requirements:
In some cases, physiotherapists may be required to draft a balance sheet by law. For example, physiotherapists who are registered with the government may be required to submit a balance sheet as part of their annual registration renewal process.
If you are a physiotherapist, I recommend that you draft a balance sheet regardless of your turnover. This can be a helpful tool for tracking your financial performance and for making financial decisions.
To visit: https://www.mca.gov.in/
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