Accounting & Bookkeeping
Bookkeeping services are mandatory for all businesses to ensure accuracy of finance and ensure the integrity of the transaction, such information is mandatory to manage by Management, Regulators, and Investors. Also, it helps in paying taxes and other legal procedures. Bookkeeping is the process of recording financial transactions of a business in an accounting system and the creation of reports. However, many small businesses do not have complete accounting departments and require external bookkeeping services. Bookkeeping depends on the maintenance of the general ledger. It maintains the records of the amounts of sale and purchase. A ledger can be created with specialized software, a computer spreadsheet, or simply a lined sheet of paper.
The complexity of business depends on the size of the business. And it maintains on daily basis, weekly and monthly basis. It maintains all the transactions of sales and expenses. And need to be supporting docs.
Accountants may handle more advanced tasks like tax preparation, budget analysis, and investment development. Both Accountants and bookkeepers frequently use advanced financial software to record and track their information.
Bookkeeping is responsible for the recording of financial transactions. Accounting is responsible for interpreting, classifying, analyzing, reporting, and summarizing financial data.
- Those who did not know about accounts treated both bookkeepers and accounts the same.
- You have basic knowledge of that of accounts.
- The bookkeeper maintains transactions by recording.
- They may be used software for recording transactions.
The function of bookkeeping:-
Bookkeeping is the process of recording daily transactions in a consistent way and is a key to analyzing company growth.
Bookkeeping is comprised of:-
- Maintaining all financial transactions.
- Posting debits and credits.
- Produce invoice.
- Maintain general accounts, ledgers, and balance sheets.
- Completing payroll.
- Owner and produces maintain accounts.
- Preparing all the expenses that have to be done but it’s not mandatory to maintain in bookkeeping.
- Preparing company financial statements.
- Analyses of cost of operations.
- Completing income tax returns.
- Aiding the business owner in understanding the impact of financial decisions.
Accounting provides reports that show key financial indicators like understanding of actual profitability and awareness of cash flow in the business. Accounting turns the information that reveals the picture of the business and growth of the company. Business owners will often look to accountants for help with strategic tax planning, financial forecasting, and tax filing.
Advantages of Book-keeping:-
- Time Effective
- Higher Profits
- Reduced Tax Liabilities
- Peace of Mind
The procedure of Book-keeping Service:-
- Send your accounts books
For bookkeeping services, the company has to submit their accounts books for further process.
- Analysis of your books
As we get your accounts books. Our experts will analyze the book of accounts. And it will take the time of 02-07 working days.
- Verification and Approval by you
The next step is verification as the accounts verified by our expert, they send to you and wait for your approval. It will take the time of 2-3 working days.
- Prepare balance sheet
Once the accounts book approved by you. Our expert prepares the balance sheet and P&L statement. And it will take the time of 4-5 working days.
- Competition of accounts
Once the Balance sheet and P&L are prepared, the books of accounts are finalized and completed, and sent to you. Congratulations on bookkeeping.
1. Importance of Book-keeping & role of book-keeper ?
Book-keeping plays an important role in our business because it shows all financial statement that we expect. Hire book-keeper as soon as possible because it reduced our efforts & mistakes. Book-keeper maintains your accounts as little. And maintain in 3 hours.
2. Who has the authority to maintain and do payments ?
For payments and all other things like advance to the merchants and sign cheque the owner has the authority and control over that.
3. Is book-keeping maintenance mandatory ?
Yes book-keeping is mandatory for any business and for any business it should be separate that is every business has its separate book for maintenance of accounts.