Accounting & Bookkeeping
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Process of Accounting & Bookkeeping
Bookkeeping is the process of recording financial transactions of a business on a daily basis that include sales, purchase, receipts, payments. It is a part of accounting that records financial affairs of the business in the form of journal entries. It is basically a means of entering data into the accounting system. Therefore, accurate and complete bookkeeping becomes a major source of information for any kind of organization including startups.
Benefits of Accounting & Bookkeeping
Saves Time
Improves Data Security
Maintain Tax Regulations
Minimizes Risk
Usage of Best Technology
Reduces Overhead Cost
Fix Compliance Issues
Make Better Decision Faster
Utilize Quality Time
Improved Work Quality
High level of Accuracy
Growing Your Business
Some of the Important Reasons why Book-keeping is Important:
- Bank Reconciliation
- Managing Accounts Payable & Accounts Receivable
- Inventory Management
- Payroll Preparation
- Producing Monthly Financial Statements
- Producing Financial Statements at Department/ Branch/ Geography/ Resource Level
- Calculating Payroll Taxes & Payments
- GST Calculation and Payments
- GST Returns Filing
- PF & ESI Payments
- Preparing & Planning of Taxes for Individuals, LLP, Partnerships, Pvt Ltd & Public Ltd Co.
- Budgeting and Forecasting
- Preparing Financial Ratios
- Developing industry specific KPI/MIS reports
- Producing Annual reports
- Financial Modelling
Frequently Asked Questions
What is bookkeeping?
Bookkeeping is a formal method of recording all the financial transactions of a business during the complete financial year. Bookkeeping includes all the transaction such as Sales, Purchase, Payments & receipts, expenses during the financial year. Bookkeeping is generally done by a professional bookkeeping services provider.
How does online Bookkeeping services function?
The process of online bookkeeping services are very easy, that you just need to find a suitable bookkeeping method to prepare and preserve your books of accounts. functioning of bookkeeping includes the following: Compiling data Preparing invoices/receipts Verifying receipts Matching the cash/bank statement Income statement Balance sheet Any other financial statement
Is it safe to outsource accounting and online bookkeeping?
Yes, it is completely safe to find an online bookkeeping service provider and get your books of accounts safely handled by them.
Is it safe to outsource accounting and online bookkeeping?
Yes, it is completely safe to find an online bookkeeping service provider and get your books of accounts safely handled by them.
Is there any difference between accounting & online Bookkeeping?
Yes, Bookkeeping and accounting are two different sides of a coin but one is incomplete without the other. Bookkeeping is related to identifying, recording & maintaining financial transaction whereas accounting deals with the process of summarizing & interpreting the transactions in the ledger format as specified.