Accounting / Bookkeeping
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- Maintained by Every Entity
- Get annual maintenance
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Introduction
In order to keep Regular tracking of business transactions Bookkeeping services are necessary for ensuring accurate operational / financial information . The accounting and bookkeeping services help in tracking every single transaction undertaken by Management with Regulators and Investors ensuring transparent business operations by a tallied account. It is also a legal requirement for the business to maintain an appropriate book of accounts ensuring that all the relevant taxes are paid off and tax filings are completed on time.
The Bookkeeping is a process of recording financial affairs of a business through an accounting system and the creation of reports while the accounting is the preparation of financial accounts However, many small businesses like Sole proprietorship which do not have the complete accounting departments and also require external bookkeeping services.
Benefits of Accounting / Bookkeeping
Documents Required
- PAN Card of the business
- Current Account Bank Statement in the name of business;
- Bank statement of Organisation
- Sales invoices, expense bills of the relevant accounting period
- Preliminary expenses incurred by the promoters;
- Incorporation documents such as Memorandum of Association, Articles of Association, Limited Liability Partnership Agreement, Partnership Agreement
- Bank Statements of Partners
- Government Registration Certificates
- Invoices of purchase and sales of assets
- Details of cash transactions
Process for Bookkeeping
1. Complete the Application Form
2. Document Processing
3. Analyzing the Books
4. Verification and approval
5. Preparation of Balance Sheet
6. Getting the work done
FAQs On Accounting / Book Keeping
As soon as a person starts a business a book keeper must be appointed to avoid mistake and ensuring proper accuracy which will ultimately help in managing the business in long run.
Though if you are familiar with the technology a professional bookkeeping service is recommended as in case of Private Limited Company the books are maintained as per double entry system journal accounting to ensure that the Trial Balance is correct. Hence, the no. of members does not affect the compliance, accountability and accuracy.
Bookkeeping is relatively less expensive and is also crucial to the success of the business. For taking right decisions at the right time it is important to keep record accurately of the income and expenses thereby reducing preventable losses. As the Small businesses are highly open to risk by using this medium they can be easily managed.
Yes, the Companies Act, 2013, Limited Liability Partnership Act, 2008 and the Income Tax Act, 1961 specifies and obligates to maintain the books of accounts.
No, it is a big myth as a 100% control on the all decisions and checks will required by you. With legal window no such problems shall arise.
A bookkeeper enters together the complete data into the database of your business’ income and expenses for the financial year. whereas , the accountant uses the data entered by the bookkeeper and creates the necessary books of accounts for the purpose of tax compliance.
The work of the bookkeeper has a direct effect on the work of the accountant as the accountant uses the data of the bookkeeper. If the books of accounts entered by the bookkeeper goes wrong, then the accounting reports will also be wrong.
It comprises of journals, Ledgers, Trial Balances, Invoices/Bills/Receipt, Cash Books, Profit and Loss Accounts, cash flow statements and the Balance Sheet.
Maintaining the books of accounts with the professional doesn’t guide to get the same audited or to undergo an audit. There are certain audits under the respective statues which has there threshold limits and relevant due dates and deadlines.