Keep a track of your finances by maintaining Books of Accounts
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What is Accounting and Bookkeeping?
Regular tracking of business transactions is extremely necessary. From an income of 1 rupee to an expense of thousand rupees, recording ensures transparent business operations by tallied account. The accounting and bookkeeping services can help in tracking every single transaction undertaken in past from learned decision of future.
The a part of recording the financial affairs of the business is named bookkeeping, whereas accounting is that the preparation of monetary accounts. Accounting for little business is mandatory unless it’s a Sole proprietorship with certain exceptions. aside from compulsion, it’s better to stay accounts updated with accuracy to avoid financial muddles. Expertise knowledge of accounting is important even within the case of accounting for little businesses, to make sure the books are maintained as per the accounting standards. Maintenance of accounts is as an important requirement for a home run business because it is to an industrialist.
Benefits of Accounting and Bookkeeping
- To gauge the income and expenditure of the business
To ensure a smooth and transparent business, every individual, firm or an organization is required to understand about the income and expenditure incurred or generated. This helps them to plan and strategize their financial resources and exploit them accordingly.
- Timely access to operational information
Up so far records provide access to operational information to the management. Although business owner(s) or managers aren’t directly related to all transactions, accounting and bookkeeping help them to stay an eye fixed on all the transactions from time to time.
- Regular reconciliation rationalise decisions
Accounting comes with the reconciliation of knowledge periodically. Monthly or quarterly reconciliation helps management to research the beneficial or detrimental aspects of the business. Hence, futuristic decisions are often rationalized with the analysis of loss and profit.
- Attract investors with accurate financials
Investing in any business would be followed only after complete analysis of business and its economic condition. While approaching investors, you would like to form sure that your books of accounts are up-to-date and accurate. Inconsistency may refrain investors to leap into the business.
- Ready to furnish data for timely compliance
Accounting makes it easy to extract data and submit it on time for normal return filing, compliance or scrutiny for the companies.