Skip to main content

ALL ABOUT BOOK-KEEPING AND ACCOUNTING

 

all about book keeping and accounting

Bookkeeping refers to the organizing, storing and accessing the financial information of a company that helps in making the day to day operations of the business much easier. It also helps to prepare tax returns and other reports to the manager.

Accounting – An accountant’s job is to minimize errors caused while recording a large number of activities that the business engages in a particular period. An accountant prepares reports based on the bookkeeping records. An accountant has to measure profit, which is a difficult task to do. This report used to measure profit can be obtained from the bookkeeper’s records.

Benefits of bookkeeping & accounting

  1. Helps you to maintain a budget

It is a major issue of every business as it is easy to plan and very difficult to control and maintain.

It plays a very vital role as it helps you to budget and maintains the income and expenses in an organized way, also it creates a financial roadmap to your business where it is easier to review your financial resources and expenses.

With a budget, you can plan the future income that would help you cover your expenses.

  1. Analysis

It helps you on the analysis of your financial records i.e your inflow and outflow of the business. It is used by business owners to analyze business performance. which indirectly helps you to know the strength and weakness of the company where you can start to work or focus on improving the weakness

  1. Track your profits and growth

It helps in tracking your growth accurately and also understanding on your business cycles to compare the results over the period of time.

  1. Unbiased opinion

External bookkeepers can give you unbiased opinions regarding your businesses growth. The problem with an internal bookkeeper is that they usually get emotionally involved in the business. External bookkeepers are capable of giving positive and negative feedback which are valuable information for the growth of the business.

  1. Provides a clear vision of your Business

It helps you in providing the detailed financial statements of the company such as Balance sheet, Profit & loss, Income statement, Cash flow. which helps the business owner the ability to understand their business performance.

  1. Lower turnover

Internal bookkeepers are most likely to leave a business for better growth opportunities. If you outsource your bookkeeping services, you’ll never face the issue of hiring a bookkeeper. Bookkeeping services are more interested in a long-term relationship with their clients and rarely drop clients.

  1. Lower cost

Outsourcing your bookkeeping service will save your company’s cost. The cost-saving benefits include lack of payroll taxes and other employee benefits. Outsourcing bookkeeping services works out to be cheaper than paying a full-time bookkeeping employee. Bookkeepers’ records will give you both positive and negative feedback about your company’s financial status.

  1. Accuracy in accounting

Outsourcing your accounting can provide you with accurate results. This, in turn, ensures better management of your business. There are dedicated staff who are experts in accounting to ensure that your business accounting is done efficiently on a professional level.

  1. Controlling the risk of fraud

Outsourcing your company’s accounting services can lead to the reduction of fraud risk that may happen when you get an internal staff to keep a check on the accounts of the company. The service providers are responsible for the transaction process and quality of accounting service.

  1. Cost-effective

One of the major advantages of outsourcing your company’s accounts is that you can save up on a lot of operational costs that are incurred on the business. This, in turn, will lead to raising funds for the growth of your business.

  1. Time-saving

Accounting and payroll processing can consume a lot of your valuable time that can be spent on concentrating on the growth of your business. Outsourcing will free up your time involved in accounting and payroll processing.

An expert bookkeeper for your industry and your business

There are general bookkeepers and expert bookkeepers. Expert bookkeepers of specific businesses will know the industry type and business very well. Finding expert bookkeepers will be beneficial for your business. While finding bookkeepers, always ensure to find bookkeepers who work with companies that have a similar size of your business.

Conclusion

Outsourcing your bookkeeping and accounting services will give you more time in hand to concentrate on the growth opportunities of your business.

Contact Information:

For further clarifications regarding the same get in touch with our professional bookkeepers and accountants at +91-9900328729, +91-80-40909797.

Comments

Post a Comment

Popular posts from this blog

Private Limited Company Registration by ACSPL

Image
  Private Limited Company Registration  by ACSPL What Do You Get After Incorporation Are you planning to register a company? Read about a few ways through which you can  Save Taxes in a Private Limited Company. Private Limited Company Registration At Affordable Rates Aavana Corporate Solutions will also help in online private company registration. We specialize in company registration with a wide range of business entities like Private limited,  One-Person Company (OPC) ,  Limited Liability Partnership (LLP) , and  Public Limited Company.  What’s impressive is that we offer all these services are provided at cheaper rates without compromising on the quality. Contact Us Trust our dedicated professionals to get your  Pvt ltd registration  done on time.  Get in touch  with us today and get a  FREE  consultation! Count on us to handle all your  Accounting  and  Taxation  services as well
Read more

Compliance under Provident Fund

Image
  EPF is generally a scheme that is introduced to provide wider benefits for the employees on the completion of their employment. Every company that employs 20 or more employees falls under the EPF scheme. Here is the compliance checklist under EPF Act Eligibility Any person employed for work at an establishment or by a contractor in or in connection with an establishment and drawing a salary of Rs 15,000 per month is eligible under the EPF Act. The salary is calculated as basic salary and dearness allowance. Rate of contribution Employer – 12% Employee – 12% 1.6% to the central government Pension Fund All employees who fall under the Provident Fund become a member of the Pension Scheme. If a person earns Rs 15000 per month, 8.33% of the basic salary is contributed towards the pension scheme from the employers share of contribution. A minimum contribution of ten years is required to receive monthly pension. Compliance Checklist Employers PF dues – 15th of the following month Employ...
Read more

AFTER INCORPORATION OF A COMPANY WHAT ARE THE STEPS TAKEN

Image
 AFTER INCORPORATION OF A COMPANY WHAT ARE THE STEPS TAKEN After the incorporation of the company, there are a few compliance’s that need to be done before 30 days from the date of incorporation. However, other requirements need to be done on whether or not in 30 days. These compliances are regulated by the Registrar of Companies. Any violations of such compliances will cause further problems and attract penalties. A few steps that need to be initiated after the incorporation of a company are mentioned below Company name board After the incorporation of a company, it is important to have a name board for the company and needs to contain the following details Name, registered office address, CIN number, GSTIN Number, etc. Letterhead of a company Letterheads help in better communication between two parties. For businesses of all sizes, be it individual business, a small company, or a large corporation, a letterhead must be used by all. Print the below-specified details on all busines...
Read more