Accounts and Bookkeeping

Accounts and Bookkeeping

    About Service
Accounting and bookkeeping are vital to every organization as accountants and bookkeepers are primarily responsible for keeping track of where money goes within an organization. They give the shareholders or promoters a sense of how the business is doing, and thus helps in raising money. Book keepers keep detailed records of things like income and payments, taxes, expenses and other financial data. Accounting is the process of storing, sorting and recording financial transactions. Accountants handle more advanced tasks like budget analysis, tax preparation and investment development. All businesses are required by law to submit their accounts to the Income Tax (IT) Department.
 Timeline: 3-5 Working days
 Package Inclusions
  • Financial Statements of the Company in accordance in with statutory compliances
 Documents Required
  • Financial Statements of the Company
  • ID proof- All Directors
  • Address Proof- All Directors
  • Address Proof of the Registered Office of Company
 Process Details
  • All businesses are required by law to submit their accounts to the Income Tax (IT) Department.
 Key Advantages
  • Accurate operational and financial information- By keeping updated accounts, one is aware of the accurate operational and financial status of the business
  • Statutory requirement- It is mandatory for businesses to maintain proper books of accounts to make sure that proper taxes are paid in time
  • Complete and Systematic Record
  • Determination of Selling Price- The main function of the management is decision making. Accounting helps and guides the management to take decisions in respect of determining selling price, deduction of cost, increase in sales etc
  • Helps in Raising Loan- For further expansion, business must have sufficient funds. Financial institutions lend money on the basis of profitability and soundness of the business enterprise. The profitability and soundness can be measured by the Trading and Profit & Loss Account and Balance Sheet, the final results of books of accounts
  • Evidence in Court of Law- The business transactions are recorded in the books of accounts supported by authenticated documents viz. vouchers etc. Thus, the accounts can be used as an evidence in the court of law
 FAQs
  1. What is accounting?
    Accounting encompasses the problems in measuring the financial effects of economic activity. It includes the function of financial reporting of values and performance measures to those who need the information. Business managers, investors, and many others depend on financial reports for information about the performance and condition of the entity.
  2. What is book keeping?
    Bookkeeping is an indispensable subset of accounting. It is also known as record keeping. It refers to the process of accumulating, organizing, storing, and accessing the financial information base of an entity, which is needed for two basic purposes:
    (a)Facilitating the day-to-day operations of the entity
    (b)Preparing financial statements, tax returns, and internal reports to managers.
  3. Why do I need to outsource bookkeeping services?
    Many business owners do not have the knowledge, time or ability to accurately perform their bookkeeping duties. Outsourcing a bookkeeper will provide you with the time required to focus on your businesses operations
  4. What is the best time to hire a bookkeeper?
    You should hire a bookkeeper as soon as you begin your business. This way you’ll avoid mistakes from the starting and reduce headaches.
  5. What is a difference between accounting and bookkeeping?
    The accounting process involves recording, interpreting, classifying, analyzing, reporting and summarizing financial data. Bookkeeping is the process of recording financial transactions. Recording financial transactions is the first part of and the foundation of the accounting process.

Accounts and Bookkeeping with Legistify

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