While running a business, maintaining books of accounts is essential. The Tax Department needs them, the bank or your investor might ask for them. Outsource your bookkeeping function and let professionals manage your business financial reporting. Bookkeeping is the process of recording financial transactions of a business in an accounting system and the creation of reports. As per section 128 of companies act 2013 read with related rules prescribed there under, every company is required to prepare and keep books of accounts at its registered office of the company. However, many small businesses do not have complete accounting departments and require external bookkeeping services. Super CA can provide your business with bookkeeping services through a network of Business Experts and Chartered Accountants across India.
ADVANTAGES of book keeping
Bookkeeping services are necessary for all businesses to ensure accurate operational/financial information. Such information is required by Management, Regulators, and Investors. Following are given below few advantages
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Cost Effective
By maintaining books of accounts, it is easy to ascertain cost of whole unit or per unit of product. Which ultimately leads to figure out where more money is expending or where we need to control?
Time Effective
By maintaining books of accounts, it is possible to ascertain exact profit or loss timely and to ensure that all relevant taxes are paid and tax filings are made on time.
Reduced Tax Liabilities
With the help of proper books of account it is easy to identify that each and every bill is entered or not, which ultimately lead us to correct tax summary.
Budget
Accountants may handle more advanced tasks like tax preparation, budget analysis, and investment development. Both Accountants and bookkeepers frequently use advanced financial software to record and track their information.
Higher Profit
Profit can be triggered with the help of accounting. We may know time to time basis what needs to be done to ascertain correct profit.
Tax Planning
Books Keeping facilitates tax planning by proper recording of all transactions related to expenses, bank, salesand purchases etc.
Frequently Asked Questions
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What is the purpose and difference of bookkeeping and accounting?
The purpose for both is keeping track of your company's income and how it spends that money. Bookkeeping is the day-to-day record keeping such as managing the receiving and payment of bills, managing the sales and receiving of payment from customers, and payroll processing. Accounting is the next step after bookkeeping. It starts where bookkeeping left off: Reviewing the bookkeeping processing, completing bank reconciliation, credit card reconciliation, completing payroll tax returns, sales tax returns, property tax returns, and compiling the periodic financial reports that summarize all of the record-keeping data.
How long will I need a professional bookkeeper and/or accountant?
Bookkeeping and accounting is an on-going, integral part of your business. Whether you hire Business-keepers or bring someone in-house on your payroll, it is important that the work be maintained to provide you with intrinsic reports to better serve your company's financial goals.
How does outsourced bookkeeping and payroll work?
Day to day bookkeeping and payroll preparation is an administrative task that doesn't help your business to grow. Rather than doing your own bookkeeping and payroll processing or maintain an internal costly accounting department, I will take the responsibility for getting your bookkeeping done faster, more accurately and cheaper then you will ever experience. I will help you to build a great business by delivering on two promises: 1. I will manage you bookkeeping for you and take away your bookkeeping headaches forever! 2. I will accurately record all of your transactions and provide you with a "score card" report of sales, profits and cash on hand in a timely manner. Best of all this can be done for about half of what a bookkeeper costs an employer! By providing accurate bookkeeping, I will help you focus on what works in your company. In every small business 20% of what you do generates 80% of the net profits. We all know the 80/20 Pareto principle-but almost none of us have actually implemented it in our business. I will help you get it done as part of our Outsourced Bookkeeping Service
What is bank reconciliation statement?
A bank reconciliation statement or BRS is a form that allows individuals to compare their personal bank account records to that of the bank. BRS is prepared when the passbook balance differs from the cashbook balance.
What is tally accounting?
It is an accounting software used by small business and shops to manage routine accounting transactions.
Can you explain the basic accounting equation?
Yes, since we know that accounting is all about assets, liabilities and capital. Hence, its equation can be summarized as: Assets = Liabilities + Owners Equity. There are three branches of accounting: Financial Accounting Management Accounting Cost Accounting