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+91- 8422985681
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09833628008
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hr@kshitijconsultancy.com
Bookkeeping and Accounting Services
Book-keeping and accounting are different from each other. Bookkeeping is an important part of accounting. Accounting is broader than book-keeping. Accounting includes a design of accounting systems which book-keepers use for the preparation of financial statements, audits, cost studies, income-tax statements, etc.
It also facilitates the interpretation of accounting information for both internal and external users for business decisions making. It requires skills and experience of an accountant.
There is a difference between the two terms bookkeeping and accounting, let us understand what is bookkeeping and accounting, their processes and difference between the two.
While doing Bookkeeping, we need to follow the basic accounting concepts and accounting conventions.
Bookkeeping is clerical in nature. Book-keeping is usually done by junior employees of the entity. Most of the entities nowadays use computers for bookkeeping rather than recording them manually. Accounting of an entity depends on its book-keeping system.
Book-keeping is the basis for accounting. It is because it is responsible for the proper recording of financial transactions. Whereas, Accounting involves classification, summarizing and reporting of financial transactions. It involves the preparation of source documents for all the financial transactions of the entity.
Advantages of Bookkeeping and Accounting Services:
1. Detailed Recording
A thorough, dedicated bookkeeper will always keep detailed records up to date. This complete recording will not only assist you in supervising your business accounts, but will also be of great assistance once you need your financial statements — or once your company is audited — as this process will be much faster and much cheaper.
2. Always Compliant with the Law
A good bookkeeper will always comply with the latest legal regulations and will make sure all your accounts and books are up to date with any recent legal changes. Because the bookkeeper holds himself or herself accountable for any work that they do, you can rely on them to clear any mistakes. This saves time and effort for the bookkeeper, which in turn saves money for the company.
3. It Is Easier to Plan
Once you have a detailed recording and a better overview of the company's accounts, it is much easier to plan and predict the future. When you are confident in your data, you can solve issues quickly and you can grab any opportunities that present themselves, without having to fear miscalculations in the accessible data. Thanks to the overview of profit and loss evolutions in the balance sheet, you will be able to know exactly what to do and how much time you have to do it.
4. Instant Reporting
Even though you will need to wait for the accountant or the auditor to finish their reports to conclude official financial statements, you will always have an updated balance sheet to inquire about the current state of the accounts. You will be able to present these data to any interested party, providing additional confidence both in your work as a manager and in the company's health as a whole.
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The procedure for handling business bookkeeping and accounting
Email us documents and scans photos.
Team of experts receive your data and record it proper manner.
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