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Accounting and Bookkeeping In India

5,000+ Accounting and Bookkeeping since 2011

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About Accounting And Bookkeeping

 

  • Regular tracking of business transactions is very essential. From an income of one rupee to a cost of thousand rupees, recording assures transparent business operations by tallied accounts. The accounting and bookkeeping services can help in tracking every single transaction undertaken in past from learned findings of the future.
  • Expertise knowledge of accounting is crucial even in the case of accounting for small businesses, to assure the books are maintained as per the accounting measures. Maintenance of accounts is an important requirement for a home-run business as it is for an industrialist.

Advantages of Accounting and Bookkeeping

 

 
To gauge the income and expenditure of the business
  • To Assure A Smooth And Transparent Business, Every Individual, Firm, Or Corporation Is Needed To Know About The Income And Expenditure Incurred Or Generated. This Helps Them To Plan And Strategize Their Financial Resources And Use Them Accordingly.
 
Timely access to operational information
  • Up To Date Records Deliver Access To Operational Information To The Management. Although The Business Owner(S) Or Managers Are Not Straight Associated With All Transactions, Accounting And Bookkeeping Help Them To Maintain An Eye On All The Transactions From Time To Time.
 
Regular reconciliation rationalize decisions
  • Accounting Arrives With The Reconciliation Of Data Periodically. Monthly Or Quarterly Reconciliation Helps Management To Explore The Beneficial Or Bad Aspects Of The Business. Hence, Futuristic Decisions Can Be Explained With The Analysis Of Loss And Profit.
 
Attract investors with accurate financials
  • Investing In Any Business Would Be Followed Only After A Thorough Analysis Of The Business And Its Financial Condition. While Approaching Investors, You Require To Ensure That Your Books Of Accounts Are Up-To-Date And Correct. Inconsistency May Withhold Investors To Jump Into The Business.

Documents Required For Accounting And Bookkeeping

  • Copy of PAN Card of the business entity
  • Certificate of Incorporation
  • MoA & AoA/ LLP Agreement / Partnership Deed
  • Bank Statement of the current account in name of the business
  • Bank statement of saving account of partners is also required
  • Registration Certificates
  • Invoices and Bills
  • Preliminary expense
  • Details of Cash transactions

Differences Between Bookkeeping and Accounting

Bookkeeping is the foundation of accounting. It is the process of recording financial transactions, while accounting is the process of summarizing and interpreting that data.

Here is a table summarizing the key differences between bookkeeping and accounting:

CharacteristicAccountingBookkeeping
PurposeTo provide a summary of financial dataTo record financial transactions
ScopeWiderNarrower
FocusBig pictureDetails
ToolsFinancial statements, tax returns, etc.Accounting software
ExpertiseRequiredNot required

Comparison

Comparison BasisPrivate Limited CompanyLlpSole Proprietor
Raising Fund✓✕✕
Start-Up India Recognition✓✓✕
Complince Cost✓✓✕
Suited ForGrowing StartupService ProviderSmall Business
Taxation Benefit✓✓✕

Timeline

      Timeline                                                      

 

Frequently Asked Questions (FAQs)

Bookkeeping is the process of recording financial transactions. It involves entering data into accounting software, reconciling bank statements, and preparing financial statements.

An accountant can help you with a variety of tasks, including:
  • Preparing financial statements
  • Filing taxes
  • Advising you on financial matters
  • Helping you with budgeting and forecasting
  • Preparing financial reports for investors or lenders

Many business owners do not have the knowledge, time, or ability to accurately execute their bookkeeping duties. Online accounting services will deliver you the time needed to concentrate on your business operations.

Keeping in-house accounting and bookkeeping services would require both the owners – time and effort. Hence, rather than concentrating on such administrative tasks, it is advantageous to focus on the growth of the business. Also, the in-house accountant would cost much higher as compared to the price of obtaining accounting packages for bookkeeping from KhataDekho.com.

Yes, one can submit computerized accounts, too. Now, it is easier to keep records and all details of financial transactions on specified software or through computerized records, to remove any errors and miscalculations.

Although accounting can be accomplished individually, it is highly suggested to avail the assistance of accounting professionals who can maintain the records and help you save a lot of time and effort spent on dealing with everyday bills and transactions There is a benefit in taking the view of an expert, such as an agent who can maintain the accounting records as required by the income tax, and thus, save you a lot of man-hours and hassles of bargaining with daily bills and transactions.

Khata Dekho embraces the best practices when it comes to preserving confidentiality in the data of our customers. We provide your information is not leaked or disseminated to a third party.

By following better accounting you can analyze complex financial details, prepare reports to accurately contain quarterly and year-end closing documents, monitor and review taxation issues and filings, etc

 

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