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Accounting And Book Keeping

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Accounting And Book Keeping

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Overview
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Accounting And Book Keeping - An Overview

Accounting is the process or work of keeping financial accounts. Every company must maintain proper books of accounts of its affairs. Accounting can be described as a way to communicate the financial health of a business or an organization to any and all interested parties. It is a way of assessing the assets, liabilities and cash flow, or the future of an entity for all current and future investors. It is the lifeblood of a business and all types of business have basic information that is recorded to get that job done. Accounting is the process of storing, sorting and recording financial transactions. All businesses are required by law to submit their accounts to the Income Tax (IT) Department and most need also to file them with the Ministry of Corporate Affairs. Several start-ups tend to ignore this requirement early on, and then scramble to put together their accounts when they are raising funding or being acquired. Maintaining the books in-house certainly is a tedious and possibly expensive affair, but getting it done would significantly reduce pains in complying with the requirements of the IT Department, give the promoters and shareholders a good sense of how the business is doing, prove eligibility for loans in later years, and even satisfy investors

Process for - Accounting And Book Keeping

Following is the process we implement to provide accounting and bookkeeping services in India:

  • Contacting the client
  • Asking client for access to financial statements
  • Providing our services

Documents Required for Accounting And Book Keeping

  • The Identification proofs of the directors / person / partners
  • The PAN card of the business entity and the directors / person / partners
  • Financial Statements required

Frequently Asked Questions

You should hire a bookkeeper as soon as you begin your business. This way you’ll avoid mistakes from the starting and reduce headaches.

No way! You shall still maintain 100% control of all decisions and all checks will still be signed by you. You choose what merchants get paid and when. We provide with the data and perform the specific task, but you approve all receipts for payment and sign all checks.
You should hire a bookkeeping service as soon as you start your business. This way you can avoid mistakes from the beginning and thus reduce headaches. Depending on your needs our bookkeepers can complete an entire year’s bookkeeping in as little as 3 hours’ time. If its so simple, can you do it in less time?
If you own a private limited company, then it’s recommended that you hire a professional bookkeeping service. Bookkeeping requires the use of double-entry journal accounting to ensure that the Trial Balance is correct. As a private limited company, whether you have one member or fifty members, the compliance, accountability and accuracy should be the same.

Finlegalforte provides bookkeeping services across India in all cities. We have provided bookkeeping services in Mumbai, Delhi, Gurgaon, Noida, Bangalore, Chennai, Hyderabad, Ahmedabad, Kolkata, Surat, Pune, Jaipur, Lucknow, Kanpur, Nagpur and other Indian cities.

finlegalforte is one of the best online service portals to help factories and establishments to receive bookkeeping services in India. We have 10 years of experience in application of bookkeeping services. Finlegalforte has 30+ regional offices in India and expand its network in India with 2000+ customers for bookkeeping services.

A bookkeeper puts together a complete database of your business’ income and expenses for your financial year. On the other hand, an accountant takes the bookkeeping data and creates the necessary books of accounts for tax compliance. The danger here is that the work of the bookkeeper has a direct affect on the work of the accountant. If the books of accounts are wrong, then the accounting reports will also be wrong. Hence, the importance of using a first-rate bookkeeping service is key to the success of your business.

Bookkeeping is relatively inexpensive and is crucial to the success of your business. It is important to keep an accurate record of your income and expenses, so you can make the right decisions at the right time thus reducing preventable losses. Small businesses are especially vulnerable in this area as they perceive great compensation from this exercise but underestimate the true value of labour and materials required. You would be better off with a bookkeeping service that will accept your receipts every two months and keep you profitable.

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Accounting And Book Keeping

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