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BOOK KEEPING AND ACCOUNTING


Book Keeping and Accounting

Book keeping is the activity concerned with recording of financial data relating to business operations in significant and orderly manner. It covers procedural aspects of accounting works and embraces record keeping function. This is necessary for all businesses to ensure accurate operational and financial information for their decision making and compliances.

Accounting is the art and process of measuring, recording, processing, summarizing, classifying analyzing and communication of financial and non-financial information about economic activities pertaining to a business. Accounting, which has been called the language of business, measures the results of an organization's economic activities and conveys this information, and reporting these transactions to oversight agencies, regulators, and tax collection authorities, investors, creditors, management etc. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company's operations, financial position, and cash flows.

Benefits of Book Keeping and Accounting.

Ø  Financial Information about business: Financial performance during the accounting period i.e. profit or loss and financial positions at the end of the period.
Ø  Assistance to Management: The management makes business plans, take decisions and exercises control over the affairs on the basis of accounting information.
Ø  Replaces Memory: A systematic and timely recording of transactions obviates the necessity to remember transactions and promotes effective time management.
Ø  Cost effective : Since the main objective of business is to grow and enlargement thereof, if the management is supposed to involved the routine work of accounting and other activities then it may cause a loss in terms of better formation of policies and execution of operational activities. Hence is saves a big cost to the management.
Ø  Facilitates Loans: Loan is granted by banks and financial institutions on the basis of growth potentials which is supported by performance. Accounting makes available the information with respect to performance.
Ø  Evidence in Courts: Systematic records of transactions is often accepted by courts as good evidence.
Ø  Facilitates Settlements of Tax Liabilities: A systematic accounting record immensely helps in settlement of Income Tax, GST, Custom Duty and other Tax Liabilities since it is a good evidence of correctness of transactions.
Ø  Helps in Decision making: Accounting helps in taking large numbers of decisions like amount withdrawn by proprietor or partner, aging of creditors and debtors, maintenance of profit margins etc.

What is included in our Package.
Ø  Basic Bookkeeping and Accounting.
Ø  Preparation of Financial Statements and Cash Flow Statements.
Ø  Accounts Payable Functions.
Ø  Accounts Receivable Functions.
Ø  Bank Reconciliation and other Accounts Reconciliation.
Ø  Payroll Statements.
Ø  Monthly and Quarterly Analysis.
Ø  Advisory on the Basis of Ratio Analysis.