An Overview of Bookkeeping Services
A bookkeeping service generally works with a three-pronged approach to establish and maintain a company's overall financial management and processes. The first tier is established by an accounting software professional. She shall create a data accounting file which shall be tailor-made for the company based on its business and needs. A bookkeeper ensures that employees of a company are filing expenses and invoices correctly. The bookkeeper shall track all the receivables and payables of the business and also keep the financial transactions of the business document. The bookkeeper can also handle deposits, manage payrolls, develop maintain financial statements, reconcile bank statements with the company's internal accounts, and help with audits. The 3rd prong of the bookkeeping service focuses on increasing the company's financial accountability checks and balances. Controller scrutinizes the ledger prepared by the bookkeeper for accuracy along with maintaining the integrity of the accounting file in a way that any unapproved adjustments cannot be made. The controller repairs financial reports monthly to highlight any issue that must be known to the business.
A good bookkeeping service must provide a comprehensive and accurate snapshot of the financial structure of the business every month, and this information is essential and shall help in gaining insight into the financial health of the company and developing strategies to maintain and improve it.
What is a Bookkeeping and what is the Role of Bookkeeper?
Bookkeeping is the process of keeping a record of all financial transactions and preparing necessary financial statements like income statements and balance sheets. Bookkeeping includes activities like passing entries in journals to preparing and maintaining a complete record of the book of accounts of a company. It is imperative to keep a record of the company's financial statements for ease in meeting certain legal and regulatory compliances that company is required to follow.
Role of Bookkeeper
Companies Act requires companies to mandatorily file annual returns with the registrar of companies, and non-compliance can lead to heavy fines and other penalties. In order to file these returns, it is imperative to maintain a record of their financial statements and a complete record of the company's book of accounts. The Income Tax Act requires companies to conduct annual audits, which can only be undertaken duly if the books are maintained as mandated by law. Moreover, bookkeeping helps companies and individuals keep track of their revenues, monitor their expenses, and make sound financial decisions accordingly.
Bookkeeping has five different types of accounts assets, revenue, liabilities, equity and expenses. Assets include the capital and resources owned by the company, and revenue consists of the money a business takes in, liabilities are the obligations and debts owed by the company, equity is the value remaining after liabilities and expenses include cash used by the company to pay for utilities and salaries.
Services Covered by Corpbiz
The following are the services which Corpbiz provides:
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Types of Bookkeeping Services Offered
Corpbiz offers a varied range of services. Corpbiz shall provide all the backend support that is required to prepare and maintain records and financial statements so that the customers can entirely focus on their businesses. Some of the services are mentioned briefly below:
- Virtual Bookkeeping services: We provide our customers with expert virtual bookkeeping services allowing clients to meet all their bookkeeping and accounting requirements.
- CPA Bookkeeping Services: We have experienced and expert CPAs who shall help you in availing the best in the industry CPA booking services.
- Accounting Setup Services: Setting up accounting is imperative since it helps to maintain and keep all bookkeeping and accounting documents in order.
- GST compliance: All businesses require to mandatorily comply with the mandates pertaining to GST annual filings and returns. Non-compliance can lead to heavy fines and other penalties. We provide our customers a comprehensive assistance with timely GST filing and other compliances.
- Income tax compliance: It is imperative for businesses to comply with the compliances under the Income Tax Act pertaining to income tax filings and returns. Non-compliance can lead to heavy fines and other penalties. We provide expert assistance to our customers with timely annual filings and other compliances.
- FEMA compliance: There are mandatory compliances under FEMA which companies which carry cross-border transactions are required to comply with. Non-compliance can lead to hefty penalties. It is imperative that such businesses take assistance of professionals to ensure timely compliance.
- Reporting: Reporting involves preparing and distributing reports regarding performance of business to the key decision makers of the organization. This involves assessing the business operations and financial performance of the entity and creating accurate financial reports for businesses. This includes but is not limited to preparing general ledger reports, financial statements, bank reconciliation reports, inventory reports, payroll management reports, account payable reports, account receivables report
- Audit: An audit involves assessing the book of accounts or financial statements of the company including, balance sheet, income statements, cash and flow statements of a business. Audits provide regulators and investors a clear idea and confidence in the financial reporting of the company.
- Internal Audit: An internal audit is an evaluation process of the internal processes, controls, methods and practices of an entity to check the how effective the operational standards of an organization are. It helps an organization assess the risk management effectiveness and to check whether the operations fall within the regulatory framework.
- Treasury management: Treasury management refers to services which help an organization with management of its financial assets, investments and cash with a view to reduce operational and financial risks while also optimizing the liquidity of an organization. The main aim is to effectively manage the cash flow from receivables to payables or interest rates.
Benefits of Availing Bookkeeping Services from Corpbiz
Corpbiz is often the preferred company for availing of bookkeeping services as we provide a comprehensive range of bookkeeping services. The many benefits of availing of bookkeeping services from Corpbiz are mentioned below:
Who Should Opt for Bookkeeping Services?
Proper recording and maintenance of books and accounts are imperative for any business entity and is compulsory for firms conducting an internal audit or statutory audit. The bookkeeping services offered by Corpbiz are a great fit to meet the accounting requirements of companies, businesses and other professionals who are working as:
How it shall be done?
Our bookkeeping services are the best in the industry, and end-to-end fulfilment is provided by our team of professionals. The process of getting onboarded and availing of the services is hassle-free, digital, and available throughout the year. The process is briefly mentioned below:
Frequently Asked Questions
- Companies Act requires companies to mandatorily file annual returns with the registrar of companies, and non-compliance can lead to heavy fines and other penalties. In order to file these returns, it is imperative to maintain a record of their financial statements and a complete record of the company's book of accounts.
- The Income Tax Act requires companies to conduct annual audits, which can only be undertaken duly if the books are maintained as mandated by law.
- Moreover, bookkeeping helps companies and individuals keep track of their revenues, monitor their expenses, and make sound financial decisions accordingly.
- Balance sheet
- trial balance
- account payables and account receivables
- profit and loss account