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Bookkeeping Services

Bookkeeping is a lengthy and diversified process, and it is very difficult for a businessperson to comply with the all the requirement and get it done by themselves. It requires a professional person or a team who can handle all the compliances and legal process in an efficient way. Corpbiz Professionals help the clients by providing Bookkeeping and accounting related services like-Analyzing financial documentation, advisory on improving profitability, Forecasting the costs and revenues which helps them in analyzing their financial position.

  • Invoicing and Billing
  • Purchase and sales order handling
  • Improving invoicing process
  • Helps in altering the Bookkeeping under GST compliances
  • Audits of Companies.
  • Accounting and Tax compliances
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Overview of Bookkeeping Services

The terms Bookkeeping and Accounting can be used interchangeably. However, in actual sense, Bookkeeping and Accounting perform different functions. Bookkeeping is a part of the accounting procedure that records all the financial transactions. Bookkeeping has disparities with accounting. Bookkeeping helps in organizing the financial records that help the management to analyze the business performance. It helps the organization in providing a reliable measure of its performance.

Bookkeeping is the primary step in the accounting process. Bookkeeping is a procedure that deals with the undertaking related to the categorization and recording of financial data in an organized way. Bookkeeping is a record-keeping that helps in the accounting process. Additionally, Bookkeeping helps in providing the financial statement of business at the end of every financial year.

Further, Bookkeeping helps inidentifying the monetary transactions and events which ultimately helps in maintaining proper financial accounts.The Bookkeeping process includes the preparation of reference documents for financial transactions and other business activities.

Bookkeeping deals with variousmethods. The most common ones are the Double-entry bookkeeping and single-entry bookkeeping. Bookkeeping is the process where the bookkeeper records all day-to-day monetary transaction of a business

Bookkeeping

Advantages of Bookkeeping

Bookkeeping is important for all the businesses. It helps the businesses in managing the cash flows effectively, future forecasting, and being well awareof the working of the business. Further,Bookkeeping helps in complying with the legal requirements. Bookkeeping helps in performing various functions and is important for the business in various ways

  • Helps in taking proper decisions

    Bookkeeping helps the businessperson in deciding what amount you owe to the supplier. Without, Bookkeeping It will be a very tough task. However, if the bookkeeping is done properly, you can get all the accounting records easily. Hence, Bookkeeping helps in taking proper decisions in an easy and best ways.

  • Helps in determining the Business Assessment

    Bookkeeping helps in determining whether the business is enhancing or not? The Bookkeeping mechanism helps in evaluating the exact position of the business by keeping financial records. Bookkeeping helps in preparing the Trial Balance and Balance Sheets. Bookkeeping helps inperformance evaluations of businesses by making a potent comparison between aspects of profit and growth.

  • Proper communication with Investors

    In every business, the Investors would also like to know the potential of businesses. The investorpossesses a stake and has the power to make effective decisions.Investors are very anxious to know whether their money has been utilized properly or not, or whether the business is making money or not. Through Bookkeeping, the performance chartcan be easily examined,and various information can be easily prepared and documented. Hence, bookkeeping helps to avoid the inconvenience and sets the proper link between the investor and a company.

  • Controls the Cash Flows

    Keeping a check on the cash flows is an important task of any business. By following the adequate steps to record the financial data effectively, Bookkeeping helps in controlling the cash flow management. Many businesses get effected by an unexpected liquidity crunch. Bookkeeping helps in administering the cash flow.

  • Enforcing proper Tax compliance

    Proper Tax compliances along with the reports are required to effectively assess the tax payable to the authorities. Tax reports are prepared with the help of recorded financial transactions. Effective Bookkeeping will keep the tax affairs protected. Through Bookkeeping the organization can easily calculate the exact amount of taxes to be paid.

    For proper tax compliances, the information which has to be filed in the tax reports has to be error-free and presented proficiently. Failure to keep the tax compliances and tax records may lead to serious consequences,fines,and legal disputes. Bookkeeping plays a crucial role in providing the requisite data in a well-presented mannerwhich as a result helps in avoiding such fines and legal disputes.

Key elements of Bookkeeping-Key Areas

For understanding the Bookkeeping process, it is very important to know the key elements of the bookkeeping.The key elements help in maintaining the basic financial records for a small organization. Further, it will also help the individual inthe understanding of the basic concepts and accounting principles involved in the bookkeeping process. Once the individual excels in the bookkeeping basics, he/she can easily enhance the skills further by opting for more advanced bookkeeping training.

The key elements of bookkeeping include:

  • Knowledge of Debit and credit items
  • The accounting calculation
  • Double-entry system
  • Fundamentals of accounting principles
  • Journal entry system
  • Maintenance of Ledger accounts

Why Bookkeeping is required?

The main purpose of bookkeeping is to maintainan accurate record of all the financial transactionspotently and efficiently. The process of Bookkeeping assures that all the financial impacts of these transactions are reviewed properly in the books of accounts. The other objective of Bookkeeping is to uncover the general impact of every transaction that is in the record of the financial statement of the organization. Further,Bookkeeping helps in controlling the organization’s final accounts.The bookkeeping helps in reflecting the income and expenditure of every single record of payment and expenditure. By using the Bookkeeping process, the financial data about each income and expenses can be discoveredquickly.

Through proper bookkeeping, the management of the organization can draw up easily which creditors owe them how much cash by simply viewing at the records/accounts.Moreover, in many cases, it is mandatory to maintain books of accounts and financial statements. There are certain companies, banks,and financial institutions that are required to maintain and keep the financial records up to date, they need to maintain the bookkeeping compulsorily.

Types of Bookkeeping?

Two types of Bookkeeping

  • Single-entry Bookkeeping
  • Double-entry Bookkeeping
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  • Single-entry Bookkeeping

    Single-entry Bookkeeping is a process of bookkeeping determined by a single accounting entry to maintain financial and operating statements. Single-entry Bookkeeping is also known as an imperfect or unsystematic method for recording transactions. Mostly,the companies maintain a record of all transactions using double-entry bookkeeping.

  • Double-entry Bookkeeping

    The Double-entry Bookkeepingis a bookkeeping method where every entry to an account requires a comparable and opposite entry to a different account. The double-entry Bookkeeping has two uniform and corresponding sides are known as debit and credit.

What is the procedure of Bookkeeping?

The procedure of Bookkeeping involves-

  • Examining the financial transactions and allocating them to specific accounts.
  • Noting the original journal entries in the appropriate accounts.
  • Listing entries to ledger accounts; and
  • Preparing the trial balance and adjusting the entries at the end of the financial year.

Functions of Bookkeeping

Bookkeeping is the process of recordingdaily transactions in a persistent. Bookkeeping is essential to structure a financially successful business.Bookkeeping consist of:

  • Recording financial transactions
  • Producing Invoices
  • Recording Debit and Credit entry
  • Balancing subdivision and ledger accounts
  • Completing remunerations.

Maintaining the ledger is one of the main parts of Bookkeeping. The ledger is a basic document where a bookkeeper records the transaction that occurred from the purchase and sale. Bookkeeping can be generated with specialized software, a computer worksheet, or simply a lined sheet of paper.

The working and technicalities of a bookkeeping system majorly depend on the size of the business and the number of transactions that occur within the organization. All sales and purchases made by the business need to be recorded in the ledger along with the supporting documents.

Bookkeeping helps in identifying and measuring the financial transaction. The Bookkeeping process involves the recording and classifying the recorded transaction.Bookkeeping helps in managing accounts receivable as it is important for those businesses who do not get paid on the spot. Through Bookkeeping, the businessperson can easily track all the money that is yet to receive.

Role of Bookkeeper in Bookkeeping

A Bookkeeper is a person who looks into the company's financial and compliance by maintaining accurate recordson –

  • Accounts payable and receivable,
  • Payroll,
  • Daily financial entries and
  • Account reconciliations.

The Bookkeeper perform daily accounting activities like-

  • Financial reporting,
  • Maintaining Ledger entries, Record payments, and reconciliation.
  • Recording of income and expenditure transactions and updating them to various accounts.
  • Clearing payments.
  • Managing daily banking activities.
  • Preparing various financial reports.

Difference between Bookkeeping and Accounting

Basic of Difference

Bookkeeping

Accounting

Purpose

Recording and categorizing financial transactions

Prepares Adjusting Entries

Functions

·         Records Debit and Credit Items.

·         Producing Invoices

·         Recording Debit and Credit entry

·         Maintaining and positioning subdivision, ledgers, and accounts

·         Completing remunerations.

·         Preparing financial statements

·         Exhibiting the financial matters

·         Documents recording, categorizing, and outlining the financial transactions.

·         Analyzing and communicating financial matters.

Bookkeeper and Accountant’s role in Bookkeeping and Accounting

·         Produces and sends invoices

·         Preserving and balancing subdivisions, ledgers, and historical accounts.

·         Completes payroll.

·         Recordkeeping

·         Accountant Completes income tax returns.

·         The Accountant does Financial analysis and makes strategy.

·         Tax strategy and tax planning.

·         Financial forecasting

How Corpbiz helps in Bookkeeping and related services?

Corpbiz has a team of professionals that helps its client in providing various Bookkeeping and accounting services like-

  • Audits of Companies.
  • Tax compliances
  • GST Audits.
  • Reconciliation of errors occurred in the accounting process.
  • Invoicing and Billing.
  • Improves the invoicing process and collections.
  • Better customer Satisfaction by reconciling their accounts.

Frequently Asked Questions

Bookkeeping deals with the financial aspect of the transaction. There are various bookkeeping softwaresthat helps the organization in recording financial transactions. There are various book-keeping activities which need to be performed with such as:

  • Maintaining Ledgers
  • Handling the accounts payable and receivables
  • Payroll and Inventory services
  • Processing of Invoice
  • Helps in taking the decision related to the business and investment.
  • Preparing the tax returns
  • Excellent communication skills.
  • Proficient at accounting software and new technologies that are being used in the Bookkeeping process.
  • Well versed and active while participating in teamwork.
  • Industry expertise.
  • A bookkeepershall be adaptable to work ina different working environment.
  • Relationship building skills.

The process of Bookkeeping involves-

  • Scrutinizing the financial transactions and assigning them to specific accounts.
  • Noting the original journal entries in the appropriate accounts.
  • Posting entries to ledger accounts; and
  • Preparing the trial balance and adjusting the entries at the end of the financial year.
  • Deciding what Bookkeeping system an organization needs.
  • Deciding how to record the Financial Transactions.
  • Opting a Good Accounting or Bookkeeping Software.
  • Structuring a Chart of Accounts.
  • Opening of Bank Accounts.
  • Choosing the mode of Payment Terms.
  • Organizing the Bookkeeping System Maintenance.
  • Reevaluating the Bookkeeping System.
  • Lining up Everything.

Two types of Bookkeeping

  • Single-entry Bookkeeping
  • Double-entry Bookkeeping

The purpose ofBookkeeping is to keep a track of the company's income and how the company spends that money. Bookkeeping is the process of maintaining the day-to-day record of the company such as handling the income and payment of bills, managing the sales and collection of payment from customers, and payroll processing.

  • QuickBooks Pro,
  • Xero Accounting
  • Enterprise and QuickBooks Online.
  • FreshBooks
  • Zoho Books.

A bookkeeper is foremost responsible for recording the day to day transactions of a business. Whereas, an accountant is responsible for providing business advice at a higher level, i.e.Business structuring, tax planning, and compliance. The bookkeeper works apace with the accountant to assure that all the business transactions are recorded and transacted in conformity with the accountant's advice.

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50,000+ Clients Worldwide

 

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