Bookkeeping (Accounting)

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Bookkeeping (Accounting) Yearly

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Accounting & Bookkeeping Services in India

Accounting & Book Keeping Services all over India to efficiently manage your day to day records, analysis of your transactions, recommendation to manage the profitability and tax, balance sheet and tax filing.

What is bookkeeping?

Bookkeeping is a formal method of recording all the financial transactions of a business during the complete financial year. Bookkeeping includes all the transaction such as Sales, Purchase, Payments & receipts, expenses during the financial year. Bookkeeping is generally done by a professional bookkeeping services provider.

Is there any difference between accounting & online Bookkeeping?

Yes, Bookkeeping and accounting are two different sides of a coin but one is incomplete without the other. Bookkeeping is related to identifying, recording & maintaining financial transaction whereas accounting deals with the process of summarizing & interpreting the transactions in the ledger format as specified.

What are the types of Bookkeeping?

There are 4 types of bookkeeping systems in place viz.

  • Single entry system: Traditional form of bookkeeping for a small business which has a minimum no. of transaction. Under this system, a cash sale/business expense is recorded when they are actually incurred or paid. Under the single-entry bookkeeping system, the transactions don’t match with the corresponding accounts.
  • Double-entry system: It involves those businesses which have a large and complex transaction on a daily basis. This system posts a single credit transaction in one account and its debit effect is also reflected in a corresponding account which creates a balancing effect. Hence it overcomes the drawbacks of single entry system.
  • Bookkeeping software: As its name suggests, it is completely based on Information & technology. There are various bookkeeping software service providers in the market which will help to prepare all the ledger/accounts. You just need to put in the information and the software will prepare the necessary documents you need.
  • Virtual bookkeeping: This is the most lucrative and the most opted out method in the recent times which makes it easy & convenient to manage your bookkeeping of accounts. You don’t have to worry as to how many years of data you need to have to comply with the rules and regulations of the companies act; this will provide you with ample space to store the company’s books of accounts.