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BOOK KEEPING SERVICE

Bookkeeping is the first step towards building books of accounts of any company. It involves recognition of transactions, operation and being a source of documents for other similar events.There are several methods of bookkeeping, most popular being single entry bookkeeping system and double entry bookkeeping system.

BOOK KEEPING
 

Our BOOK KEEPING services feature:-

• Preparation of –

   o Ledger Account

   o Profit and Loss Account

   o Balance Sheet, Bank Reconciliation Statement

   o Statement of Account Receivables and Payables

   o Stock Summary

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What is Bookkeeping?

Bookkeeping means the recording of financial transactions and other details on a day to day basis with the intention to prepare the financial statements from the books of accounts maintained.

Bookkeeping is the first step towards building books of accounts of any company. It involves recognition of transactions, operation and being a source of documents for other similar events.

There are several methods of bookkeeping, most popular being single entry bookkeeping system and double entry bookkeeping system.

Why is bookkeeping important?

Bookkeeping is crucial for businesses of all sizes irrespective of the size, nature of the business, transactions, any specific industry. Bookkeeping quickly becomes more complex with the introduction of tax, assets, loans, and investments.

Accurate bookkeeping practices give companies a reliable source to measure the financial performance. It also provides information on general strategic decisions and a benchmark for its revenue and income goals.

What is the task involved?

In bookkeeping below are the common transactions and task involved:

   1. Billing for goods sold or services provided to clients

   2. Recording receipts from customers

   3. Verifying and recording invoices from suppliers

   4. Paying suppliers

   5. Processing employees’ pay and the related governmental reports

   6. Monitoring individual accounts receivable

   7. Recording and monitoring asset depreciation and other adjusting entries

   8. Generating and providing financial reports

   9. Expense payments to suppliers

   10. Loan payments

Bookkeeping although means recording and tracking the figures of transactions involved in the financials of the business in a systematic manner. It is essential for businesses but is also useful for individuals and non-profit organizations

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