Bookkeeping Services
- Tailored for Startups, Corporates, and Foreign Companies seeking outsourcing solutions
- Expertise in Accounting Software like Tally, QuickBooks, Zoho Books, Dynamics, SAP, and Cloud-based platforms
- Boost CFO Efficiency by over 25%
- Utilization of Flowchart-based Standard Operating Procedures (SOPs) ensuring 100% compliance and timely reporting
- Located in Delhi-NCR, offering premier Online Bookkeeping Services with a clientele exceeding 140 outsourcing partners
What is Bookkeeping & Bookkeeping Services?
The Procedure of Bookkeeping
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Step-1:
Record Journal Entries in Books of Entry: To keep track of financial transactions, original journal entries are recorded in books of entry like petty cash books, sales book, purchase book, and cash book. These records contain all the details of a transaction that are essential for bookkeeping purposes. They ensure that all transactions are recorded correctly and can be referenced in the future if needed. -
Step-2:
Record Entries To Ledger Accounts & Prepare Final Accounts: After recording the transaction details in the books of entry, they are transferred to the corresponding ledger accounts. The ledger records all credits and debits of a business's operations. At the end of each financial year, entries are accommodated, and the ledger is used to prepare a set of final accounts. These final accounts provide a comprehensive view of the business's financial performance. -
Step-3:
Keep Original Documents & Record Transaction Details: The transaction details are recorded in books of entry and then transferred to ledger accounts, which record all Transactions. Entries are accommodated at the end of each financial year to prepare a set of final accounts, including the trading account, balance sheet, providing a comprehensive view of the financial performance.
Components of GST
SGST
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CGST
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IGST
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Benefits of Bookkeeping Services
The significance of bookkeeping services, whether for small or large businesses, cannot be emphasized enough. It provides invaluable insights for business owners to analyze their companies effectively. Below are key points elucidating the importance of bookkeeping and why opting for bookkeeping services is crucial:
- Professional bookkeeping services ensure meticulous and up-to-date record-keeping. Thorough records not only aid in managing and supervising business accounts but also prove invaluable when producing financial statements. Additionally, they expedite the audit process, making it more cost-effective and efficient.
- Competent bookkeeping services ensure that all accounts and books adhere to the latest legal requirements. They stay abreast of legal changes, rectify any errors promptly, and hold themselves accountable for their work.
- With comprehensive records provided by bookkeeping services, business owners gain a deeper understanding of their company's financials. This clarity facilitates strategic planning for the future, free from concerns about data inaccuracies. Quick problem resolution and seizing opportunities become feasible due to the confidence in the data.
- Updated books provided by bookkeeping services enable business owners to access an updated balance sheet at any time. This facilitates easy inquiries about the current state of accounts, empowering owners to present reliable data to interested parties, enhancing overall business confidence.
- Well-maintained books foster confidence among business owners, leading to stronger relationships with banks and investors. Banks are more likely to offer favorable loan terms, and investors are inclined to invest when presented with detailed financial information.
- Thorough balance sheets provided by bookkeeping services enable business owners to analyze tax outcomes more accurately. Having organized books instills confidence about tax matters, allowing owners to anticipate expected tax obligations at the end of the financial year.
- Up-to-date account information empowers business owners to make swift decisions in response to market changes or internal business dynamics.
- Efficient data recording facilitated by bookkeeping services streamlines the preparation of financial statements and simplifies audit processes. Detailed and organized accounts ease audit procedures, while messy accounts pose challenges during audits.
Types OF Bookkeeping Services
- Cash: Your bank account serves as the hub for all business transactions, both inflow and outflow. Managing cash flow becomes more challenging as business activity increases.
- Accounts Receivable: For transactions with customers offering credit terms, like a 30-day payment period, an Accounts Receivable component is necessary. This account tracks payment statuses, ensuring timely collection and avoiding financial imbalances due to missed orders.
- Inventory: Monitoring your stock is essential for accurately gauging business performance over time. Regular stock takes ensure every product is accounted for, vital for forecasting and decision-making.
- Accounts Payable: Often overlooked but crucial, this account tracks outgoing funds and payment schedules. Careful management prevents late payments, overspending, and duplicates, fostering good relationships with creditors.
- Loans Payable: Business loans necessitate tracking in the Loans Payable account, detailing outstanding amounts and payment schedules.
- Sales: Recording incoming revenue from sales transactions is pivotal for understanding business health. Timely recording avoids errors, ensuring customers receive orders promptly.
- Purchases: Materials or goods bought for business operations are recorded in the Purchases account. Linked with sales, this account is vital for calculating Cost of Goods Sold (COGS) and gross profit.
- Payroll Expense: Among the most significant expenses for businesses, the Payroll Expense account covers employee salaries, taxes, and regulatory obligations. Accuracy is paramount to avoid legal issues.
- Retained Earnings: This account tracks reinvested profits since the business's inception. It provides transparency to investors and shareholders about financial performance and reinvestment strategies.
Types of bookkeeping system
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Single Entry System:
This method entails recording each transaction in a journal as a single entry. It's a straightforward approach commonly used for cash-based transactions, documenting both outgoing and incoming cash flows. -
Double Entry System:
In this method, every business transaction is recorded in at least two accounts as either a credit or a debit. The double entry system ensures that the sum of debits equals the sum of credits, providing a comprehensive and balanced view of financial transactions.
Role Of Bookkeeping in Business
- Budgeting: Accurate recording of income and expenses simplifies financial resource examination and cash flow assessment
- Organization: Structured financial records are valuable not only for legal compliance but also for stakeholders like authorities, investors, accountants, and lenders. Organized documentation facilitates easy access to information, timely tax payments, and may enhance funding opportunities.
- Analysis: Bookkeeping facilitates the creation of comprehensive financial statements, enabling businesses to monitor cash flow and identify strengths and weaknesses.
- Planning: Financial statements provide insights into project outcomes, aiding shareholders and business owners in making informed decisions and planning for the future.
Key differentiators
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Prefer to talk?
+91-9876543210
+91-9876543210
How do we stand out from other BPO providers?
Most outsourcing providers work based on headcount model, where in they make more money when more people work on your project. However, our outsourcing model is not built based on headcount, but built on providing optimal efficiency on your project with minimum head count.
That's why we use the latest technology such as AI powered robotic process automation to constantly improve efficiency of your projects. Achieving highest efficiency on your project with minimal number of staff is our value proposition to you.
Give us a try and you'll know why we stand out from the rest.
Customized approach that delivers
unprecedented business results:
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Reliable business process outsourcing partner
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Tailored solutions giving your business a competitive advantage
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Save as much as 70% on overhead expenses
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Seamlessly integrate with your existing processes
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