BookkeepingBookkeeping services are necessary for all businesses to ensure accurate operational / financial information. Such information is required by Management, Regulators, and Investors. Also, it is a legal requirement for any business to maintain an appropriate book of accounts to ensure that all relevant taxes are paid and tax filings are made on time.
Bookkeeping is the process of recording financial transactions of a business in an accounting system and the creation of reports. However, many small businesses do not have complete accounting departments and require external bookkeeping services.
Accountants may handle more advanced tasks like tax preparation, budget analysis, and investment development. Both Accountants and bookkeepers frequently use advanced financial software to record and track their information.
Advantages of Bookkeeping
Reduced Tax Liabilities
Peace of Mind
Procedures of Bookkeeping Services
Send us the copy of book
Analysis of your books
Verification of Documents
Preparation of Balance sheet
Your work is completed
Why should you Maintain Books of Accounts?
- It is a Statutory Requirement for all businesses except for Sole Proprietorship.
- Helps you review your performance and take steps to improve.
- Maintaining books of accounts helps you when you need funding from investors.
Frequently Asked Questions
1What is the best time to hire a bookkeeper?
You should hire a bookkeeper as soon as you begin your business. This way you’ll avoid mistakes from the starting and reduce headaches.
2Will i lose control of my business by outsourcing my bookkeeping?
No way! You shall still maintain 100% control of all decisions and all checks will still be signed by you. You choose what merchants get paid and when. We provide with the data and perform the specific task, but you approve all receipts for payment and sign all checks.
3When should i hire a bookkeeping service?
You should hire a bookkeeping service as soon as you start your business. This way you can avoid mistakes from the beginning and thus reduce headaches. Depending on your needs our bookkeepers can complete an entire year’s bookkeeping in as little as 3 hours’ time. If its so simple, can you do it in less time?
4Do i need a booking service? I know how to use EXCEL and would prefer it.
If you own a private limited company, then it’s recommended that you hire a professional bookkeeping service. Bookkeeping requires the use of double-entry journal accounting to ensure that the Trial Balance is correct. As a private limited company, whether you have one member or fifty members, the compliance, accountability and accuracy should be the same.
5What's the difference between a bookkeeping service and an accountant?
A bookkeeper puts together a complete database of your business’ income and expenses for your financial year. On the other hand, an accountant takes the bookkeeping data and creates the necessary books of accounts for tax compliance. The danger here is that the work of the bookkeeper has a direct affect on the work of the accountant. If the books of accounts are wrong, then the accounting reports will also be wrong. Hence, the importance of using a first-rate bookkeeping service is key to the success of your business.