Accounting/Bookkeeping

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Introduction Of Accounting/Bookkeeping

In order to keep Regular tracking of business transactions Bookkeeping services are necessary for ensuring accurate operational / financial information . The accounting and bookkeeping services help in tracking every single transaction undertaken by Management with Regulators and Investors ensuring transparent business operations by a tallied account. It is also a legal requirement for the business to maintain an appropriate book of accounts ensuring that all the relevant taxes are paid off and tax filings are completed on time.

The Bookkeeping is a process of recording financial affairs of a business through an accounting system and the creation of reports while the accounting is the preparation of financial accounts However, many small businesses like Sole proprietorship which do not have the complete accounting departments and also require external bookkeeping services.

For better accuracy and to avoid financial muddles is it necessary keep accounts updated. The Accountants must have Expertise knowledge of accounting to handle more advanced tasks like tax preparation, budget analysis, and investment development even in the case of accounting for small businesses so that the books are maintained as per the accounting standards.

Sprinthub Solutions can help you with book keeping and accounting preparation by providing the best assistance, timely delivery and guaranteeing the highest customer satisfaction. You may get in touch with our team on 096436-69475 or email info@sprinthub.in

Benefits of Accounting/Bookkeeping

To measure the income and expenditure of the business

Every individual, firm or a corporation should know the income and expenditure incurred or generated by it in order to ensure a smooth and transparent business which helps them in planning and strategizing their financial resources and also to exploit them accordingly.

Constant reconciliation and rationalize decisions

Accounting comes with the reconciliation of data on a periodic basis. Reconciliation of data on a monthly or quarterly basis helps management in analyzing the beneficial or the detrimental aspects of a business which helps in rationalizing futuristic decisions with the analysis of loss and profit.

Access to operational information on time

As business owner(s) or managers are not directly interacted by all transactions, accounting & bookkeeping helps to have control on the transaction from time to time which provides access to operational information to the management.

Attracting Investors

Investing decision is always followed by a complete analysis of the business and its financial condition. While approaching the investors one should make sure that the books of accounts are proper, up-to-date and accurate in all manner to avoid investing issues as the inconsistency in them might affect the decision of the investors to invest.

Documents Required

PAN Card of the business

Sales invoices, expense bills of the relevant accounting period

Bank Statements of Partners

Current Account Bank Statement in the name of business;

Preliminary expenses incurred by the promoters;

Government Registration Certificates

Bank statement of Organisation

Invoices of purchase and sales of assets

Details of cash transactions

Incorporation documents such as Memorandum of Association, Articles of Association, Limited Liability Partnership Agreement, Partnership Agreement

Process for Bookkeeping

1. Complete the Application Form

You are requested to first fill the simple questionnaire provided by our expert team.

Analyzing the Books

At this step shall the books will then be analyzed by our experts for accounting and to make entries into the books according to the same.

Preparation of Balance Sheet

Once the entries are being confirmed by you, the experts will prepare the Profit and loss account along with the Balance Sheet on the basis of the same.

Document Processing

At the second step we will be requiring the documents as stated above in accordance with the questionnaire filled by you so that we can arrange them as per the requirement and for further processing.

Verification and approval

This is the fourth step where we will finally tally the entries and the same will be sent to you for verification and approval.

Getting the work done

As soon as the Profit and loss account and Balance Sheet is prepared the same will be sent to you. Book Keeping is an ongoing task and a regular and continuous process must be followed to ensure the accuracy.