Bookkeeping refers to collecting, compiling and recording all the financial transactions dealt by the company in a financial year. It is considered to be one of the most important parts of accounting because of which future planning of a business becomes easier. Bookkeeping offers many services from which top 5 are as follows:
One of the biggest advantage and service offered by bookkeeping a properly is that it makes preparing and planning for tax a very smooth process. Tax planning is one of the essential elements of the preparation process of tax as it is the key to minimizing current as well as future tax liabilities. By keeping proper records of your financial transactions and having an account of all the places where the money from your business has gone to results in less mess during tax planning. Furthermore, you have proper trial balance, profit & loss statement, cash flow statement and balance sheet of your company with correct figures that helps in mismanagement at the time of tax preparation and filing.
Accounting is one big spectrum of which bookkeeping is just part of. Accounting in general means recording transactions and then sorting, summarizing and presenting them in proper documents as and when needed to correct audience like financial advisors, investors, shareholders etc. Bookkeeping at the same time is just the starting step of accounting that is recording of all transactions. In a sense you can say that accounting gives orders and bookkeeping follows them. Moreover, all the further decisions made within the accounting process are based on the bookkeeping records. So we can say that bookkeeping is the first step on the ladder called accounting due to which decisions like investment, tax planning and filing etc are made.
Financial planning and investment decision are made after viewing the financial condition of the company. How much profit you have made in the year decides where you can invest and how much. These figures of profit and loss are acquired after calculating the total inflow and outflow of money to and from the company. This means that investment decisions as well as future financial planning of the business depends on how accurate your bookkeeping process is.
Payroll refers to the process recording of wages paid to all your employees. With bookkeeping you can be assured that all the wages and additional bonus is paid to the employees with correct amount. However, if for some reason you have paid wrong amount to any employee then you can verify and cross check with your bookkeeping account to know where the mistake is made and whether it is noted down correctly.
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My previous bookkeeper made real mess of my journal and was not very regular with noting down the transactions. This company not only helped me in rectifying my problem but also resolved it in limited time. Way to go guys! Your future is definitely bright.
Marcus Harris, Nevada
AccountsPro is one of the best agencies for bookkeeping services I have encountered till now. It was recommended to me by a friend and has done wonders in supporting and resolving issues I have faced with bookkeeping. Great job people!
Ace John, New Orleans
I am a freelance accountant residing in California dealing with clients all over the world. To deal with Tax related tasks I have employed Accountspro and have been using their Consolidated Tax Planning services. Apart from small rectifiable issues I have yet to face any problem from the company and would like to thank them for the same.
Jeffery Cooper, California