Want to manage your Bookkeeping Services

  • Online Professional Bookkeeping services in India
  • For Startups/Corporates/Foreign Companies looking for bookkeeping outsourcing services
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Bookkeeping Services

 

Professionally compiled ledgers and financial statements for better accounting

 

Bookkeeping is the process of recording, compiling, and organizing a business or company’s daily financial transaction. Top bookkeeping firms or other bookkeeping services in India are used to carry out this daily function of recording financial transactions. It is important for a business, big or small, to partake in bookkeeping because-

 

* Measure business performance- Through bookkeeping, businesses can ascertain their performance in measurable and reliable figures. 

* Calculate performance indicators- A business can calculate its sales, revenue, estimated profit or loss, debt, and credit through bookkeeping. 

* Aids further accounting-Bookkeeping provides all of the necessary information required to make financial statements and reports. 

* A reliable tracking source is also a reliable source of tracking receipts, invoices, purchases, and sales. 

* Ease of filing tax- Bookkeeping eases the process of making tax reports and calculating the amount payable. 

* Future Decisions- The bookkeeping process makes it easier for the proprietor to make important business decisions such as expansion and other routine decisions. 

Reporting to investors- Bookkeeping and other similar financial statements, when reported to investors, inform them about the success or failure of their investments. 

 

Bookkeeping services aids a business in maintaining accurate financial records 

 

With bookkeeping services, businesses outsource their bookkeeping requirements from a third-party, who has no stake in the business. These bookkeeping services fulfil the following responsibilities for the business. 

- Preparing and sending invoices to customers. 

- Maintaining records of accounts receivable and payable. 

- Preparing tax returns. 

- They prepare financial and bank statements. 

- And prepare employee payrolls.

 

Professional Bookkeeping Services that give you peace of mind.

 

Bookkeeping is an easy task and one which is familiar to most business owners. However, when you manage a business, logistically, you have a lot on your plate. Therefore, with a task as tedious and accurate, like bookkeeping, there is a chance that you’ll make many mistakes. 

Therefore, businesses hire professional bookkeepers and accountants. However, their services aren’t cheap. And for a new or small business with less exposure, hiring a personal accountant can be very expensive. Therefore, most small business owners think it’s wise to outsource their bookkeeping requirements from professional bookkeeping services. 

 

Virtual or online bookkeeping services are time and cost-effective. Plus, it saves you the trouble of dealing with bookkeepers. These services ensure that the bookkeeping process is free from personal bias to reduce fraudulent activities. 

 

Why does your business need bookkeeping services? 

 

Businesses, especially ones run on a small scale and are new, outsource bookkeeping sources because outsourcing their requirements can save them money. This is because keeping an in-house accountant is expensive. Also, because most small businesses can only afford one accountant, bookkeeping every day can be very burdensome on top of preparing financial reports.

 

Virtual bookkeeping services or online bookkeeping services benefit your business because- 

 

* Free from personal bias- Virtual bookkeeping services are unbiased and reduce the risk of fraud. Since there is no personal bias involved while using online bookkeeping services, your business runs less risk of fraudulent activities. 

* Time and cost-effectiveness- Online bookkeeping services for small businesses are time and cost-efficient. Since you, as a small business owner, don't have to deal with a bookkeeper. 

* Professionally compiled- business owners who don't know about bookkeeping benefit from outsourcing bookkeeping services because professional and experienced bookkeepers handle their bookkeeping. 

* Calculates estimated profit or loss- Online bookkeeping services also offer their customers more information such as estimated profit or loss. 

* Easily accessible- You can say goodbye to wasting time looking for ‘bookkeeping services near me,’ with virtual bookkeeping services. You can find easily accessible bookkeeping services online. 

 

How are bookkeeping services beneficial for your business? 

 

You might be wondering why exactly does your business need bookkeeping services, anyways?

Businesses, especially ones that are run on a small scale and are new outsource bookkeeping sources because outsourcing their requirements can save them money. This is because keeping an in-house accountant is expensive. Also, because most small businesses can only afford one accountant, for whom bookkeeping every day can be very burdensome on top of preparing financial reports. 

 

Virtual bookkeeping services or online bookkeeping services benefit your business because- 

 

  • Free from personal bias- Virtual bookkeeping services are unbiased and reduce the risk of fraud. Since there is no personal bias involved while using online bookkeeping services, your business runs less of a risk of fraudulent activities. 
  • Time and cost-effectiveness- Online bookkeeping services for small businesses are time and cost-efficient. Since you as a small business owner don’t have to deal with a bookkeeper. 
  • Professionally compiled- business owners who don’t have enough knowledge about bookkeeping benefit from outsource bookkeeping services because their bookkeeping is handled by professional and experienced bookkeepers. 
  • Calculates estimated profit or loss- Online bookkeeping services also offer their customers more information such as estimated profit or loss. 
  • Easily accessible- You can say goodbye to wasting time looking for ‘bookkeeping services near me,’ with virtual bookkeeping services. You can find easily accessible bookkeeping services online. 

 

Bookkeeping services handle more than just recording transactions 

 

Bookkeeping services handle various responsibilities than just recording, compiling, and organizing daily financial transactions. They also- 

- Prepare invoices- Bookkeeping services are responsible for preparing and sending customer invoices upon purchase. 

- Manage accounts receivable and payable ledger- They keep an account of payments due by the customers and the expenses incurred by the business. 

Prepare books for an accountant- A bookkeeper’s job is to aid the accountants’ job by providing the accountant with well-kept ledgers and journals.

 

Frequently asked questions (FAQs) related to Bookkeeping Outsourcing

 

1. What are the types of bookkeeping?

 

There are two types of bookkeeping. These are- Single-entry bookkeeping system and the Double-entry bookkeeping system.

 

2. What are the qualifications of a bookkeeper?

 

The qualifications of a bookkeeper can range from a high school diploma, certificates from online bookkeeping courses, and diplomas or degrees in accounting or business.

 

3. How do I practice bookkeeping?

 

To practice bookkeeping, the first step is to choose a bookkeeping system that fits your requirements—then choose an accounting software where you can track your expenses. And by completely separating your business and personal finances.

 

4. What are the duties of a bookkeeper?

 

The duties of a bookkeeper include- recording sales revenue, expenses, invoices, purchases, etc., into the general ledgers. They are also responsible for preparing financial statements such as balance sheets, income statements, cash flow statements, and payroll functions.

 

5. What do bookkeeping services include?

 

Outsource bookkeeping services India perform the following functions for your business- 

Track and document payables and receivables. 
They prepare monthly financial and bank statements. 
They process your employees’ payroll. 
They record invoices and document receipts from customers.

 

6. What is the most common method of bookkeeping?

 

The double and single-entry systems of bookkeeping are the most common methods of bookkeeping. However, the double-entry system of bookkeeping is the more accurate of the two.

 

7-what-is-the-difference-between-bookkeeping-and-accounting

 

Bookkeeping lays the foundation for accounting. Accounting uses the information collected during bookkeeping to preparing financial statements. While bookkeeping is done to record all financial transactions, accounting is done to ascertain the profit or loss of the business and to depict the business's financial position.

 

8. What are the 3 golden rules of accounts?

 

The three golden rules of accounting are- 

Debit what comes in, credit what goes out. 
Debit all expenses and losses and credit all profits and revenue. 
Debit the receiver and credit the giver.

 

9. Can a bookkeeper prepare tax returns?

 

Usually, filing for tax returns comes under the purview of an accountant; however, a well-qualified bookkeeper will be able to prepare tax returns.

 

10. Is it hard to be a bookkeeper?

 

Like with any other profession, being a good bookkeeper can be hard because it requires a lot of accuracy and precision. However, it can become easy once you pick up on the basics and systematically record your recording.

 

 

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