Inhouse vs Outsource Accounting: Which Is Right for Your Business?
Hiring an in-house accountant is difficult and costly, but outsourcing offers flexibility and control. Which is right for your business? Find out here. .....
Book-keeping is an art of identifying, approving, sorting and record-keeping company’s financial transactions in a manner that they can be retrieved and presented for the higher management reporting.
It is the process of recording financial transactions of business daily. It is a part of accounting process that records the financial affairs of the company in the form of journal entries. It is a means of entering data into the accounting system. Therefore, accurate, reliable and complete book-keeping becomes a significant source of information for any business. Manish Anil Gupta & Co. is known for providing the best accounting and book-keeping services in Delhi.
This document shows the changes made to a company’s share capital, retained earnings, and accumulated reserves. For a sole trader, it shows changes to the owner’s equity. For a partnership firm, it shows the changes among the partners’ equity. In the case of a company, the statement of change in equity shows how equity share has changed among all the shareholders.
If you don’t know how to prepare the statements mentioned above, you can go for accounting outsourcing in Delhi and hand over the responsibility of maintaining the books of your business to a trustworthy accounting firm in India that can provide you with expert accounting outsourcing services. If you are looking for the top accounting firms in Dwarka, you can approach us, as we are one of the best accounting outsourcing companies in India and would be happy to serve you with the most satisfactory Accounts outsourcing services in Delhi.
An organized record of financial transactions plays an essential role in tracking their income/revenues and expenses.
Timely Preparation of Financial Results:
With book-keeping, it becomes simple to prepare the financial statements, i.e., Profit and Loss Account, Balance sheet, Cash flow statements and Fund flow statements.
Better Overview of the business:
Book-keeping provides an overview of the business from time to time and therefore, helps firms to examine their present situation.
Future Planning and Action:
Book-keeping is the preparation of systematic accounts, which helps the businesses to shape up their future budget.
Better Decision Making:
Book-keeping services are a must for analyzing the financial data. They help in making profitable decisions.
A business can grow, if you analyze the growth and profitability by tracking the financial records, which can be only proposed by the right book-keeping.
Better Financial Management:
Book-keeping provides better answers to the questions such as where the organization spends money, to whom it pays, outstanding dues, outstanding payments, etc. It helps the organizations to manage their finances properly.
To adhere to the goals, organizations need to concentrate on the result- achieving process along with the deviations.
The books of accounts managed effectively and efficiently can help in a detailed analysis of the financial transactions, which can be used for tax planning.
Audit of Accounts:
Book-keeping provides well-defined and periodical data to the auditor by maintaining proper books of accounts which saves the auditee from any adverse remark in the audit report.
The law requires the businesses to maintain the books of accounts on a regular basis, it becomes imperative for the organizations to opt book-keeping services.
Better accounts receivables and payables management
Improves data security
Reduces overhead cost
Better decision making
Improved work quality
High level of accuracy
Increased profits and growth
In today’s business environment, the world demands quality professional services that are provided in a timely and cost-effective manner. We, at Manish Anil Gupta & Co, believe in putting our client’s needs squarely in front at all times.
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