Accounting and Bookkeeping With Ease!

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Managing records of assets, revenues, purchases and expenses

Preparing balance sheets, undergoing audits and compiling director’s reports

Filing of Income Tax Returns

1500+

Happy and Satisfied Clients

10+

Years of Extensive Experience

120+

Associates across India

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Accounting and Bookkeeping

Accounting and Bookkeeping Services provided by Advisource

Overview

Accounting and bookkeeping are essential functions for any business, large or small. They are the backbone of any organization, providing a clear and accurate picture of the financial health of the company. Without proper accounting and bookkeeping, it’s impossible to make informed business decisions, track progress, or plan for the future.

At its core, accounting is the process of recording, classifying and summarizing financial transactions to provide information that is useful for decision-making. Bookkeeping, on the other hand, is the process of maintaining records of financial transactions. Together, accounting and bookkeeping ensure that a business has accurate and up-to-date financial information, which is essential for making sound business decisions.

Importance of Accounting and Bookkeeping

Accounting and bookkeeping are important for a variety of reasons.

First, they provide a clear and accurate picture of the financial health of a business. This includes tracking the company’s revenues, expenses, and profits, as well as its assets and liabilities. This information is essential for making informed business decisions, such as setting budgets, making investments, and determining pricing.

Second, accurate record-keeping is also important for compliance with laws and regulations. Businesses are required to file various forms and reports with the government, such as income tax returns and sales tax returns. Failure to comply with these regulations can result in fines and penalties, so it’s essential to have accurate records to ensure compliance.

Third, accounting and bookkeeping are also essential for tracking progress and growth. Business owners can use the financial information to analyze their performance, identify trends, and make plans for the future. This enables them to make informed decisions about how to grow their business and improve their bottom line.

Fourth, it also provides evidence of the company’s financial position to the stakeholders such as investors, creditors, and financiers, and also for making informed decisions

Finally, having accurate financial records is also important for obtaining financing and credit. Banks and other lending institutions often require financial statements and records as part of the loan application process. Without accurate records, it can be difficult to obtain financing.

Services Offered By Advisource

Filing of all business transactions for accurate financial records

Obtaining receipts for company expenses for compliance and reimbursement

Preparation of Pro Forma financial statement for forecasting and planning

Generation of account receivable and payable statement for monitoring cash flow

Compilation of stock summary up-to-date for inventory management

Documents Required

There are several key documents that are typically required for accounting and bookkeeping:

1. Financial statements: These include the balance sheet, income statement, and cash flow statement. These statements provide a snapshot of the financial health of the company and are used to make informed decisions about the future of the business.
2. Invoices and receipts: These documents provide evidence of financial transactions, such as sales and purchases. They are used to record revenue and expenses in the financial statements.
3. Bank statements: These provide a record of all transactions made through the company’s bank accounts, including deposits, withdrawals, and transfers. They are used to reconcile the company’s financial records with the bank’s records.
5. Payroll records: These include records of employee compensation, such as wages, salaries, and benefits. They are used to calculate and pay taxes and other deductions.
6. Journal entries: These are records of financial transactions that have not yet been included in the financial statements. They are used to update the financial statements on a regular basis.
7. Tax returns and other government forms: Businesses are required to file various forms and reports with the government, such as income tax returns and sales tax returns.
8. Expense reports: These are records of all the expenses made by the company, including bills, invoices, and receipts. They are used to track the company’s spending and budgeting.
9. Audit Reports: This includes the financial statements and other relevant documents that are reviewed by an independent auditor to check the accuracy and validity of the financial records.

These are some of the most common documents that are required for accounting and bookkeeping, but the specific documents needed may vary depending on the size and type of business, as well as the laws and regulations in the area where the business operates.

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FAQs on Accounting and Bookkeeping

What is the difference between accounting and bookkeeping?

Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions. Bookkeeping is the process of recording those transactions in the books of account.

What are the main principles of accounting?

The main principles of accounting are the accrual principle, the consistency principle, the full disclosure principle, the going concern principle, the materiality principle, the prudence principle, and the relevance principle.

How often should a small business owner reconcile their bank account?

A small business owner should reconcile their bank account at least once a month to ensure that the account is accurate and to catch any errors or fraudulent activity.

How do you prepare a balance sheet?

A balance sheet is prepared by listing all of a company’s assets, liabilities, and equity on a specific date. The total assets should equal the total of liabilities and equity.

What is an income statement?

An income statement, also known as a profit and loss statement, shows a company’s revenues and expenses over a specific period of time, usually a month or a year. The difference between the revenues and expenses is the company’s net income or loss.

What are the different types of financial statements?

The main types of financial statements are the balance sheet, income statement, cash flow statement, and statement of shareholders’ equity.

What is an audit?

An audit is an independent examination of a company’s financial statements and records to ensure that they are accurate and comply with generally accepted accounting principles.