What is Bookkeeping & Accounting ?
Bookkeeping involves recording daily financial transactions, while accounting encompasses the process of summarizing, analyzing, and reporting financial data. Both are essential for maintaining accurate financial records.
Benefits
- Financial Accuracy : Ensures accurate recording and reporting of financial transactions.
- Regulatory Compliance : Helps in meeting legal and tax obligations.
- Informed Decision-Making : Provides a clear picture of financial health for better decision-making.
Process / Steps
01
Bookkeeping
Record daily transactions, categorize expenses, and maintain ledgers.
02
Accounting
Summarize transactions, prepare financial statements, and perform reconciliations.
03
Reporting
Generate financial reports and tax documents.
04
Review
Analyze financial data and ensure compliance.
Documents required
- Transaction records (invoices, receipts).
- Bank statements and reconciliations.
- Payroll records.
- Financial statements (balance sheet, profit & loss).
Our Support?
- Bookkeeping : Provide daily transaction recording and ledger maintenance.
- Accounting : Prepare and review financial statements and reports.
- Compliance : Ensure adherence to accounting standards and tax regulations.
- Consultation : Offer advice on financial management and planning.
Frequently Asked Questions
Bookkeeping focuses on recording transactions, while accounting involves analyzing and reporting financial information.
Financial statements are typically prepared monthly, quarterly, or annually, depending on business needs and regulatory requirements.