Accounting and Book-keeping

It is crucial for every firm to maintain their book of accounts. This is due to various reasons. There are numerous benefits of maintaining accounts of your company. It is a worthwhile investment as per Eazy Startups experts.

The practice of maintaining balance sheets and creating income statements of your firm and also having a record of all the transactions is called Bookkeeping. It is an essential part of accounting. An accountant or bookkeeper handles these processes for firms. If you need an expert to look after your accounts, then reach out to Eazy Experts.

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    The Process for Accounting and Bookkeeping

    Accounting Services:

    Bookkeeping is a vital part of the accounting process. Analyzing is not a part of bookkeeping. Still, an accountant keeps a record of all the transactions and then analyzes them. The accountant’s analysis is then conveyed to the management, which helps them come to decisions regarding expenditure, savings, and the establishment of new revenue streams. Accounting helps businesses make decisions which they can be sure about by developing the analytical skills of the business owners. The components of accounting are as follows:-

    • Summarizing all the transactions and analyzing
    • Informing the tax authorities of the transactions
    • Balancing the increase in assets and liabilities, maintaining other accounting elements in business
    • Calculating the depreciation on the business assets

    Bookkeeping Services:

    In bookkeeping, the financial activities of a business are continuously recorded. With effective bookkeeping, companies can make decisions about their operations, investments, and financing based on the information in their books.

    • Your business’s financial management and processes can be created and maintained using a three-tiered bookkeeping service
    • It is the accountant who develops the first prong of the process. Depending on your needs and the needs of your business, he or she develops your accounting file. In addition to providing you with access to reports, he or she will also make sure that you have the tools you need
    • Accounts in bookkeeping can be divided into five types. Assets, liabilities, revenues, and costs are included in this list. In addition to cash and inventory, the company’s resources are considered assets. Liabilities refer to the company’s debts and commitments
    • Revenue is the amount of money the company brings in. Businesses provide funds to cover expenses such as payroll and utilities. In order to arrive at equity, the value of the asset is subtracted from the liabilities.

    Differences Between Bookkeeping Services and Accounting Services:

    Bookkeeping Accounting
    Definition The main goal is to record, identify and measure the transactions of the firm It is the analyzing, recording and reporting of the financial transactions in the ledger account
    Decision Making The information provided by book keeping is not enough for the management to make a decision It gives precise information sufficient, to come to decisions for the company

     

    The benefits of a Bookkeeping Service

    There are certain ways in which bookkeeping can help you tackle the authorities and legal compliance and its pressure. Bookkeeping can be useful in the following ways:-

    1. Assists you in sticking to a budget
    2. Helps you stay on track with taxes
    3. Ensures organised records
    4. Business goals become transparent
    5. Helps follow compliances and laws
    6. It Provides mind peace and helps you relax

    How can Accounting & Bookkeeping Help you Save Money and Time?

    • Tracking time: A service provider can track time, even if it isn’t an item billed to the customer. The more effectively you monitor time, the more efficiently you will be able to distribute labour costs.
    • Retrieving Records: Accounting and bookkeeping services provide optical character recognition (OCR) data collection applications that automate data entry.
    • Expense management: By eliminating the need to prepare and approve handwritten spreadsheets, the acceptance process will be sped up and unnecessary data entry will be reduced. All of these tasks will be handled by bookkeeping and accounting services.
    • Keeping track of company spending: This will require a lot of time and effort. It is not uncommon for small businesses to have messy financial statements because their owners are too busy managing other aspects of their businesses to spend much time on accounting.

    Frequently Asked Questions

    It is advantageous to maintain better accounting to analyze complex financial data, produce reports that correctly contain closing records at the end of each quarter and the year, keep track of tax filing requirements, and more.

    Give an example of bookkeeping.

    Bookkeeping can be categorized into different categories to maintain the financial records of the company. Listed below are a few bookkeeping examples:

    • Keeping track of all financial transactions
    • Assisting with the preparation of tax returns
    • Streamlining tasks with technology
    • Proper maintenance of bank accounts
    • Balancing the company’s bank accounts
    • Managing payroll
    • Preparing financial statements and reports

    Keeping accurate records helps in financial planning and decision-making.

    Bookkeeping provides insights into your company’s financial health and helps in identifying areas for improvement.

    Eazy Startups experts recommend professional assistance to ensure accuracy and compliance.

    Eazy Experts provide comprehensive accounting services, including balance sheets and income statement creation.

    Well-maintained accounts facilitate better budgeting, tax planning, and overall financial management.

    Eazy Experts can guide you on adhering to relevant accounting regulations and standards.

    Accounting involves analyzing financial data, while bookkeeping focuses on recording transactions and maintaining financial records.

    Regular updates, ideally monthly, ensure accurate and up-to-date financial information for better decision-making.

    Eazy Experts streamline the bookkeeping process, making it efficient and tailored to your startup’s needs.

    Yes, Eazy Experts assist in tax planning, preparation, and ensuring compliance with tax regulations.

    Professional bookkeepers like Eazy Experts save time and reduce the risk of errors, leading to long-term cost savings.

    Eazy Startups offers guidance and support in adopting user-friendly digital bookkeeping tools for increased efficiency.

    Eazy Experts provide tips on organizing receipts, invoices, and other documents to simplify the bookkeeping process.

    Yes, Eazy Experts cater to startups of all sizes, providing customized accounting solutions.

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      Choose Our Best Plan

      Basic Plan

      ₹14999
      (For Below Rs. 10 Lakhs Annual Turnover)
      • 500 Entries
      • Bookkeeping through ERP-9 Tally System
      • Daily Sales Entry
      • Daily Purchase Entry
      • Bank Reconciliation Statement (BRS)
      • Journal Entry
      • Contra Entry
      • GSTR-1 & GSTR-3B Data Maintaining
      • Data Reconciliation
      • Balance Sheet Maintenance
      • Profit and Loss Record
      • Statutory Audit

      Smart Plan

      ₹19999
      (For Below Rs. 50 Lakhs Annual Turnover)
      • 500 Entries
      • Bookkeeping through ERP-9 Tally System
      • Daily Sales Entry
      • Daily Purchase Entry
      • Bank Reconciliation Statement (BRS)
      • Journal Entry
      • Contra Entry
      • GSTR-1 & GSTR-3B Data Maintaining
      • Data Reconciliation
      • Balance Sheet Maintenance
      • Profit and Loss Record
      • Statutory Audit

      Mega Plan

      ₹29999
      (For Below Rs. 100 Lakhs Annual Turnover)
      • 1500 Entries
      • Bookkeeping through ERP-9 Tally System
      • Daily Sales Entry
      • Daily Purchase Entry
      • Bank Reconciliation Statement (BRS)
      • Journal Entry
      • Contra Entry
      • GSTR-1 & GSTR-3B Data Maintaining
      • Data Reconciliation
      • Balance Sheet Maintenance
      • Profit and Loss Record
      • Statutory Audit

      Quarterly

      ₹4,999
      (For Below Rs. 5 Lakhs Quarterly Turnover)
      • 500 Entries
      • Bookkeeping through ERP-9 Tally System
      • Daily Sales Entry
      • Daily Purchase Entry
      • Bank Reconciliation Statement (BRS)
      • Journal Entry
      • Contra Entry
      • GSTR-1 & GSTR-3B Data Maintaining
      • Data Reconciliation

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