Accounting & Book Keeping for Business

What Is Book-keeping In Accounting?

Bookkeeping is a process of recording all the financial transactions of the business. The financial transactions include sales, purchase and income & expenditure. This is the foundation or base for maintaining accurate financial information. Bookkeeping is a part of accounting that means keeping or maintaining all the financial transactions related to the organization in the books. For this our Filing Tax India team provides clear, error free and clean service by maintaining books of accounts while doing all the necessary Journal entries in the correct Heads of Accounts.
We here at Filing Tax India help our client in making their perfect books of accounts on Cloud that you can see from anywhere online from the accounting system.
Our Bookkeeping and Accounting services are tailored for businesses of all sizes—startups, SMEs, and established enterprises.

Why is Bookkeeping Important?

  • To keep the records digitally: – Bookkeeping the accounting system helps to record each and every transaction digitally, which make it safe for the future
  • Better overview of Business: – Bookkeeping helps to give a better overview of business as everything will be systemised and in a particular manner that will give a better picture of the business
  • Easy access to the financial data: – It make easier for the organisation to access their data, as everything in the accounting system and on cloud the data can be easily access from anywhere
  • Cash Flow Management: – As keep the record of your daily transaction it will let you know about the real picture of the cash
  • Improved Decision Making: – As the data is in accounting system it gives a true picture in front of the stakeholders that helps in making right decision
  • Improve Reliability: – As the data is in software and maintained in a proper way the reliability of data improved in front of the stakeholders
  • Helps in Compliances: – Helps in compliances where maintaining books of accounts is mandatory
  • Helps in Audit: – For auditing the auditors need the financial data that he can take from books of accounts
  • Avoid tax penalties and late fees: – As the data is already maintained it helps in filing tax easily and on time that helps in avoiding tax penalties and late fees

Documents Required (Initially):

Difference Between Bookkeeping and Accounting

These two are the basics or base of any company, below are the differences between these two:-
Aspect Bookkeeping Accounting
Definition Recording daily financial transactions Analyzing, interpreting, and summarizing financial data
Primary Purpose Maintain accurate records Provide insights, reports, financial statements
Focus Area Invoices, receipts, expenses Profitability, planning, audit
Nature of Work Clerical & administrative Analytical & strategic
Skills Required Basic knowledge of transactions Accounting standards, taxation, analysis
Tools Used Ledgers, journals, Tally, Zoho Books Financial statements, tax software, ERP
Involves Data entry, reconciliation Profit & Loss, Balance Sheet, Tax Returns
Compliance Not compliance-focused Ensures compliance with tax laws
Output Trial balance, daybooks, reconciliations Financial reports, tax filings, audits
Who Performs It Bookkeeper, clerk Accountant, CA, CPA

Why Choose Us?