BookKeeping Services

Bookkeeping refers to the systematic process of recording and organising financial transactions and activities of a business or organisation. It involves maintaining accurate and detailed records of all financial transactions, such as sales, purchases, expenses, and payments, in a structured manner. The primary purpose of bookkeeping is to provide an accurate and up-to-date financial picture of a business's operations, helping business owners, managers, and stakeholders make informed decisions and ensure compliance with financial regulations. It is important for all businesses. It helps the businesses in managing the cash flows effectively, future forecasting, and being well aware of the working of the business. Further, Bookkeeping helps in complying with the legal requirements.

Bookkeeping starts with establishing an accounting structure for the organisation and then recording transactions in the structure. Bookkeeping can be both mandatory and optional depending on the needs of the business and the applicable laws and regulations. Bookkeeping could be seen as a large part of overall accounting for any business. Accounting starts with book keeping and ends with annual financial statements preparation.

Can you remember how many items you sold in a day just a year back?

Can you recall the date and amount each and every single payment received from your customers till date?

Can you remember each and every expense your business did this month?

We bet the answer to each question would be no. That is why your business needs Bookkeeping. Business transactions cannot be left to memory. Maintaining records for business is therefore a must. Only by recording a financial transaction can you ascertain its impact on your business. Any financial decision can be made only based on the recorded financial transactions.

The most basic types of records to be recorded via bookkeeping

1. Creating invoice for a sale of goods or services
2. Recording an expense
3. Entering the details of any purchase done by the business
4. Recording any payment made to any vendor
5. Recording receipt of payment from a customer

Bookkeeping helps in performing various functions and is important for the business in various ways:

Helps In Taking Proper Decisions‍

Bookkeeping helps the businessperson in deciding what amount you owe to the supplier. Without Bookkeeping It will be a very tough task. However, if the bookkeeping is done properly, you can get all the accounting records easily. Hence, Bookkeeping helps in taking proper decisions in an easy and best way.

Helps In Determining The Business Assessment

Bookkeeping helps in determining whether the business is enhancing or not? The Bookkeeping mechanism helps in evaluating the exact position of the business by keeping financial records. Bookkeeping helps in preparing the Trial Balance and Balance Sheets. Bookkeeping helps in performance evaluations of businesses by making a potent comparison between aspects of profit and growth.

Proper Communication With Investors

In every business, the Investors would also like to know the potential of businesses. The investor possesses a stake and has the power to make effective decisions.Investors are very anxious to know whether their money has been utilised properly or not, or whether the business is making money or not. Through Bookkeeping, the performance chart can be easily examined,and various information can be easily prepared and documented. Hence, bookkeeping helps to avoid the inconvenience and sets the proper link between the investor and a company.

Controls The Cash Flows

Keeping a check on the cash flows is an important task of any business. By following the adequate steps to record the financial data effectively, Bookkeeping helps in controlling the cash flow management. Many businesses get affected by an unexpected liquidity crunch. Bookkeeping helps in administering the cash flow.

Enforcing Proper Tax Compliance

Proper Tax compliances along with the reports are required to effectively assess the tax payable to the authorities. Tax reports are prepared with the help of recorded financial transactions. Effective Bookkeeping will keep the tax affairs protected. Through Bookkeeping the organisation can easily calculate the exact amount of taxes to be paid.

For proper tax compliances, the information which has to be filed in the tax reports has to be error-free and presented proficiently. Failure to keep the tax compliances and tax records may lead to serious consequences,fines,and legal disputes. Bookkeeping plays a crucial role in providing the requisite data in a well-presented manner which as a result helps in avoiding such fines and legal disputes.

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Fincrat is known for transparent and efficient services in the industry. We at Fincrat, do not see book keeping with the lens of the number of entries to be done. Rather at Fincrat we take a fresh approach by first understanding the business and its bookkeeping needs. We create a plan and help the business achieve financial success ultimately.

Services offered by Fincrat:

1. Formulation of an Accounting structure for the business
2. Implementation of the Accounting Structure
3. Recording transactions for the business for required period or perpetually
4. Preparing and sharing all Annual Financial Statements
5. Providing industry leading Fincrat Business Reports
6. Helping the business with further services