Accounting & Bookkeeping

Overview of Bookkeeping Services

The terms Bookkeeping and Accounting can be used interchangeably. However, in actual sense, Bookkeeping and Accounting perform different functions. Bookkeeping is a part of the accounting procedure that records all the financial transactions. Bookkeeping has disparities with accounting. Bookkeeping helps in organizing the financial records that help the management to analyze the business performance. It helps the organization in providing a reliable measure of its performance.

Bookkeeping is the primary step in the accounting process. Bookkeeping is a procedure that deals with the undertaking related to the categorization and recording of financial data in an organized way. Bookkeeping is a record-keeping that helps in the accounting process. Additionally, Bookkeeping helps in providing the financial statement of business at the end of every financial year.

Further, Bookkeeping helps inidentifying the monetary transactions and events which ultimately helps in maintaining proper financial accounts.The Bookkeeping process includes the preparation of reference documents for financial transactions and other business activities.

Bookkeeping deals with variousmethods. The most common ones are the Double-entry bookkeeping and single-entry bookkeeping. Bookkeeping is the process where the bookkeeper records all day-to-day monetary transaction of a business

What are the Benefits of Outsourcing Accounting & Bookkeeping service?

Bookkeeping is important for all the businesses. It helps the businesses in managing the cash flows effectively, future forecasting, and being well awareof the working of the business. Further,Bookkeeping helps in complying with the legal requirements. 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 ways.

• 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 inperformance 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 investorpossesses a stake and has the power to make effective decisions.Investors are very anxious to know whether their money has been utilized properly or not, or whether the business is making money or not. Through Bookkeeping, the performance chartcan 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 effected 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 organization 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 mannerwhich as a result helps in avoiding such fines and legal disputes.

Greenwolf Advisors has a team of professionals that helps its client in providing various Bookkeeping and accounting services like-

• Audits of Companies.
• Tax compliances
• GST Audits.
• Reconciliation of errors occurred in the accounting process.
• Invoicing and Billing.
• Improves the invoicing process and collections.
• Better customer Satisfaction by reconciling their accounts.

Our team is happy to assist you

Fill out the form and our team will reach out to you