BOOK-KEEPING & ACCOUNTANCY
THE DIFFERENCE BETWEEN ACCOUNTING & BOOK-KEEPING
The line separating both these functions is very thin. Depending on the company size the functions would differ. In smaller companies, both roles would be held by one personnel itself. In larger firms, the responsibilities can be differentiated between one doing daily routine data entry work and the other analysing the data entered.
This role requires more experience. As an accountant is required to be astute and be able to grasp the intricacies of ensuring that the company’s cash flow is never hampered. An accountant looks at the larger picture to ensure all accounting needs are matched on a daily/monthly, yearly basis.
A book-keeper’s role albeit similar to an accountants role, but in a large firm it differs. A book-keeper may not be able to understand or see the large picture. A book-keeper would be entrusted with only day to day data entry work, to ensure that all daily receipts/ sales/ payments and bank is updated so the accountant at any given time can generate reports showcasing the overall financial health of the company.
THE BENEFITS OF OUTSOURCING ACCOUNTING SERVICES
As a newly incorporated company or even an existing small firm, generally its seen that the founders of the firm are busy with generating sales and ensuring that the customers and suppliers are engaged actively. Maintaining accounts, ensuring cash flow, payment to suppliers on time, raising invoices & collecting funds are not priority thus creating negative impact on the company’s financial health.
So at AccountsGuru we assist such firms in maintaining their daily/monthly/quarterly or yearly book keeping and accounting reports. So at all times the company founders are 100% aware of their company’s financial health.
At AccountsGuru we offer you a team of experience Chartered Accountants (CA) at the cost lower then the total cost the company would incur to for a single chartered accountant as an employee.
THE SERVICES INCLUDED IN THE ACCOUNTING SERVICES
- Recording financial transactions
- Posting credits and debits
- Producing invoices
- Balancing and maintaining subsidiaries, historical accounts and general ledgers
- Completing payroll
- Preparing the company’s financial statements
- Analyzing the costs of operations
- Completing the company’s income tax returns
- Aiding the owner of the business in understanding the effect of their every financial decision