ACCOUNTING AND BOOK KEEPING

ACCOUNTING

Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business. Accounting also refers to the process of summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities. The financial statements that summarize a large company’s operations, financial position and cash flows over a particular period are a concise summary of hundreds of thousands of financial transactions it may have entered into over this period.

BOOK KEEPING

Bookkeeping services are necessary for all businesses to ensure accurate operational / financial information. Such information is required by Management, Regulators, and Investors. Also, it is a legal requirement for any business to maintain an appropriate book of accounts to ensure that all relevant taxes are paid and tax filings are made on time.

Bookkeeping is the process of recording financial transactions of a business in an accounting system and the creation of reports. However, many small businesses do not have complete accounting departments and require external bookkeeping services. LegalRaasta can provide your business with bookkeeping services through a network of Business Experts and Chartered Accountants across India.

Accountants may handle more advanced tasks like tax preparation, budget analysis, and investment development. Both Accountants and bookkeepers frequently use advanced financial software to record and track their information.

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