Process of Registration by Taxhub
Upload the basic Documents
Choose your Requisite plan and pay the Fees
Taxhub will Prepare Books of Accounts
Taxhub will send Suspense Sheet for clarification
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What is a Book Keeping?
Bookkeeping is a process of recording and organizing all the business transactions that have occurred in the course of the business. Bookkeeping is an integral part of accounting and largely focuses on recording day-to-day financial transaction of the business.
All the financial transactions such as sales earned revenue, payment of taxes, earned interest, payroll and other operational expenses, loans investments etc. are recorded in books of accounts.
The way the bookkeeping is managed determines the accuracy of the overall accounting process that is been followed by the business. Thus, bookkeeping ensures that the record of financial transactions are up-to-date and more importantly, accurate.
Why Bookkeeping is important for all business?
Just like to prepare a report, you need a source of data, bookkeeping is a source that gets summarized into the financial statements or any other accounting report that you see. With bookkeeping tracks and records all the financial transactions, it becomes the starting point of accounting. No bookkeeping = No accounting.
Thus, it becomes important for businesses, small or big to have bookkeeping in place.
The following are the importance of bookkeeping:-
• Bookkeeping helps to keep track of receipts, payments. Sales, purchases and record of every other transaction made from the business.
• It helps to summarize the income, expenditure and other ledger records periodically.
• It provides information to create financial reports which tells us specific information about the business as how much profits the business has made or how much the business is worth at a specific point of time.
Basic Documents Required for Book Keeping
The list of documents required for the preparation of books of accounts is as follows:-
- Sales/Service Invoice raised during the month
- Purchase/Services availed during the month
- Sales Return during the month
- Purchase Return during the month
- Bank Statement for all Banks
- Cash Book with all vouchers and evidence
- Any other information of financial nature
11,999/-
All Inclusive Fees
| (Upto Turnover of Rs 20 Lakhs) |
| Book Keeping |
| Dedicated Account Manager |
23,999/-
All Inclusive Fees
| (Upto Turnover of Rs 100 Lakhs) |
| Book Keeping |
| Dedicated Account Manager |
47,999/-
All Inclusive Fees
| (Upto Turnover of Rs 50 Lakhs) |
| Book Keeping |
| Dedicated Account Manager |
| Customized package available for turnover more than 100 Lakhs. |
Benefits of Book Keeping & Accounting in India
A thorough, dedicated bookkeeper will always keep detailed records up to date. This complete recording will not only assist you in supervising your business accounts, but will also be of great assistance once you need your financial statements — or once your company is audited — as this process will be much faster and much cheaper.
A good bookkeeper will always comply with the latest legal regulations and will make sure all your accounts and books are up to date with any recent legal changes. Because the bookkeeper holds himself or herself accountable for any work that they do, you can rely on them to clear any mistakes. This saves time and effort for the bookkeeper, which in turn saves money for the company.
Producing financial statements is much easier and faster when you have a better data-recording model. You will have a much easier time conducting an audit than you would if your accounts are messy, disorganized or even slightly outdated. Any auditor you employ will just need to access the detailed balance sheets and compare them with the statements to know exactly what was done. They can produce their report quickly and any mistakes will float to the surface.
As bookkeeping tends to be less expensive than accounting, it’s helpful to know that by having detailed records you will shorten the length of time an accountant will spend on analyzing your accounts and creating financial statements. This will not only diminish the cost of accounting, but will also give you more time to act upon the information provided by the analysis and change any strategies you might have planned.
While the IRS will demand an official financial statement from your company for the purpose of taxation, you will be able to predict the outcome more accurately if you have access to detailed balance sheets over time. With them, you can keep an eye out for trends in your company's business and be more confident in the amount of taxes you'll be expected to pay at the end of the fiscal year.
Even though you will need to wait for the accountant or the auditor to finish their reports to conclude official financial statements, you will always have an updated balance sheet to inquire about the current state of the accounts. You will be able to present these data to any interested party, providing additional confidence both in your work as a manager and in the company's health as a whole.
Shares of a company are movable property and thus can be transferred like any other property. A public company can freely transfer its shares, but there are some restrictions.
The goods and services tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted.
