ACCOUNTING AND BOOK KEEPING

What is Accounting and Book Keeping?

Accounting or accountancy which is book keeping is the measurement, processing, and communication of financial information about economic entities such as businesses and corporations. In simple words accounting is everything related to accounts be it maintaining records or managing funds. Accounting is the process of tracking income and expenses. An accountant is responsible for offering strategic financial advice in addition to being aware of the company's financial situation.
Virtual Accounting enables qualified professionals to provide accounting services to companies virtually without being physically present there. It does everything that a hired accountant does at much cheaper rates. It is a boon for both small as well as big business owners.
Bookkeeping services is the process of keeping records of financial transactions and preparing financial statements, such as balance sheets and income statements. In day-to-day operations, a bookkeeper would make sure employees are filing invoices and expenses correctly and handling payroll.

Benefits of Accounting for business:-

1. Planning budget- Budgeting helps organizations in effectively controlling the income and expenditure of the company while monitoring the managerial policies and goals of the business. It provides a disciplined approach to developing strategies; directing capital and other resources into profitable channels.
2. Evaluating the performance of the business- Accounting system acts as a yardstick in measuring the performance of the business with respect to key metrics like net profit, sales growth,
3. Managing cash flow- Regular tracking of the money that comes into the business helps in predicting the trends, paying to staff and suppliers, covering debts, etc.
4. Presenting information to investors and stakeholders- While approaching potential investors, creditors, banks or borrowers, the financial statements and other reports serve as financial scorecards of the company. Investors will get a better sense of the financial health of the business which includes the net worth, debts, savings, amount spent on fixed expenses. In addition, they will get to know the solvency, creditworthiness, liquidity, stocks and bond issuers of the business.
5. Mandatory by law- In India, as the Registrar of Companies demands a strict record of income tax payments at the end of the year, without maintaining accounts companies may end up paying tax in excess.

List of Accounting and Book Keeping services provided by Legal Convoy:-

1. Accounting Setup
2. Income Statement Balance Sheet
3. Cash Flow/ Budgeting
4. Financial Statement and Report
5. Preparing Closing Entries
6. Monthly/ Quarterly/ Year End Review
7. Financial Analysis
8. Management Reporting
9. Variance Analysis and Recommendations
10. Recording and Reconciling Payroll Transactions
11. Comparison with prior budgets and industry information
12. Software research and requirements gathering
13. Designing the user experience
14. Accounts Payable Management
15. Accounts Receivable Management
16. Bank Reconciliations
17. General Ledger Reconciliation
18. Credit Card Reconciliation
19. Inventory Management
20. Book Clean-up
21. Revenue Reconciliation with Bank Deposits
22. Cash Applications

Benefits of using Legal Convoy for Accounting and Book Keeping Services:-

1. Adherence to Regulatory Norms- We strictly adhere to the Generally Accepted Accounting Principles (GAAP).

2. Assured Cost Reduction- Your business operations will see an assured cost reduction.

3. Data Security and Data Confidentiality- We give utmost importance to data security and confidentiality. Your data will be protected and will not be shared with anyone under any circumstances.

4. Latest Technology- You can take advantage of the latest technology and procedures, as we stay up-to-date on all best practices.

5. Regular Communication- Through consistent communication with us, you can be assured of Finance and Accounting BPO Outsourcing Services that are delivered with optimized transparency, flexibility and efficiency.

6. Customizable Services- Customizable services that are in alignment with your strategic goals.