Accounting & Bookkeeping
The organisations can compare their performance over the course of the year and the outcomes they achieved thanks to proper records of their financial transactions, which also help them to determine their financial condition.
For businesses, providing accounting and bookkeeping services may frequently be a difficult endeavour given the nature of their operations and the resources they have at their disposal. This is why businesses contract out their accounting to professionals, who not only keep the records for them but also offer them insightful analyses of their business activities that may help them operate more efficiently.
Benefits of Hiring Professionals for Accounting and Bookkeeping Services:
- Reduce the time and expense of employing internally
- The company that provides these services has skilled personnel with sufficient experience, so cost savings without a reduction in quality of work are possible.
- Data protection
- Reports must be made promptly in order to allow for informed decision-making.
- Customized options based on the needs of the business
- Professionals in accounting and bookkeeping can handle the accounting function, freeing up time and resources for other tasks.
How SalahKaro Helps?
- Identifying the records that must be kept while taking into account the person’s status, such as whether they are an individual or a firm, and any other regulatory rules;
- The selection of the data sharing medium in order to preserve data security;
- Recording transactions in the accounting system either monthly or biweekly depending on the needs of the company;
- Ensure that TDS/WHT, ESI, and EPF are timely compliant with all applicable regulatory rules;
- Strategic report creation in accordance with corporate needs enables businessmen to make educated decisions.
- At SalahKaro, we have accounting and bookkeeping professionals with years of experience in maintaining businesses’ financial records. We tailor our accounting and bookkeeping services, which generally consist of the following, bearing in mind the business needs.
You can get in touch with the SalahKaro Group team if you have any questions about accounting and bookkeeping or about outsourced bookkeeping services.
FREQUENTLY ASKED QUESTIONS
The gratuity becomes payable when an employee leaves the organization for any of the following reasons: • Retirement or superannuation • Termination or resignation • Disablement or death due to an accident or disease • Layoffs or retrenchments • Voluntary Retirement Scheme.
In financial terms, Bookkeeping and Accounting are almost used interchangeably though both concepts are different and can be daunting tasks for companies considering the nature of their operations and the availability of resources. Bookkeeping is defined as the recording of financial transactions, and accounting deals with the analysis, interpretation, reporting, classification, and summarization of the business’s financial data. Whereas, Accounting is the systematic process of recording, measuring & communicating information about the financial transaction in a business. Accounting helps in identifying the financial position of a company and showcase to the stakeholders.
Accounting or bookkeeping plays a significant role in operating a business in keeping track of expenditures & incomes. Accounting or bookkeeping ensures accurate statutory compliance and offers investors, management, and government quantitative financial information that helps companies to make various important decisions.
In financial terms, Bookkeeping and Accounting are almost used interchangeably though both concepts are different and can be daunting tasks for companies considering the nature of their operations and the availability of resources.
Bookkeeping is defined as the recording of financial transactions, accounting deals with the analysis, interpretation, reporting, classification, and summarization of the business financial data. Whereas, Accounting is the systematic process of recording, measuring & communicating information about the financial transaction in a business. Accounting helps in identifying the financial position of a company and showcase to the stakeholders.
The primary processes of accounting are:
- Data Communication
- Data Identification
- Data Recording
Yes, businesses of all sizes and categories require accounting and bookkeeping services for preparing, estimating, and maintaining proper records of tax returns, finance, and transactions. This requires outsourcing accounting and bookkeeping to professionals or hiring an outsourcing firm with expertise in assisting the company with end-to-end support.
Accounting software is developed for keeping track of the cash outflows & inflows of a company. There is various kind of accounting modules through which software functions, such as Account Payable, Account Receivables, General Ledger, etc. The software also manages reporting and payroll systems.
There are primarily 5 managerial functions in accounting:
- Cost control.
- Formation of planning & Managing of financial policy
- Preparation of financial budget.
- Assessment of employee performance.
- Prevention of frauds & errors.
Bookkeepers play an essential role in a company for taking care of the client’s general ledgers. Bookkeepers’ most important responsibilities are:
- Compiling data daily
- Sorting expenses in the general ledger
- Reviewing and assessing the general ledger to maintain accuracy and avoid mistake
Reconciling bank statements in
- Cheque Preparations
- Bank Reconciliations
- Accounts Payable
- Expense Reports
- Accounts Receivable
- Financial Statements
- Payroll
Hiring an in-house expert can be comparatively expensive and time-consuming. Also, it is very important to understand the financial burden to in-house employees that directly affect the company’s growth. You need to pay your salary on time and manage associated costs like office equipment, employment taxes, office space, payroll, etc. These can be stressful. Outsourcing Accounting and Bookkeeping can reduce the burden on a company with several other benefits. The experts are knowledgeable and experienced enough handling for multiple companies and manage stress smoothly and accurately.
