Features and Importance of Book Keeping

Book keeping is the process of recording, analysing and interpreting the financial transactions of a business.
Features of Outsourced Book keeping services:
  • Billing for goods sold or services.
  • Recording receipts from customers.
  • Verifying and recording invoices from suppliers.
  • Paying suppliers.
  • Processing employees' pay and the related governmental reports.
  • Monitoring individual accounts receivable.
  • Recording depreciation and other adjusting entries.
  • Providing financial reports.
Importance of Book Keeping:
·         Better financial analysis and management:  Cash flow is vital for every business and it is important to make sure it is being managed correctly. Book keeping can systemise these transactions and keep everything up-to-date, including invoices and payments.
·         Fulfillment of Tax Obligations: Book keeping helps to keep track of any information and documents in order to accomplish annual taxes.
·         Reporting to Investors is Easy: Book keeping makes it easy to demonstrate data to investors in the form of charts, graphs and lists.
·         Business Planning is made Easy: Book keeping provides Balance Sheets and Profit & Loss information so that it is easy to check whether the company is on the right track financially; from there it is easier to start making more business plans.
·         Proper Record Keeping as Required by Law: Book keeping keeps record keeping properly organized and makes retrieving information easy once the audit time comes.


Comments

Post a Comment

Popular posts from this blog

Book Keeping, BAS, IAS, and Annual GST Return Services in Australia

Book keeping :-Book keeping is the analyzing , classifying and recording of the financial transactions and information pertaining to a business. It ensures that records of the individual financial transactions are correct, up-to-date and comprehensive. Book keeping provides the information from which accounts are prepared. It is a distinct process that occurs within the broader scope of accounting. Business Activity Statement (BAS) :-  BAS has been designed to provide one statement for most taxes and allows for the offset of the different taxes in a period. Instalment Activity Statement (IAS) :-   An Instalment Activity Statement is a form used by taxpayers who are not registered for the GST. IAS is also the form required to be lodged by entities that prepare a quarterly BAS but are required to remit their PAYG withholding tax on a monthly basis because they are a medium withholder. Annual GST Return :- An annual return has to be filed once in a year by the registered taxpayers
Read more

Types of Tax Planning

Tax Planning can be understood as the activity undertaken by the assessee to reduce the tax liability by making optimum use of all permissible allowances, deductions, concessions, exemptions, rebates, exclusions and so forth, available under the statute. ·          Short range tax planning :  Short range tax planning refers to year to year planning to achieve some specific or limited objective. ·          Long range planning :  Long range planning involves entering into activities, which may not pay off immediately, e.g. transfer of assets without consideration to minor child. The income will be clubbed to transferor upto the child in minor but afterward, this will be an income of child. ·          Permissive tax planning :  Permissive tax planning is a planning for tax under the express provisions of tax laws. Indian tax laws offer many exemptions, rebates, deductions and incentives. ·          Purposive tax planning :  This planning is based on the measures which circumv
Read more

Tax Outsourcing Services

Goods and Service Tax:   It is a broad-based consumption tax as it applies to all sorts of goods and services that are consumed by the general public. It is ultimately paid by consumers who are the end users of goods and services.   Fuel Tax Credit: Fuel Tax credit is a federal refundable tax credit for taxes paid on fuel purchased for off road use.  Fringe Benefit Tax: It is levied on the employer who has provided or deemed fringe benefits to his employees during the previous year. Fringe benefits  include: ·          Medical and dental insurance ·          Use of a company car ·          Housing allowance ·          Educational assistance ·          Vacation pay ·          Sick pay ·          Meals ·          Employee discounts. If you are looking for tax outsourcing services in Australia then Cygnus Accountants is the relevant choice for you. For more information call us +61 283109800 and book a free trial offer (up to 3 hrs) of our service.
Read more