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.


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