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Accounting & Book-keeping

Accounting is the systematic process of recording, analysing, and interpreting the financial transactions. It is the responsibility of every business – whether large or small to furnish their accounting records to the Income Tax Department.

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    Highlights Of GST Registration


    • The basic purpose of bookkeeping is
      to identify, measure, and record
      financial transactions
    • The data provided by bookkeeping is
      insufficient for management to make
      a judgement.


    • Accounting is the process of analysing, evaluating,
      and conveying financial transactions that have
      been recorded in a ledger account.
    • Management can make key company decisions
      based on the data provided by the accountants.

    Types of Bookkeeping System

    Single-entry bookkeeping and double-entry bookkeeping are the two types of bookkeeping systems
    that are used to record commercial transactions.

    Single-Entry Bookkeeping System:

    • It allows you to keep track of all of your financial transactions in one place. For small enterprises with little or no transactions, a bookkeeping system is often employed. It is frequently described as a straightforward, practical, and informal method of recording.
    • It usually keeps track of only cash disbursements, cash receives, sales, and purchases. All other accounting records, such as inventory, equipment, capital, and so on, are solely kept in memorandum or notes format.
    • A daily summary of cash receipts, as well as a monthly summary of cash receipts and disbursements, which reflect revenue and expense, are the books or records kept in a single-entry accounting system.
    •  In contrast to the double-entry bookkeeping system, where one transaction impacts two accounts, a transaction in the single-entry bookkeeping system affects only one account.
    • A cash sale, for example, is solely recorded as a rise in cash receipts or deposits, with no sales account.
    • However, because it lacks a formal recording system, the simplicity of a single-entry bookkeeping system makes it more subject to error and incompleteness than a double-entry accounting system. 
    • Although it is an appropriate technique of record keeping for tax reasons for small and basic firms, it may not provide a reasonable valuation of a business’s key financial information. 

    Double-Entry Bookkeeping System:

    • The standard technique of record keeping used by most organisations, bookkeepers, and accountants is the double-entry bookkeeping system.
    • Management can make key company decisions based on the data provided by the accountants.
    • The technique for double-entry bookkeeping is more extensive and complex than the procedure for single-entry bookkeeping.
    •  It introduces the concept of debit and credit, which states that for every transaction, something is received (debit) and something is given up (credit), and that each transaction affects two or more accounts.
    • The advantage of a double-entry bookkeeping system is that it has a mechanism in place to ensure that business  transactions are accurately and completely recorded.
    •  It is a dependable source of financial data and a fair assessment of a company’s status or performance.

    Importance of Bookkeeping

    Benefits of Accounting & Business Compliances to a Business


    It assists organisations in efficiently controlling the company's income and expenditure while monitoring managerial policies and goals.

    Evaluating the Business's Performance

    Helps in measuring the performance of the business in terms of key measures such as net profit, sales growth, and so on.

    Managing Cash Flow

    Keeping track of the money that comes into the business on a regular basis helps in projecting patterns, paying employees and suppliers, repaying debts, etc.

    Financial Information to Investors and Stakeholders

    Investors will gain a better understanding of the business's financial health, including its solvency, creditworthiness, liquidity, stock, and bond issuers.

    Mandatory by law

    In India, the Registrar of Companies requires a strict record of income tax payments at the end of the year, failing which companies may face additional taxes or fines.

    Documents Required For Accounting & Book-keeping

    The documents required will vary depending on the service you require. Our professionals will convey the same to you based on your requirements.

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