Accounting/Bookkeeping

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Introduction

In order to keep Regular tracking of business transactions Bookkeeping services are necessary for ensuring accurate operational / financial information . The accounting and bookkeeping services help in tracking every single transaction undertaken by Management with Regulators and Investors ensuring transparent business operations by a tallied account. It is also a legal requirement for the business to maintain an appropriate book of accounts ensuring that all the relevant taxes are paid off and tax filings are completed on time.

The Bookkeeping is a process of recording financial affairs of a business through an accounting system and the creation of reports while the accounting is the preparation of financial accounts However, many small businesses like Sole proprietorship which do not have the complete accounting departments and also require external bookkeeping services.

For better accuracy and to avoid financial muddles is it necessary keep accounts updated. The Accountants must have Expertise knowledge of accounting to handle more advanced tasks like tax preparation, budget analysis, and investment development even in the case of accounting for small businesses so that the books are maintained as per the accounting standards.

Legal Window can help you with the book keeping and accounting preparation by providing the best assistance, timely delivery and guaranteeing the highest customer satisfaction. You may get in touch with our team on 072407-51000 or email admin@legalwindow.in .

Benefits of Accounting/Bookkeeping

To measure the income and expenditure of the business

Every individual, firm or a corporation should know the income and expenditure incurred or generated by it in order to ensure a smooth and transparent business which helps them in planning and strategizing their financial resources and also to exploit them accordingly.

Access to 
operational
 information on time

As business owner(s) or managers are not directly interacted by all transactions, accounting & bookkeeping helps to have control on the transaction from time to time which provides access to operational information to the management.


Constant reconciliation
 and rationalize
 decisions

Accounting comes with the reconciliation of data on a periodic basis. Reconciliation of data on a monthly or quarterly basis helps management in analyzing the beneficial or the detrimental aspects of a business which helps in rationalizing futuristic decisions with the analysis of loss and profit.

Attracting Investors

Investing decision is always followed by a complete analysis of the business and its financial condition. as when and while approaching the investors one should make sure that the books of accounts are proper, up-to-date and accurate in all manner to avoid investing issues as the inconsistency in them might affect the decision of the investors to invest.

Documents Required

PAN Card of the business

Current Account Bank Statement in the name of business;

Bank statement of Organisation

Sales invoices, expense bills of the relevant accounting period

Preliminary expenses incurred by the promoters;

Incorporation documents such as Memorandum of Association, Articles of Association, Limited Liability Partnership Agreement, Partnership Agreement

Bank Statements of Partners

Government Registration Certificates

Invoices of purchase and sales of assets

Details of cash transactions

Process for Bookkeeping

1. Complete the Application Form
You are requested to first fill the simple questionnaire provided by our expert team.


2. Document Processing
At the second step we will be requiring the documents as stated above in accordance with the questionnaire filled by you so that we can arrange them as per the requirement and for further processing.

3. Analyzing the Books
At this step shall the books will then be analyzed by our experts for accounting and to make entries into the books according to the same.


4. Verification and approval
This is the fourth step where we will finally tally the entries and the same will be sent to you for verification and approval.


5. Preparation of Balance Sheet
Once the entries are being confirmed by you, the experts will prepare the Profit and loss account along with the Balance Sheet on the basis of the same.

6. Getting the work done
As soon as the Profit and loss account and Balance Sheet is prepared the same will be sent to you. Book Keeping is an ongoing task and a regular and continuous process must be followed to ensure the accuracy.

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FAQs on Accounting / Book Keeping

Which time is the best to appoint a third person as book keeper?

As soon as a person starts a business a book keeper must be appointed to avoid mistake and ensuring proper accuracy which will ultimately help in managing the business in long run.

If the person is familiar with the excel working does he/she/it still needs to hire a book keeper?

Though if you are familiar with the technology a professional bookkeeping service is recommended as in case of Private Limited Company the books are maintained as per double entry system journal accounting to ensure that the Trial Balance is correct. Hence, the no. of members does not affect the compliance, accountability and accuracy.

What if I keep the receipts for the year and then show the accountant at the end of year?

Bookkeeping is relatively less expensive and is also crucial to the success of the business. For taking right decisions at the right time it is important to keep record accurately of the income and expenses thereby reducing preventable losses. As the Small businesses are highly open to risk by using this medium they can be easily managed.

Is it necessary to maintain books of account under any statute?

Yes, the Companies Act, 2013, Limited Liability Partnership Act, 2008 and the Income Tax Act, 1961 specifies and obligates to maintain the books of accounts.

Whether the transaction can be manually recorded or is it necessary to record the same through specific software?

Transaction can be recorded both the ways i.e. manually as well as electronically. It is not necessary to use some specific software but in order to avoid and minimize errors it is advisable to record them through a specific software.

Does outsourcing the work results in loosing of control?

No, it is a big myth as a 100% control on the all decisions and checks will required by you. With legal window no such problems shall arise.

What is the difference between book keeping service and accounting?

A bookkeeper enters together the complete data into the database of your business’ income and expenses for the financial year. whereas , the accountant uses the data entered by the bookkeeper and creates the necessary books of accounts for the purpose of tax compliance.

The work of the bookkeeper has a direct effect on the work of the accountant as the accountant uses the data of the bookkeeper. If the books of accounts entered by the bookkeeper goes wrong, then the accounting reports will also be wrong.

What things are to be maintained in the books of account?

It comprises of journals, Ledgers, Trial Balances, Invoices/Bills/Receipt, Cash Books, Profit and Loss Accounts, cash flow statements and the Balance Sheet.

Is it mandatory to get the accounts audited if I maintain books of accounts with the help of professional firm?

Maintaining the books of accounts with the professional doesn’t guide to get the same audited or to undergo an audit. There are certain audits under the respective statues which has there threshold limits and relevant due dates and deadlines.