Accounting/Bookkeeping in India | Admond World

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Accounting/Bookkeeping

When most people think about the difference between bookkeeping and accounting, they are hard-pressed to nail the distinction between each process. While bookkeepers and accountants share common goals, they support your business in different stages of the financial cycle.

About Accounting/Bookkeeping

When most people think about the difference between bookkeeping and accounting, they are hard-pressed to nail the distinction between each process. While bookkeepers and accountants share common goals, they support your business in different stages of the financial cycle.
Simply put, bookkeeping is more transactional and administrative, concerned with recording financial transactions. Accounting is more subjective, giving you insights into your business’s financial health based on bookkeeping information.
In this guide, we’ll explain the functional differences between accounting and bookkeeping, as well as the differences between the roles of bookkeepers and accountants.

Accounting & Bookkeeping Services

Bookkeeping is comprised of:
  • Maintaining all financial transaction.
  • Posting debits and credits
  • Maintain general accounts, ledgers and balance sheet.
  • Produce invoice.
  • Preparing all the expenses that has to be done but its not mandatory to maintain in book keeping.
  • Owner and produces maintain accounts
  • Completing payroll
  • Preparing company financial statements
  • Analyses of cost of operations.
  • Aiding the business owner in understanding the impact of financial decisions
  • Completing income tax returns

Accounting :-

The term accounting covers a much broader scope than bookkeeping. The whole topic area can be classed as accounting, whereas bookkeeping is only a part of the system that uses aspects of accounting within its practices. Accounting can cover aspects as vital as designing bookkeeping systems, establishing controls to maintain and operate the system and analysing any data too.
Accounting gives you the data your business needs to make better decisions. Not only does it cover this, but accounting also reviews financial reporting and performance, then reports back to the relevant people with this information. Business owners, shareholders, investors and many others depend on these financial reports for updates on its performance and overall success.

  • Recording expenses.
  • Preparing company-wide financial statements.
  • Analysing the costs of operations.
  • Completing income tax returns.
  • Helping the business owner in understanding the impact of financial decisions.