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Information on accounting and bookkeeping services
Accounting and bookkeeping services are basic activities. Double entry bookkeeping is a well established basis for maintaining a proper books of accounts. Since the evolution of programming language and databases, accounting systems are one of the starting blocks. Further, with cloud services coming into play, cloud based accounting systems have grown by leaps and bounds. Bookkeeping and accounting systems see adoption when taxes are introduced in the economy. This is because till taxation becomes mandatory, there is no mandated need to maintain proper books of accounts, only tracking the cash flows is good enough for the business to manage its finances. Accounting refers to managing the finances in a structured manner, bookkeeping refers to recording the transactions in line with established accounting principles. Maintaining proper books of accounts ensures that transaction records are checked to ensure compliance to laws applicable, recording with accuracy helps manage the tax responsibilities adequately by tracking the tax accounts and generating requisite information for return submissions.
What to expect from an accounting and bookkeeping services firm
Accounting and Bookkeeping firms are expected to be staffed by qualified accountants. Further, experience of the personnel is also critical as a professional firm is expected to support businesses in multiple Industries and sectors, the accounting process needs to be customized to meet the industry and sector specific requirements.
With the global nature of business and requirements for local compliance makes it ideal to automate compliance controls to avoid exposure to regulatory violations and related penalties. Further, with the multiplicity of systems available, some of them even free to use, it makes all the more sense to use an accounting system. Accounting and Bookkeeping firms are expected to be well versed with most of the common accounting systems available for a specific geography and also be able to help business identify an optimal system based on requirements and costs.
The accounting of transactions are required to fully comply with the tax laws in place, hence, while and accounting firm is not expected to be a tax consultancy, they are expected to be fully up-to-date with the tax laws and should be able to provide the business with inputs to achieve full compliance.
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