How to Maintain Your Account Books Service in India?

To keep your business account books updated you need accounting expertise and a good amount of dedicated hours.  Many startups are daunted by the necessary idea of accounting and bookkeeping. To tell you, it's really very simple but a steady process. Bookkeeping is needed in every business, from a small sized startup to an established big company.

Accounts Books Maintaining Service

 Basic goals of bookkeeping and accounting:

• Keep track of income and expenses, which enhances your chances of profit.
• To collect all the financial information necessary for filing various tax returns.

There is no particular method of keeping records but just an accurate way that will reflect your income and expenses of your business, based on the size of your venture and sales, you can develop your own ledgers and reports.

Three steps to follow:

The actual method can be done in three steps:

Keep the receipts or any records of every payment made and expenditure done by your venture or business.

Make a summary of records of every income and expenditure periodically, be it daily, monthly or as you prefer.

Use the summary to make financial reports which will give a specific business like profit made every month or the worth of your business at a specific duration.

No matter how you do it, either through ledger sheets or by hand, you need to follow the same three principles.

1) Keep the receipts

Each business's purchases and sales must have some kind of record maintaining, that includes date, and every necessary information. Next, you can use this to make a summary.

The method of keeping records can vary from slips kept in a box to a well managed computerized, cash register. You have to choose the system that suits your business. But if your sales and purchase happen at huge scale, then you must have a better system of receipt filing. 

2) Set up and post to ledgers

A complete ledger is a list of expenditures, revenues and every record maintained. Next, you can use the summary to answer a few financial questions related to your business, like if there is any profit and if yes, then how much.

On a regular basis transfer the amount in your receipts of expenditure and sales into your ledger. This is own as posting. Next, the frequency depends on your business and the sales and purchases that are made. In short, your posting is based on your sales count.

A business with just a few large transactions every month can do the posting on a weekly or monthly basis.

3) Create basic financial reports

You need to prepare basic financial reports to get in one place, key information about your finance, business, and profits. To say that, when your financial ledger says that your business has brought lots of money in a financial year, you won't be knowing if you have earned a profit without any idea and measure of your income with the total expenses. Also, a basic comparison of your monthly totals of income and sales doesn't reflect if your customers pay faster enough to keep a sufficient cash flow in your business to enable you bill payment on time.

Why you need financial reports?

You need a financial report so that you can combine data from your ledgers and get a clear picture of your business. The key things required to do on a regular basis are maintained analysis of cash flow, an idea about profit and loss, and a clear balance sheet.

What next?

No matter, you are a start-up or an established company, bookkeeping and accounting takes time and is a dedicated process. Venture Support will help you take care of all the accounting needs so that you can focus on your business plans and smooth running of your venture.

We offer numerous business accounting services to meet the requirements of small to every-size businesses across the world.

Accounts books maintaining service includes the following:

• Maintain books of accounts
• Process accounts receivables and payables
• Maintain bank books
• Maintain cash books
• Carry out inventory
• Keep financial statements
• Review or reconcile balances

The accounting services by Venture Support are customer-centric and flexible, allowing you to customize our services as per your business requirements and in a way, you wish to carry out the process.

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