Accounting & Bookkeeping
Bookkeeping is one of the conventional and most secure method of recording all the financial transaction carried out in an organization
Importance of Bookkeeping
- Bookkeeping signifies company’s profit and loss as well as its performance for a particular year or course of time.
- It creates a benchmark for company’s profit targets
- It assists in detecting any financial error or inaccuracy occurred and bank errors
ACCOUNTING AND BOOK KEEPING AN OVERVIEW
Accounting is a system of recording and summarizing business and financial transactions and analyzing, verifying, and reporting the results regarding any business enterprise irrespective of its size and setup on daily basis. It is a liability of every business to equip their accounting records to the income tax department failing to which will have to deal with additional interest. It is ideally suggested to update the government organization to avoid any financial conflict in future.
WHAT IS BOOKKEEPING?
Bookkeeping is one of the conventional and most secure method of recording all the financial transaction carried out in an organization. It comes under the criteria of accounting. It differs from organization to organization, as to how they would utilize bookkeeping for different purposes for their benefit. Professionals maintaining bookkeeping system are labeled as bookkeepers. Bookkeeping comes in handy when the organization uses it as a reference to track their course for a particular year or for audit.
IMPORTANCE OF BOOKEEPING
- Bookkeeping signifies company’s profit and loss as well as its performance for a particular year or course of time
- It creates a benchmark for company’s profit targets
- It assists in detecting any financial error or inaccuracy occurred and bank errors
Types of Bookkeeping system
- SINGLE-ENTRY BOOKKEEPING
- DOUBLE –ENTRY BOOKKEEPING
Single-entry bookkeeping system:- It is an informal way of recording any financial transaction, irrespective of the behavior of that particular transaction. It usually keeps track of sales, purchases, cash receivers or payments, etc. This type of system influences only one account. Single entry bookkeeping system is subjected to many error and faults as it does not follow a formal criteria which makes it more vulnerable and uncertain.
Double-entry bookkeeping system:-
It is the formal and most commonly applied method of accounting. It is professionally designed standard application of record keeping. It is more reliable and accurate as compared to single-entry bookkeeping system. It comprises system of debit and credit and impacts two or more than two accounts. Organizations use this method to assess its performance and understand the complex financial profit/loss of the company.
Benefits of accounting and business compliances to a business
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