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



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    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.


    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.


    Types of Bookkeeping system

    The two methods under bookkeeping are :-

    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

    Budgeting:-It checks the financial records i.e. its profit and loss, while administrating the policies and goal of the organization
    Evaluating the business’s performance:-It helps in assisting the execution of the company regarding its growth, its setbacks and other influencing factors.
    Managing cash flow:-It helps in identifying pattern of cash flow in order to understand the financial status and thus improving or adjusting the money invested in the company.
    Financial information to investors and stakeholder:-This entry system will assure the professionals that their investment is being spent efficiently towards the progress of the organization.


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