Importance of Bookkeeping

Importance of Bookkeeping

Bookkeeping is the first step in the accounting process and arguably the most important one for assessing the periodical performance results and enabling proper auditing which is a mandatory legal requirement in various Acts.”

Recently GST law has introduced strict compliance requirements which include the maintenance of books of accounts for a particular period.

ASPECTS OF BOOKKEEPING

  • Maintaining ledgers with supporting documents.
  • Handling accounts payables and receivables.
  • Inventory Valuation and Assets Management.
  • Investment and Source of Finance.
  • Financial statements and Filing of Tax Returns.

WHO NEEDS A BOOKKEEPER?

  • Groups & Organizations
  • Small Businesses
  • Not for profit organization

BENEFITS & IMPORTANCE OF BOOKKEEPING

  • Review and analyze the periodical performance.
  • Plan and improve the performance in the future based on the review of the books of accounts.
  • Attracting investors and allows for smoother loans which will be helpful for expansion and diversification plans.
  • Easier and swift auditing.
  • Meeting all the compliance requirements and legal obligations.

WHAT WE DO

We compile all financial data from transaction to transaction and turn them into easy-to-read reports which can be used for decision making in future performance.

We offer a full range of Bookkeeping services, such as completing business set up and support, data entry, reconciliation of accounts, completion of balance sheets, and financial report through virtual accounting and onsite visits. You can benefit from our services to enjoy improved efficiency, cost-saving, and access to financial management expertise.

how can we help you?

Contact us at the GITPAC office nearest to you or submit a business inquiry online.

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