Accounting and Bookkeeping Services

Accounting and Bookkeeping are vital for any organisation and is usually required by every company in spite of the size or nature or the jurisdiction of the organisation. Bookkeeping essentially means recording each and every financial transaction of the organisation. Financial transactions could be in the form of cash or bank receipts or payments, sales of goods or services or purchase of goods or services, other financial obligations undertaken by the organisation or by other person with the organisation. These transactions could be numerous and it is not possible to keep track or remember each of the transactions and its impact and implication on the organisation cannot be analysed unless and until it is compiled and summarised. This is precisely done by Bookkeeping.

There are internationally accepted bookkeeping standards which are followed in maintaining double entry system format. Mainly all accounting and bookkeeping is maintained under double entry standards.

The ultimate aim of bookkeeping is to compile the data in a meaningful manner and present the summarised report in a manner that is meaningful and understood by the various stakeholders. The financial statement produced by bookkeeping reflects complete financial health of the organisation and is a very important and useful document for the organisation as well others who deal or contemplate in dealing with the organisation.

Proper accounting and bookkeeping is essential considering the followings:

  • Bookkeeping and Accounting captures all the financial dealings of the Company on day to day basis and provides guidance to the management on day to day basis in taking various timely management decisions and also in forming strategies for future.
  • There are various direct and indirect taxes levied by the Government be it in the form of corporation tax or VAT/GST and proper maintenance of accounts help in meeting all such tax liabilities in a manner statutorily required.
  • Bookkeeping and accounts help in maintain track of the financial and business activities performed by various persons and thus provide the management an insight as to the performance of the employees of the Company.
  • Proper maintenance of accounts can act as a deterrent for any unethical or illegal practices as it keeps tab on all business transactions and with proper control it leaves no room for leakage or pilferage of the resources of the orgaqnisation.
  • Accounts and Bookkeeping provides past trends of the organisation based on which future trend of the organisation can be projected and therefore becomes important tool for the investors to analyse the statements produced by the bookkeeping and take important decisions.
  • Various Management Information Reports(MIS) can pe produced, more so with the sophisticated accounting software available now a days that help in taking various management decisions and help in keeping real time control over the cost management and in cutting cost, wherever possible. It can also help in proper deploying of the idle resources. As for example, cash flow and fund statements can reflect idle cash available which can be invested to earn some returns or for business expansion.
  • The data, when analysed properly, can reflect the resources which are over or underutilized and which part of the business, is wasting the resources. Similarly, it also helps to understand which part of the business requires more attention of the management and which part of the business is already working at maximum capacity.
  • Government of various jurisdiction have made in mandatory to maintain proper bookkeeping and have also regulations in place for inspection of such books of accounts to verify proper compliances with the statutory requirements.

These are some of the requirements that make Bookkeeping and Accounting services an indispensable part of the business. As various regulations and accounting standards apply in the way these accounting records are to be maintained and revenue or expenditures recognised, it is important that professionals help be taken in proper guidance and maintenance of bookkeeping to meet various statutorily standards and compliances. Further, this will also help in getting the audit conducted properly and getting unqualified audit report.

We at LCA comprise experienced professional having expertise of working on various sophisticated accounting software like Quickbooks, Cargowise one, or tally. Our team can comprehend and is willing to work on any accounting software that the Client may be comfortable with. Alongside, we also offer services for AR and AP management by keeping regular follow up for collections. Also we can help in migrating from legacy accounting software to other sophisticated software. Our services can be tailormade as to the requirement of the organisation for producing various scheduled MIS reports or for keeping track of cash management. We can assure that our association will spare enough time for you to concentrate on your core business activities and increasing profitability while we ensure proper and meaningful maintenance of accounts. For more details on the services provided, contact us. We will be glad to assist you.