ACCOUNTING AND BOOKKEEPING

Bookkeeping services are a must for all businesses to ensure timely and accurate operational / financial information is provided to the Management, Regulators and Investors. Also, it is a legal requirement for any business to maintain proper book of accounts to ensure that all relevant taxes are paid and tax filings are made on time. Hence, bookkeeping is an important function in any business or not-for-profit organization in India.

Bookkeeping is the process of recording financial transactions of a business in an accounting system and the creation of reports consolidating the accounting data entered into the system. Bookkeeping is a function of the accounting department in a business. However, many small businesses do not have fully fledged accounting departments and require external bookkeeping services. Covai Accounting Services can help your business maintain its books through a network of Chartered Accountants and Business Experts across India. Talk to a Covai Accounting Services Advisor to get quotes for bookkeeping services for your business today.

Reasons for Maintaining Book of Accounts

Statutory Requirement

Maintaining book of accounts is a statutory requirement as details of transactions of a business is required for various regulatory filings.

Management Decision

Maintaining book of accounts and reviewing financial performance often can help the business make better decisions based on data.

Funding

Having a strong system for maintaining of accounts and preparing key financial indicators could help the business obtain funding more easily.