Outsourced Online Bookkeeping Services are Gaining Popularity Amongst Indian SMEs
Demand for outsourced online bookkeeping services in India is steadily increasing amongst the SMEs since the outbreak of the Covid pandemic as it offers robust and reliable bookkeeping service availability through the internet platform at a much lower cost. These service provider companies usually offer bookkeeping-services-online with software packages on an annual and monthly basis and handle the function of part-time bookkeepers streamlining bookkeeping functions with smart technology. The introduction of GST by the Indian government has also necessitated the importance of professional bookkeepers for stringent monitoring and recording of all daily financial transactions.
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What is a Bookkeeping Function?
The process of recording financial transactions is typically known as the bookkeeping process and involves the preparation of source documents for all transactions, operations, and other events of a business. Transactions include purchases, sales, receipts, payments, and expenses by an organization.
The term bookkeeping is often associated with accounting and is considered complementary to each other. While bookkeeping keeps a record of transactions, accounting deals with the process of summarizing & interpreting these transactions. SMEs are likely to achieve extra miles on the financial front if the company’s entire online accounting and bookkeeping services are outsourced.
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Why is Bookkeeping so important for your business?
Bookkeeping provides you with a real measure of your company’s performance. A religiously maintained bookkeeping activity ensures a smoothly run business.
Bookkeeping helps a company in many ways and some of which are as follows
- Better budgeting
- Fulfilling tax obligations
- Complying with legal obligations
- Better analyzing and managing business finances
- Planning business strategies
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Why is Bookkeeping so important for your business?
Bookkeeping provides you with a real measure of your company’s performance. A religiously maintained bookkeeping activity ensures a smoothly run business.
Bookkeeping helps a company in many ways and some of which are as follows
- Better budgeting
- Fulfilling tax obligations
- Complying with legal obligations
- Better analyzing and managing business finances
- Planning business strategies
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How does an Online Bookkeeping Service provider work?
Mostly the Professional-Bookkeeping-services-in-India are well managed leading CPA firms that provide cloud-based streamlined bookkeeping services to all sizes of firms. They follow standardized documented procedures and systematic processes with the best accounting software. As the bookkeeping requirements of clients vary, they provide personalised bookkeeping services with customizations that are tailored to fit their clients’ unique needs and expectations.
Generally, the online bookkeeping service providers, offer services to their clients in the following areas
- Framing Bookkeeping Policies
- Managing Accounts Payable, handling supplier bills and payment
- Managing Accounts Receivable, handling customer invoices and collections
- Electronic Document Management
- Inventory Management
- Managing Payroll Transactions, Recording and Reconciliation
- Bank Reconciliation
- Revenue Reconciliation
- Income Statement
- Balance Sheet
- Any other Financial Statements, as clients wish
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Why is it better to outsource Online Bookkeeping Services in India ?
The below-mentioned points will highlight why online bookkeeping services outsourcing is a better option than having your internal bookkeepers.
- Accessibility to the most updated and latest technology/software
- Professional service
- Reduced costs
- Better utilization of resources
- Increased focus on core business
- High quality & expert bookkeepers
- Easy & convenient
- Increased security and less risk of fraud
Bookkeeping Services in India – FAQs
There are two types of bookkeeping systems and include the following
- Single entry system is a one-sided accounting entry where business transactions affect only one account, used in small businesses with a minimum number of transactions
- Double-entry system is a two-sided accounting entry with a debit and credit side, and can handle large and complex transactions daily
Indian Companies Act, 2013 statute bookkeeping under Section 25 and Section 128 of the companies act, specifying minimum retention periods for books of accounts for a period of 4 and 8 years respectively.
Income tax act, 1961 under Section 6F specifies certain books to be maintained and retained including Cash Book, general ledger, copy of bills & receipts for a period of a minimum of 6 years.
There are two types of bookkeeping methods as under
- Manual Bookkeeping involves the recording of financial transactions manually. It is conventional, paper-based, slow and error-prone
- Computerized Bookkeeping involves innovative ways of recording financial transactions with the help of bookkeeping and accounting software. It is convenient, fast and error-free
Online outsourcing of bookkeeping services is easy and very much possible in India, and you just need to identify which bookkeeping method suits you best to prepare and maintain your books of accounts.
It is safe to share your business-sensitive information with the online bookkeeping service providers as they are professionals working on values and trust.
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