Book-keeping is an art of identifying, approving, sorting and record-keeping company’s financial transactions in a manner that they can be retrieved and presented for the higher management reporting.

It is the process of recording financial transactions of business daily. It is a part of accounting process that records the financial affairs of the company in the form of journal entries. It is a means of entering data into the accounting system. Therefore, accurate, reliable and complete book-keeping becomes a significant source of information for any business. Softax is known for providing the best accounting and book-keeping services in CG.
 
Importance of Book-keeping
 

• Organized Accounts:

An organized record of financial transactions plays an essential role in tracking their income/revenues and expenses.
 

• Timely Preparation of Financial Results:

With book-keeping, it becomes simple to prepare the financial statements, i.e., Profit and Loss Account, Balance sheet, Cash flow statements and Fund flow statements.
 

• Better Overview of the business:

Book-keeping provides an overview of the business from time to time and therefore, helps firms to examine their present situation.
 

• Future Planning and Action:

Book-keeping is the preparation of systematic accounts, which helps the businesses to shape up their future budget.
  

• Better Decision Making:

Book-keeping services are a must for analyzing the financial data. They help in making profitable decisions. 
 

• Better Growth:

A business can grow, if you analyze the growth and profitability by tracking the financial records, which can be only proposed by the right book-keeping.

• Better Financial Management:

Book-keeping provides better answers to the questions such as where the organization spends money, to whom it pays, outstanding dues, outstanding payments, etc. It helps the organizations to manage their finances properly.
 

• Goal Planning:

To adhere to the goals, organizations need to concentrate on the result- achieving process along with the deviations. 
 

• Tax Planning:

The books of accounts managed effectively and efficiently can help in a detailed analysis of the financial transactions, which can be used for tax planning.
 

• Audit of Accounts:

Book-keeping provides well-defined and periodical data to the auditor by maintaining proper books of accounts which saves the auditee from any adverse remark in the audit report.
 

• Legal Requirement:

The law requires the businesses to maintain the books of accounts on a regular basis, it becomes imperative for the organizations to opt book-keeping services.
 
 
Benefits of Accounting & Book-keeping
 

• Saves time
• Better accounts receivables and payables management
• Improves data security
• Minimizes risk
• Reduces overhead cost
• Better decision making
• Improved work quality
• High level of accuracy
• Increased profits and growth

 
Accounting and Bookkeeping at Softax         
 
Appropriate book-keeping is decisive for keeping track of the financial performance of the organization. It facilitates the management to make informed decisions knowing how the organization is performing and what corrective actions are required.