Manage Your Accounting & Business Compliances
Simplifying your business requirements isn’t just our job, but our ethos. A well-maintained accounting and compliance system can help your company cut accounting costs and track its financial progress.
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Differences Between Bookkeeping and Accounting
Every business needs to have a bookkeeping and accounting process to prepare the financial records at the end of a year/quarter. In addition, bookkeeping and accounting help the business evaluate its worth and take future decisions.
Many times bookkeeping and accounting are used interchangeably. Though bookkeeping and accounting are inseparable, there is a thin line to distinguish between them. Bookkeeping is part of accounting, and accounting has a broader scope than bookkeeping.
Bookkeeping is the process of maintaining and recording all financial transactions in the original books of entry of a business. The bookkeeping process involves summarising and organising all the company’s financial transactions chronologically in a systematic manner.
Bookkeeping focuses on the day-to-day financial activities and transactions of a business. The bookkeepers maintain and record the books of accounts. All the financial transactions such as payment of taxes, sales revenue, loans, interest income, payroll and other operational expenses, investments, etc., are recorded in the original books of accounts.
The books of account need to be up-to-date as it is the basis for accounting. The accuracy of bookkeeping determines the accuracy of the accounting process followed by a business.
Accounting is the process of interpreting, analysing, summarising and reporting the financial transactions of a business. The financial statements prepared in accounting are a precise summary of financial transactions over an accounting period. These statements summarise a company’s financial position, operations, and cash flows.
Accounting consolidates financial information to make it understandable and clear for all stakeholders. It helps businesses to maintain timely and accurate records of their finances.
The accountant maintains and compiles the records of a company’s daily transactions into financial statements such as the income statement, statement of cash flows and balance sheet. The financial statements help to assess the performance of a company by all stakeholders.
Differences Between Bookkeeping and Accounting
Following are the differences between bookkeeping and accounting:
Bookkeeping is a foundation/base of accounting.
Bookkeeping is one segment of the whole accounting system.
The result of the bookkeeping process is providing input for accounting.
The purpose of bookkeeping is to maintain a systematic record of financial activities and transactions chronologically.
The objective of bookkeeping is to summarise the effect of all financial transactions of a business for a given period.
The person responsible for bookkeeping is called a bookkeeper.
Bookkeeping is clerical in nature. The bookkeepers do not require any special knowledge or skill.The financial statements are not a part of the bookkeeping process.
The bookkeeping process is in accordance with the accounting conventions and concepts.
Accounting uses the information provided by bookkeeping to prepare financial reports and statements.
Accounting starts where the bookkeeping ends and has a broader scope than bookkeeping.
The result of accounting is preparing financial statements for making informed decisions and judgments.
The purpose of accounting is to report the financial strength and obtain the results of the operating activity of a business.
The objective of accounting is to interpret and analyse financial information for informed decisions.
The person responsible for accounting is called an accountant.
Accounting requires the skills of an accountant and knowledge of various accounting practices and policies.
The financial reports and statements are prepared under the accounting process.
Accounting procedures and methods for interpreting and analysing financial reports can vary from one entity to another.
Why Registerkaro to Manage Your Accounting & Business Compliances
As a benefit of working with industry specialists, our team will keep track of all changes to the various relevant regulations and keep you up to date and compliant. Our accounting and compliance team will collaborate closely with you to identify all needs and ensure that the procedure is completed on time. Our experts will assist you in a broad spectrum of financial services that cover:
Basic financial consultation:
We have expert chartered accountants and financial professionals who offer basic financial consultation that your company needs.
Bookkeeping is a process of recording financial transactions and information on a daily basis. The account bookkeeping services may include payments made to suppliers, loan payments, customer invoice payments, monitoring asset depreciation, and generating financial reports.
Preparation of accurate annual financial statements and monthly reports:
One of the major concerns of creditors and investors is a company’s financial health. Financial statements serve as a source for a company’s investor to gauge the profitability and safety for their investment.
The balance sheet, income statement, and cash flow statement provide information on the company's financial position, including an overview of assets and liabilities, as well as stockholders' equity. It also helps in understanding the company's earnings and expenditures, as well as how the company pays its obligations and meets its operating expenses.
Assistance in designing invoices:
Invoices are records of a company's sales transactions. They include information on the shipment, such as the quantity of items, item descriptions, total sale price and selling price per item, terms of sale, buyer and seller information, amount due, invoice number, payment method, and payment due date. Invoices establish the legal rights, wherein if the customer fails to make the due payment, the company can take it forward legally.
Basic taxation advisory:
At Registerkaro our taxation experts offer the best-in-class tax planning strategies that are suitable for your business structure. We understand the changing tax regimes in India and offer timely information.
Cloud-based accounting software license:
We utilise Zoho online accounting software that helps in staying compliant with GST and managing your finances and business workflows.
Our accounting services are offered on the cloud, which means that you'll have 24x7 access to your accounts and can be sure of confidentiality.