BBNC

Bookkeeping


Bookkeeping is a process of recording all the financial transactions made by a business. It ensures that records of the each and every financial transaction are correct, up-to-date and comprehensive.
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Overview

Accounts of a business is prepared from the information provided by Bookkeeping process. Each transaction weather it is a question of purchase, expenses or sale, must be recorded. A company or business entity must maintain the books of accounts. It is a mandatory compliance which needs to be followed.

Proper bookkeeping gives companies a reliable measure of their performance. It also provides information to make general strategic decisions and a benchmark for its revenue and income goals. The bookkeeping transactions can be recorded by hand in a journal or spreadsheet like Microsoft Excel or an advanced Software’s like Tally.



Benefits of Bookkeeping

Easy to Plan

Once the entity has detailed recording and overview of their transactions. It gets much easier to plan and predict the future of the entity. With an overview you can predict the future opportunities and understand profit and loss of the entity.

Detailed Recording

Bookkeeping helps the entity to keep the detailed and up to date recording of the transactions, such as sales, expenses, purchases, advances, loan payments, etc. which helps to get the complete financial statement of the entity.

Compliant with the Law

In India, The Registrar of Companies (ROC) demands a strict record of accounting transactions in a company. Hence bookkeeping is mandatory by law.

Faster Financial Analysis

it’s helpful to know that by having detailed records you will reduce the length of time an accountant will spend on analysing the accounts and creating financial statements for your firm.

Checklist/Requirements

  1. Monthly Bank statement of the entity
  2. Sales invoices
  3. Purchase invoices
  4. Other information of Loans, Payments, etc.

Process of Bookkeeping

Step 1: Analyzing financial transactions and assigning them to a specific account

Step 2: Writing original journal entries that credit and debit the appropriate accounts

Step 3: Posting entries to ledger accounts

Step 4: Adjusting entries at the end of each accounting period

Key Deliverables

  1. Records of books of accounts
  2. MIS

Bookkeeping

Why Choose Us

  Entrepreneur Friendly

We make the process so easy and fast that you will not even feel the headache of all the paperwork, and our professionals will provide you all the promised deliverable within a given span of time.

  Experienced Professionals

All our professionals are qualified and specialized in that particular work. Making sure no mistakes are done at the time of filings with the authorities so that company won’t have to pay any penalties due to mistakes.

  One Stop for All Your Requirements

We support you throughout the journey of your business, from the incorporation, Accounting and taxation support, Secretarial compliance support, and Legal support.

  Cost-Effective

We believe that cost plays a vital role in any company’s growth stage, that’s why we do not surprise our clients with hidden charges, you pay what you see in the initial proposal.


Frequently Asked Questions


What is a general ledger account?
A general ledger account is a record which is used to sort, store and summarize a company's transactions.
Accounts payable is a current liability account in which a company records the money it owes to suppliers or vendors for goods or services that it received on credit basis.
Account’s receivable is a current asset account in which a company records the money it has a right to collect from customers who received goods or services on credit basis.
Petty cash fund is a small amount of money available for paying small expenses without writing a check.
For small companies it is expensive to hire full time bookkeeper who maintains all the financial records of the company. So small business can outsource this work, where professional bookkeepers maintain the books of records at a low cost. BBNC can help you with this.
This is the best option for small businesses to cut down on operational costs without compromising on quality and data privacy. You do not have to worry about frequent software updates or technical issues happening from time to time.
For Start-ups outsourcing is always better, as the founders do not need to worry about the compliances and companies like BBNC can take care of it with full responsibility. And the founders can focus on the business growth.
Yes, A CA is required to verify the entries done in the book of accounts. However, the entries can be performed by the bookkeeper.
When goods supplied are returned to the supplier due to goods (or services) not being up to the mark a credit note is issued. When extra goods being issued to the merchant a debit note is issued by the supplier.
Accrued income is representing revenue that has not yet invoiced. Prepaid income is advance payment received from the buyer.
Bank Reconciliation Statement is a statement which records differences between the bank statement and general ledger.