Accounting vs Bookkeeping
Bookkeeping is the foundation of accounting. It involves the recording of financial transactions. Accounting is the process of summarizing, interpreting, and communicating financial data to track performance.
| Characteristic | Accounting | Bookkeeping |
|---|---|---|
| Purpose | To provide a summary of financial data | To record financial transactions |
| Scope | Wider (Analysis & Interpretation) | Narrower (Data Entry) |
| Focus | Big Picture | Details |
| Output | Financial Statements, Reports | Ledgers, Journals |
Why Outsource Accounting?
- Save Time & Money: Free up your staff to focus on core business tasks.
- Improve Accuracy: Professional accountants keep your records accurate.
- Expertise: Access to experienced CAs without hiring full-time.
- Compliance: Ensure your business adheres to all tax laws and regulations.
- Reduce Risk: Minimize the risk of financial errors and fraud.
What the service includes
- Bookkeeping: Recording of all sales, purchases, and expenses.
- Software License: Access to cloud-based accounting software.
- Tax Filing: Preparation & filing of Income Tax Returns.
- Financial Statements: Preparation of Balance Sheet, P&L Account.
- Reports: Preparation of Director's Report.
Who is this for?
If you are an organization with a growing team and finances, this service is well suited. It is ideal for startups, SMEs, and any corporate organization that needs to maintain accurate books for internal or statutory audits.
Discuss your requirement
Tell us about your business and we will explain the process, documents and timelines.