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Why bookkeeping is necessary for my business

 
3.5/5 stars (2 votes)
Category : > Accounting & Book keeping
Posted On : Thu Dec 31st,2009

 
In short, book keeping is essential for your business To record all the business transactions for the production of financial statements To show clearly the nature and effect of each transactions and their combined result.
 

Bookkeeping, commonly referred to as keeping the books, is the process of keeping full, accurate, up-to-date business records It is the process of recording and classifying business financial transactions (activities), maintaining the records of the financial activities of a business or an individual.


A bookkeeper assists you in effectively managing your company’s accounting records, receipts and payments, income and expenditures. stay abreast of profits and losses. Furthermore, accurate bookkeeping is required by both federal and local tax agencies.


Bookkeeping involves making a record of the monies received by your business as well as the monies paid out. It encompasses money your company owes to vendors, employees, tax agencies, contractors and any other individual or entity. Likewise, accurate records of amounts owed to your company by outside individuals and organizations are also recorded in a company's books.


A proper bookkeeping system helps to determine the amount of taxes your company must pay. They are also used in preparing your tax returns. Sometimes, a tax agency may decide to investigate the information reported on a tax return or other type of tax-related document. In such cases, you are required to present accurate records for the tax agency's inspection. Failure to do so could lead to hefty fines, penalties, or in severe cases, imprisonment.


Infotax square can help your businesses effectively manage books and records, stay abreast of profits and losses, and develop plans for the future based on financial trends. We offer our services to record financial data of your business operations in a significant and orderly manner.

  


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Comments (1)
satinder singh   wrote on : Sat Jul 20th,2013
i am running a tailoring work at home and my net income is rs. 15000/- per month after making expences. now my question is it is necessary to maintain books for my work if yes than what is the minimum limit or that     View Detail
Reply : infotaxsquare.com
 
Satinder Singh:

Thanks for choosing InfoTaxSquare.com for your business needs. You are required to maintain books and records, you are claiming on your tax returns.


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For instant news please subscribe at www.InfotaxSquare.com


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