Brylaw
Importance of Bookkeeping
If I’ve to define Bookkeeping in my own words, it is an art of recording, classifying & summarizing the financial transactions in a significant manner. Whether the business is small or medium or a corporate house, bookkeeping is an important activity which creates your road map of the success. Without proper bookkeeping, your business could very quickly and easily crash into a wall. Other than businesses some of the individuals or non profitable firms also need to maintain it.
Though it cannot be emphasized enough but here I’ve tried to describe how it helps in various business terms:
Booking contents the accurate information that helps analysis the financial health of the company. You can easily track all the revenue flows and plan the future goals accordingly. It also contributes in tracking the pending payments, dues follow-ups, priorities and other major transactions management. When you sit in the board meeting for the planning your next agenda, these records can launch a platform and make your decision easy. It also aids in keeping in line with the budget, analyzing the gross profits & loss, determining the status of the business and anticipating cash flow issues.
Taxation is one of the complementary terms which nobody can ignore. Since it’s a keep going task so you needs to have all your financial affairs handy. Bookkeeping keeps track records of all the financial documents in order to accomplish the taxes so it makes your path easy and smooth. It also helps taking decision for any investments
On a very important note, all your records must be in significant manner because poor bookkeeping may leads various problems like overpayments & penalties. Be advised that since accounting is not one of your core competencies, so its better to outsource it to an expert firm like Brylaw Accountings who can smartly handle it. It does not only save in time and money but also offer peace of mind.
Contributed By: Vinay Prakash Mani
Importance of Bookkeeping
If I’ve to define Bookkeeping in my own words, it is an art of recording, classifying & summarizing the financial transactions in a significant manner. Whether the business is small or medium or a corporate house, bookkeeping is an important activity which creates your road map of the success. Without proper bookkeeping, your business could very quickly and easily crash into a wall. Other than businesses some of the individuals or non profitable firms also need to maintain it.
Though it cannot be emphasized enough but here I’ve tried to describe how it helps in various business terms:
Booking contents the accurate information that helps analysis the financial health of the company. You can easily track all the revenue flows and plan the future goals accordingly. It also contributes in tracking the pending payments, dues follow-ups, priorities and other major transactions management. When you sit in the board meeting for the planning your next agenda, these records can launch a platform and make your decision easy. It also aids in keeping in line with the budget, analyzing the gross profits & loss, determining the status of the business and anticipating cash flow issues.
Taxation is one of the complementary terms which nobody can ignore. Since it’s a keep going task so you needs to have all your financial affairs handy. Bookkeeping keeps track records of all the financial documents in order to accomplish the taxes so it makes your path easy and smooth. It also helps taking decision for any investments
On a very important note, all your records must be in significant manner because poor bookkeeping may leads various problems like overpayments & penalties. Be advised that since accounting is not one of your core competencies, so its better to outsource it to an expert firm like Brylaw Accountings who can smartly handle it. It does not only save in time and money but also offer peace of mind.
Contributed By: Vinay Prakash Mani