In an industry or organization bookmarking plays very pivotal. It involves all day to day bases of industrial financial transaction and information being carried by the business. It is ensured and taken care of each record of all individual financial transaction accuracy and compressive. Thus, accuracy plays very crucial role throughout the process. Book keeping provides all the necessary information regarding account being prepared and all those preliminary process in account handling.
Goals of Bookkeeping and accounting
Bookkeeping and accounting comprises of two distinct goals:
1) In order to improve profit, it carries all the information regarding your income and expenses.
2) To file your various tax returns and local tax registration papers, it gathers all the basic financial information.
The actual process of Bookkeeping
Keeping your book gets easy, when these three steps are understand and followed :
1) Keeping all the receipts and all other payment detail and expenditure done at your business.
2) Keeping a regular check into your income and expenditure that could be monthly weekly or daily basis.
3) Using your details, Helps in creating financial reports which gives pacific information regarding your business which gives details regarding monthly profit and business status at particular time.