Accounting & Bookkeeping Services
Accurate financial record management, bookkeeping and accounting support for organised and reliable business reporting.
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Accurate financial record management, bookkeeping and accounting support for organised and reliable business reporting.
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Accounting & Bookkeeping Process
A Simple 6-Step Process for Organised & Accurate Financial Records
Understand Your Accounting Requirements
Initial consultation to understand your business needs and requirements
Collect Financial Records
Gather sales invoices, purchase bills, expense records, bank statements, payment details, receipts and other relevant financial documents.
Record & Categorise Transactions
Record business transactions systematically and classify income, expenses, purchases, sales, assets, liabilities and other financial entries under the appropriate accounts.
Reconcile & Verify Accounts
Reconcile bank accounts and relevant ledgers, review entries and identify missing, duplicate or inconsistent transactions.
Prepare Financial Reports
Prepare applicable accounting reports such as profit and loss statements, balance sheets, ledgers, receivables, payables and other financial summaries.
Ongoing Accounting Support
Maintain updated financial records and provide regular accounting support for tax compliance, financial review, reporting and informed business decisions.
Accounting & Bookkeeping Services
Accurate accounting records give a business a clearer picture of its financial position, cash flow, profitability and day-to-day performance. Proper bookkeeping helps ensure that financial transactions are recorded systematically and that important accounting information remains organised and accessible.
Accounting and bookkeeping involve more than recording sales and expenses. Businesses may need regular ledger maintenance, bank reconciliation, accounts payable and receivable management, expense tracking, financial reporting and coordination of accounting records with applicable tax and compliance requirements.
The nature and frequency of accounting work depend on the business structure, transaction volume, industry, accounting system and specific reporting requirements.
What Are Accounting & Bookkeeping Services?
Bookkeeping is the process of recording and organising a business's financial transactions, while accounting involves analysing, classifying and reporting that financial information.
Together, these activities help businesses maintain structured financial records and understand their financial position.
| Service Area | General Scope |
|---|---|
| Bookkeeping | Recording and organising day-to-day financial transactions. |
| Ledger Maintenance | Maintaining appropriate account-wise records of financial transactions. |
| Bank Reconciliation | Comparing accounting records with bank statements and identifying differences. |
| Accounts Receivable | Recording and tracking amounts receivable from customers. |
| Accounts Payable | Recording and tracking amounts payable to suppliers and service providers. |
| Financial Reporting | Preparing financial summaries and reports based on recorded accounting information. |
Why Is Proper Bookkeeping Important?
When financial transactions are recorded consistently, business owners can better understand revenue, expenses, outstanding payments and overall financial performance.
Organised bookkeeping can also make it easier to prepare financial statements and provide relevant information for tax and statutory compliance.
| Benefit | How It Helps |
|---|---|
| Financial Visibility | Provides a clearer view of income, expenses and financial position. |
| Cash Flow Monitoring | Helps track incoming and outgoing business funds. |
| Tax Preparation | Organised records can support applicable GST and income tax compliance. |
| Decision Making | Reliable financial information can support informed business decisions. |
| Record Keeping | Creates a structured history of business transactions and financial activity. |
Who Needs Accounting & Bookkeeping Services?
Businesses of different sizes and structures can require bookkeeping and accounting support. The level of work may vary according to transaction volume, business activity and reporting requirements.
| Business Type | Common Accounting Requirements |
|---|---|
| Proprietorship | Sales, purchases, expenses, bank reconciliation and financial reporting. |
| Partnership Firm | Firm-level bookkeeping, partner-related accounts and financial statements. |
| LLP | Transaction recording, ledger maintenance and applicable financial reporting. |
| Private Limited Company | Regular bookkeeping, reconciliations, financial statements and compliance-related records. |
| Startup | Transaction tracking, expense management, cash flow records and financial reporting. |
| Professional | Income, expense, receivable, payable and tax-related accounting records. |
What Does Bookkeeping Include?
Bookkeeping generally involves recording financial transactions in an organised accounting system and maintaining the relevant supporting records.
- Sales entry recording
- Purchase entry recording
- Expense recording
- Receipt and payment recording
- Journal entries
- Ledger maintenance
- Bank reconciliation
- Accounts receivable tracking
- Accounts payable tracking
- Credit and debit note recording
- Fixed asset records
- Basic financial reporting
Sales & Revenue Accounting
Sales transactions should be recorded accurately with the relevant invoice details, customer information, taxable value and other applicable accounting information.
Regular sales recording helps businesses monitor revenue and provides an organised basis for applicable GST and financial reporting.
| Sales Record | Information Commonly Reviewed |
|---|---|
| Sales Invoice | Customer, invoice number, date, value and applicable tax information. |
| Credit Note | Applicable sales adjustment or reduction. |
| Debit Note | Applicable increase or adjustment to a previous transaction. |
| Sales Return | Details of returned goods or applicable transaction adjustments. |
Purchase & Expense Accounting
Purchase and expense records help businesses understand where funds are being spent and support the preparation of financial statements.
Relevant invoices and supporting documents should be retained for business expenses and applicable tax purposes.
Bank Reconciliation
Bank reconciliation involves comparing the transactions recorded in the accounting system with the corresponding bank statement.
The process can help identify missing entries, duplicate entries, bank charges, timing differences and other discrepancies.
| Item | Possible Reason for Difference |
|---|---|
| Bank Charges | Charges appearing in the bank statement but not yet recorded in the books. |
| Outstanding Cheques | Payments recorded in the books but not yet reflected by the bank. |
| Deposits in Transit | Receipts recorded internally but pending reflection in the bank statement. |
| Direct Bank Transactions | Transactions appearing in the bank statement that require accounting entries. |
Accounts Receivable Management
Accounts receivable represents amounts due from customers. Maintaining accurate receivable records helps businesses understand outstanding invoices and track customer balances.
| Receivable Information | Purpose |
|---|---|
| Customer Invoice | Records the amount due from the customer. |
| Payment Received | Updates the outstanding customer balance. |
| Credit Note | Adjusts the amount receivable where applicable. |
| Outstanding Report | Shows unpaid customer invoices and balances. |
Accounts Payable Management
Accounts payable represents amounts owed to suppliers, vendors or service providers. Proper records help businesses track outstanding obligations and payment status.
Maintaining payable records can also help prevent duplicate payments and improve visibility into upcoming financial commitments.
Ledger Maintenance
A ledger organises financial transactions according to individual accounts. Maintaining updated ledgers helps businesses review balances and prepare financial reports.
| Ledger Type | Examples |
|---|---|
| Income Ledger | Sales and other applicable business income. |
| Expense Ledger | Rent, salaries, utilities, professional fees and other expenses. |
| Customer Ledger | Amounts receivable from customers. |
| Supplier Ledger | Amounts payable to suppliers. |
| Bank Ledger | Transactions affecting business bank accounts. |
| Asset Ledger | Records relating to applicable business assets. |
Financial Statements
Accounting records can be used to prepare financial statements that provide an overview of the business's financial performance and position.
| Financial Statement | Purpose |
|---|---|
| Profit & Loss Statement | Shows applicable income, expenses and resulting profit or loss for a period. |
| Balance Sheet | Shows assets, liabilities and equity at a particular date. |
| Cash Flow Information | Provides information regarding cash inflows and outflows. |
| Trial Balance | Summarises ledger balances for accounting review and financial statement preparation. |
Monthly Accounting
Monthly bookkeeping helps businesses maintain their records regularly instead of allowing transactions to accumulate for long periods.
A monthly accounting cycle may include recording transactions, reconciling accounts, reviewing ledgers and preparing financial summaries.
Quarterly & Periodic Accounting Review
Businesses may also benefit from periodic financial reviews to identify unusual transactions, outstanding balances, expense trends and accounting discrepancies.
The frequency of review can depend on the size and transaction volume of the business.
Accounting Records for GST Compliance
Proper accounting records can support GST compliance by providing information regarding sales, purchases, expenses, input tax credit and applicable tax liability.
| Accounting Record | GST Relevance |
|---|---|
| Sales Register | Helps track outward supplies and applicable GST. |
| Purchase Register | Helps review purchases and potential input tax credit. |
| Expense Records | Helps identify business expenses and applicable tax information. |
| Credit & Debit Notes | Supports recording of applicable transaction adjustments. |
| GST Ledgers | Helps track applicable tax balances and transactions. |
Accounting Records for Income Tax Compliance
Proper books and supporting records can provide useful information for income tax calculation and return preparation.
Business income, expenses, depreciation, assets, liabilities and other relevant information may need to be considered depending on the taxpayer and applicable provisions.
Accounting & Tax Compliance
Accounting and tax compliance are related but separate functions. Accounting records provide the financial information that may be used for preparing applicable tax returns and statutory reports.
| Accounting Activity | Possible Compliance Relevance |
|---|---|
| Sales Recording | Supports applicable GST and income reporting. |
| Expense Recording | Supports financial reporting and applicable tax calculations. |
| Bank Reconciliation | Helps verify the completeness of financial records. |
| Ledger Review | Helps identify unusual or incomplete accounting entries. |
| Financial Statements | May support applicable statutory and tax filings. |
Accounting for Startups
Startups often have changing expenses, multiple payment channels, investments and new revenue streams. Maintaining organised records from the beginning can make it easier to understand cash flow and financial performance.
Early-stage businesses should establish an appropriate accounting system and maintain supporting documents for their transactions.
Accounting for Small Businesses
Small businesses may manage accounting internally or outsource some or all bookkeeping activities. The appropriate approach depends on transaction volume, internal resources and reporting requirements.
Regular bookkeeping can help business owners understand outstanding receivables, supplier obligations, expenses and profitability.
Accounting for E-commerce Businesses
E-commerce businesses may have transactions across websites, marketplaces, payment gateways, shipping providers and bank accounts. These transactions may need to be reconciled regularly.
| Transaction Area | Accounting Consideration |
|---|---|
| Online Sales | Recording customer sales and applicable tax information. |
| Marketplace Settlement | Reconciling marketplace collections, fees and settlements. |
| Payment Gateway | Reconciling customer receipts and gateway charges. |
| Returns & Refunds | Recording applicable sales reversals and customer refunds. |
| Shipping Charges | Recording applicable logistics and delivery expenses. |
Accounting for Service Businesses
Service businesses may receive payments through multiple channels and can have recurring expenses such as salaries, software subscriptions, professional fees and office costs.
Accurate recording of service income and expenses helps provide a clearer view of profitability and outstanding customer balances.
Accounting for Inventory-Based Businesses
Businesses dealing in physical goods may need to track purchases, sales, stock movement, inventory valuation and related expenses.
Inventory records should be maintained consistently with the applicable accounting method and business requirements.
Common Bookkeeping Mistakes
- Recording transactions late
- Missing sales or purchase entries
- Not reconciling bank accounts
- Mixing personal and business transactions
- Failing to maintain supporting invoices
- Incorrectly categorising expenses
- Ignoring outstanding receivables
- Not tracking supplier balances
- Failing to reconcile payment gateway or marketplace transactions
- Not reviewing accounting records regularly
What Information Is Required for Bookkeeping?
| Information | Examples |
|---|---|
| Sales Records | Sales invoices, receipts and credit notes. |
| Purchase Records | Supplier invoices, bills and debit notes. |
| Expense Records | Office expenses, utilities, subscriptions and other business costs. |
| Bank Statements | Business bank account transaction records. |
| Payment Records | Cash, card, UPI, payment gateway and other payment information. |
| Payroll Information | Salary and employee-related accounting information where applicable. |
What's Included in Our Accounting & Bookkeeping Service?
- Accounting requirement assessment
- Bookkeeping setup guidance
- Sales and purchase recording
- Expense recording
- Ledger maintenance
- Bank reconciliation
- Accounts receivable tracking
- Accounts payable tracking
- GST and tax-related record organisation
- Trial balance preparation
- Profit and loss reporting
- Balance sheet preparation
- Periodic accounting review
Why Choose FilingSuvidha for Accounting & Bookkeeping?
Consistent bookkeeping can make financial information easier to understand and can provide a more organised foundation for tax and statutory compliance.
- Accounting requirement assessment
- Transaction record review
- Systematic bookkeeping
- Ledger maintenance
- Bank reconciliation
- Receivable and payable tracking
- Financial statement support
- GST and tax record coordination
- Periodic accounting support
- Transparent professional fees
- Dedicated support
Accounting Reports for Business Owners
| Report | What It Shows |
|---|---|
| Profit & Loss Statement | Income, expenses and profit or loss for a specified period. |
| Balance Sheet | Assets, liabilities and equity at a particular date. |
| Receivables Report | Outstanding amounts due from customers. |
| Payables Report | Outstanding amounts payable to suppliers and vendors. |
| Trial Balance | Summary of account balances used for accounting review. |
| Cash Flow Information | Overview of relevant cash inflows and outflows. |
Accounting & Bookkeeping Process
Step 1 — Understand Your Accounting Requirements
The business structure, transaction volume, accounting system and reporting requirements are reviewed to understand the scope of bookkeeping support required.
Step 2 — Collect Financial Records
Sales invoices, purchase bills, expense records, bank statements, payment records and other relevant financial documents are collected and organised.
Step 3 — Record & Categorise Transactions
Transactions are recorded systematically and classified into the appropriate income, expense, asset, liability and other accounts.
Step 4 — Reconcile & Verify Accounts
Bank accounts and relevant ledgers are reconciled to identify missing, duplicate or inconsistent transactions.
Step 5 — Prepare Financial Reports
Applicable accounting reports such as profit and loss statements, balance sheets, ledgers, receivable reports and payable reports are prepared.
Step 6 — Ongoing Accounting Support
Financial records are maintained regularly and reviewed to support applicable tax compliance, reporting and business decision-making.
Frequently Asked Questions About Accounting & Bookkeeping
What is bookkeeping?
Bookkeeping is the systematic recording and organisation of a business's financial transactions.
What is the difference between bookkeeping and accounting?
Bookkeeping primarily focuses on recording and organising transactions, while accounting involves analysing, classifying and reporting financial information.
Is bookkeeping necessary for small businesses?
Maintaining organised financial records can be useful for businesses of all sizes. The level of bookkeeping required depends on the business structure, activities and applicable requirements.
How often should bookkeeping be done?
The appropriate frequency depends on transaction volume and business requirements. Regular monthly bookkeeping is commonly used to keep records current, but some businesses may require more frequent updates.
Can bookkeeping help with GST compliance?
Yes. Proper sales, purchase and expense records can provide important information for applicable GST return preparation and reconciliation.
Can bookkeeping help with income tax filing?
Yes. Organised accounting records can provide information required for calculating business income and preparing applicable income tax returns.
What documents are required for bookkeeping?
Common records include sales invoices, purchase bills, expense receipts, bank statements, payment records, credit notes, debit notes and other supporting financial documents.
What is bank reconciliation?
Bank reconciliation is the process of comparing accounting records with bank statements to identify and resolve differences.
What are accounts receivable?
Accounts receivable represents amounts owed to the business by customers for goods or services supplied.
What are accounts payable?
Accounts payable represents amounts that the business owes to suppliers, vendors or service providers.
Can accounting services be outsourced?
Yes. Businesses can outsource bookkeeping and accounting activities depending on their internal resources, transaction volume and reporting requirements.
Can you maintain accounting records digitally?
Accounting records can be maintained using suitable digital accounting systems, provided the records are maintained accurately and in accordance with applicable requirements.
Get Assistance With Accounting & Bookkeeping
Well-maintained accounting records can give business owners better visibility into income, expenses, receivables, payables and overall financial performance.
FilingSuvidha provides accounting and bookkeeping support covering transaction recording, ledger maintenance, bank reconciliation, receivables, payables and financial reporting.
Need Help With Accounting & Bookkeeping?
Get organised accounting support for maintaining financial records and preparing useful business reports.
Get Accounting SupportImportant Disclaimer
The information provided on this page is intended for general educational and informational purposes only and should not be considered accounting, tax, legal, financial or professional advice.
Accounting and record-keeping requirements can vary depending on the business structure, nature of activities, applicable accounting standards and statutory requirements. Tax treatment and compliance requirements may also change from time to time.
Businesses should maintain appropriate records and obtain professional advice based on their specific circumstances and applicable requirements.
