Why your business needs bookkeeping

For Taking Business Loan:

if you are interested in taking out a loan or some other form of bank financing, your bank will require financial data from you that will prove to them your business is in good economic standing. Banks want to see copies of your statements, cash flow budgets, and any other such financial data.

Time Management:

The job of bookkeeping can be very time consuming. With no exceptions, every monetary amount that is paid or received must be recorded. Additionally, accuracy is of the supreme importance, making keeping the books in a quick manner a very bad idea. As business owners are often lacking in time, many choose to hire bookkeepers to keep company records well maintained.

Cost Efficiency:

Outsourcing your company’s bookkeeping to a certified bookkeeper can save you staffing overhead, operating costs, and management time, freeing up essential capital and increasing your capabilities so you can run your business more efficiently

REASONS TO FILE ITR

Tax payers generally take filing of income tax return as a burden or an additional nod put on by the government. In fact, Income Tax Return is just a Statement of Income earned from various sources of income under 5 Heads such as Salary, House Property, Capital Gains, Business Profession, and Other Sources.

5 Basic Accounting Terms

Assets are economic resources which are owned by a business. Or in other words Assets are things of value owned by a business.
Creditor is a person to whom business owes money or creditor is any person who gives credit to the business. A group ....