Book keeping involves the systematic recording and organization of financial transactions such as sales, purchases, receipts, and payments. It’s like maintaining a detailed diary of a company’s financial activities.
Accounting, on the other hand, goes beyond recording transactions. It involves analyzing, interpreting, and summarizing financial data to prepare financial statements like income statements, balance sheets, and cash flow statements. Accounting provides insights into a company’s financial health, performance, and overall business strategy.
Different Accounting Outsourcing Solutions
- Advice on the different accounting issues related to the Indian Accounting Standards.
- Helps in preparation of periodic Financial Statements and Analysis of Profit and Loss Account
- Formulation of different accounting systems and procedures
- Monthly Management Reporting
- Bank reconciliation and payment processing services
- Accounting Systems Setup
- Payroll Processing
Payroll
- Helps in preparation of the monthly payroll statements with the payslips of every employee based on their inputs received by the organization.
- It also helps ensure the deduction of the relevant amount account to the statutory laws like Provident Fund, Professional Tax, Income Tax, etc.
- Help in solving the issues raised by any of the employees.
- Helps in the preparation of Form 16 for the employees and also files the Qtly. Even the experts at SGA help in filing returns for e-TDS with Income Tax Authorities.