Comply the annual filing with convenience.
Identify the transaction and prepare transaction source document.
Analyse and classify the transaction and identification of heads to be debited and credited.
Record the transaction in double entry
Post journal entry to the ledger account
Yes, one can submit computerised accounts, too. Now, it is easier to maintain records and all details of financial transactions on designated software or through computerized records, to eliminate any errors and miscalculations.
Although accounting can be done individually, it is highly recommended to avail the assistance of accounting professionals who can maintain the records and help you save a lot of time and effort spent on dealing with everyday bills and transactions
There is an advantage in taking the opinion of an expert, such as an agent who can maintain the accounting records as demanded by the income tax, and thus, save you a lot of man-hours and hassles of dealing with daily bills and transactions.
LawDocs adopts the best practices when it comes to maintaining confidentiality in the data of our customers. We ensure your information is not leaked or disseminated to the third party. The accounting software we use is
By following better accounting you can analyze the intricate financial details, prepare reports to accurately include quarterly and year-end closing documents, monitor and check taxation issues and filings, etc.
Cloud-based software can be accessed from anywhere, moreover, your financial position can be tracked on fingertips (through mobile app) on real-time. There is no need to manually take the back-up and worry of losing the data. Some of the advanced features like integration with the bank, GST portal, API based automation are also possible through cloud software.
As your organisation grows, you can add additional modules and manage all operations, integrated with accounting software.
Accounting is the backbone of businesses, given below are the few benefits of accounting
1. Complete and systematic record
2. Valuation of business
3. Evidence in the court of law
4. Basis for preparation of fina ncial statements
5. In Compliance with various Law
6. Helps in Inter and Intra firm comparison
7. Provides input for Management in implementing Management information system(MIS)
8. Enable decision making
9. Provides information to interested parties like shareholders, creditors, investor and customer
Double entry bookkeeping is a system of accounting where an account is debited, and another corresponding account is credited. It has two equal side debit and credit. It keeps the system on auto reconciliation.