Lawdocs

Accounting and Book keeping

Create. Maintain. Preserve.

Comply the annual filing with convenience.

Procedure

Identification, classification, recording and posting.

  • Transaction Identification

Identify the transaction and prepare transaction source document.

  • Classification of accounts

Analyse and classify the transaction and identification of heads to be debited and credited.

  • Recording

Record the transaction in double entry

  • Posting

Post journal entry to the ledger account

Documents required

Information for writing books.

  • PAN Card
  • Incorporation Documents
  • Bank Statement
  • Bank Statement of Partners
  • Registration Certificates
  • Invoices and Bills
  • Details of Assets
  • Preliminary expense
  • Details of Cash transactions

How LawDocs can help?

An always available assistant to help you.

  • Basic Financial Consultation
  • Book keeping Services.
  • Preparation of Accurate Annual Financial Statements And Monthly Reports
  • Assistance in Designing Invoices
  • Basic Taxation Advisory.

FAQs

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 process of accessing, measuring, recording, classifying, verifying, summarizing, interpreting and communicating financial information. It provides information on operational efficiency and other financial aspects of the business. The end product of accounting is financial statements which provide a basis for decision making.
As per Income Tax Act 1961, Sec 44AA, if the income from business or profession exceed 1,50,000 or the total sales exceed 25,00,000 in any of three previous years, you are required to maintain proper book of accounts.

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.

A financial statement like balance sheet, profit and loss, cash flow statements etc. are the final output of the accounting process.
Comparison between manual accounting and computer-based accounting 1. In Manual accounting ledgers, registers and accounting books are maintained physically, while in computer-based accounting, they are maintained electronically by software. 2. All the calculation are performed manually in manual accounting while in computer-based accounting, only input data is required while all calculations are done automatically. 3. Backup is not possible in manual accounting while transactions and records can be saved electronically and can be restored in future. 4. Financials are prepared at the year-end, but in CBA you can prepare them at any time.
Accounting helps businesses in the following ways 1. It helps in setting up your business. It gives you an idea about forecasting your business targets. 2. It helps in assessing the right income and accordingly helps you to pay the right tax. 3. Regulations need to compulsory maintain books of Accounts 4. It creates a business history of a concern 5. Efficient decision making cannot be possible without accounting 6. Accounting provides a basis of valuation of the entity
Apart from Tally and Busy which are most popular accounting software in India, there are also some other cloud-based software platforms, for example, Quick book, Zoho, Sage Accounting which has gained popularity in India for their rich reporting features.
There are certain important measures taken by the accounting service providers, which include password-protected servers, confidentiality agreements, and secure service support. These measures ensure that the business accounting data will not be leaked. We at Provenience, give utmost importance to the security of your data.
Outsourcing your accounting services or just your GST accounting enables you to focus on your core business while the experts can do the compliance and financial tasks of your business.
There are no restrictions on the location of outsourced accounting services that you hire.
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