What is Bookkeeping and Accounting?
Bookkeeping is the process of recording daily financial transactions such as sales, purchases, receipts, and payments. It ensures that all financial data is accurate, organized, and up-to-date.
Accounting takes this data further by analyzing, summarizing, and interpreting it to create financial statements. It helps in understanding the financial health of the business, tax planning, and strategic decision-making.
Difference Between a Bookkeeper and an Accountant
While often used interchangeably, their roles are distinct:
- Bookkeeper: Focuses on the transactional side—recording daily entries, managing invoices, and reconciling bank statements. Their goal is accuracy and consistency.
- Accountant (CA): Focuses on the analytical side—preparing financial reports, auditing, tax filing, and providing strategic financial advice. Their goal is compliance and business growth.
Key Advantages of Professional Services
- Accuracy: Eliminates errors in financial records, ensuring a true picture of your business finances.
- Compliance: Ensures timely filing of GST, TDS, and Income Tax returns, avoiding penalties.
- Cost-Effective: Outsourcing is often cheaper than hiring a full-time in-house team.
- Better Decision Making: Access to accurate financial reports helps you make informed business decisions.
- Time Saving: Frees up your time to focus on core business activities rather than number crunching.
Our Comprehensive Services
Easyfilings offers a full suite of financial services tailored to your needs:
- Daily Bookkeeping: Recording all financial transactions accurately.
- Bank Reconciliation: Matching bank statements with ledger entries to identify discrepancies.
- AP/AR Management: Managing Accounts Payable (what you owe) and Accounts Receivable (what is owed to you).
- GST & TDS Compliance: Calculation, filing, and reconciliation of GST and TDS returns.
- Financial Reporting: Preparation of Profit & Loss Account, Balance Sheet, and Cash Flow Statements.
- Payroll Management: Processing employee salaries and managing PF/ESI compliance.
Who Needs Professional Bookkeeping?
- Startups: To establish a solid financial foundation from day one without high overheads.
- SMEs: To manage growing transaction volumes and ensure tax compliance.
- E-commerce Sellers: To handle complex inventory, sales, and return transactions across platforms.
- Professionals: Doctors, lawyers, and consultants who need to track income and expenses for tax purposes.
How Our Process Works
- Consultation: We assess your business needs and propose a tailored plan.
- Data Collection: You share documents (invoices, bank statements) via our secure platform.
- Processing: Our team records and processes the data using advanced accounting software.
- Review & Reporting: We generate financial reports and review them with you periodically.
- Filing: We handle all necessary tax and statutory filings on time.
