Book-keeping & Accounts

Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business. Transactions include purchases, sales, receipts, and payments by an individual person or an organization/corporation. It refers mainly to the record-keeping aspects of financial accounting, and involves preparing source documents for all transactions, operations, and other events of a business.

Financial statements are drawn from the trial balance, which may include:

• The Income Statement, also known as the statement of financial results, profit and loss account, or P&L
• The Balance Sheet, also known as the statement of financial position
• The Cash Flow Statement
• The Statement of changes in equity, also known as the statement of total recognised gains and losses

It’s is a record of small-value purchases before they are later transferred to the ledger and final accounts; it is maintained by a petty or junior cashier. This money is to cater for minor expenditures (hospitality, minor stationery, casual postage, and so on) and is reimbursed periodically on satisfactory explanation of how it was spent.

• Maintenance of business records
• Preparation of financial statements
• Comparison of results
• Decision making
• Start Up funding
• Investors and loan syndication
• Evidence in legal matters
• Provides information to related parties
• Helps in taxation matters
• Business Valuation