Accounting and bookkeeping services in India are often taken as same services in business. tons of minds would be within the dilemma of “Isn’t a bookkeeper an accountant?”. Well, there’s an enormous difference in both terms. So, what’s the difference between a bookkeeping service and accounting service?
Difference between Bookkeeper and Accountant
So the major difference between the 2 is that the incontrovertible fact that bookkeeper focuses on support role and includes duties like creation on invoices and data entry. The technical need of business like taxes, business planning and doing month end closing entries is taken care by Accountant.
It’s also said that Bookkeeping may be a must have for little business either by hiring an in-house bookkeeper or by subcontracting outsource bookkeeping service agency . Accounting services are very different than bookkeeping services accountants are focused on the large picture while bookkeepers are focused on the small print and therefore the daily operation of the business both services are important and supply different benefits for the corporation.
Bookkeeping services are the services that encompass the controlling and organizing source documents in accurate and proper manner while accounting services involve determining the simplest setup and control for a bookkeeping system like income monitoring and budgeting.
Why to outsource Accounting & Bookkeeping services?
As the business grows, the business owner gets to understand that it’s not cash, but time that’s most difficult to return across. Most of you think that is there actually a requirement of outsourcing bookkeeping services? Therefore i might wish to acquaint you with the advantages of outsourcing bookkeeping services.
1. specialise in business – once you outsource your accounting tasks to bookkeeping agency, you’re not barely handling over the work but also you expire all the responsibility attached thereto . So there it lies a differentiation in managing and monitoring.
Now bookkeeping doesn’t limit you to solely write the account or record the statistics, it goes on the far side, as deep because the bottom of all the sheets of all the departments and overheads. Whereas outsourcing a talented bookkeeping company, the foremost recent tools and technology are going to be at your disposal. Such tools which can provide you with with useful insights concerning your payment, backup the crucial information of your business and many of such proceedings, that you simply can’t imagine to handle along side your own team.
2. Experts at your service – While opting with outsourcing, a huge pool of experience exposes for you, leaving the effort of checking or correcting the books. It also eradicates the limitation of hiring an in-house person. the foremost crucial thing is your bookkeeping would be managed by people enriched with years of industry experience.
3. Reduce Cost – the foremost crucial term you’d save is that the time. instead of paying for full time staff, you would like to pay just for the hours that you simply require and with little or no overhead and no infrastructure expenses.
4. that specialize in core business – By not spending the time on details, you’ll actually specialise in your core business or that reasons you went into business for yourself and leave the work to the experts.
5. Avoid Tax Penalties – Incorrect accounting records can impose penalties on you during tax session. Accounting service provider gives accessibility to the newest accounting software, reducing the error rate.
6. Fraud Prevention – Accounting services professionals will keep all of your business payments, profits, expenses and financial development on target with their efficient management and expertized skillsets. If you’ll have an in depth record of all the financial statements like record and profit and loss statement, it helps you in fraud prevention and accessibility to authentic data and also future deciding .