Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business and other organizations. It involves preparing source documents for all transactions, operations and other events of a business on day to day basis.

Accounting is the process of summarizing, interpreting, and communicating financial transactions which were classified in the ledger account.

Bookkeeping and accounting are two functions which are extremely important for every business organization. In the simplest of terms, bookkeeping is responsible for the recording of financial transactions whereas accounting is responsible for interpreting, classifying, analyzing, reporting, and summarizing the financial data.

Bookkeeping and accounting may appear to be the same profession to an untrained eye. This is because both accounting and bookkeeping deal with financial data, require basic accounting knowledge, and classify and generate reports using the financial transactions. At the same time, both these processes are inherently different and have their own sets of advantages.

As per Income Tax Act, 1961: Sec 44AA(2) of the Income Tax Act, 1961 requires persons carrying on business to maintain books of accounts in certain cases. If a person is carrying on business, he is required to maintain books of accounts if his turnover exceeds Rs. 10,00,000 or his profits from business exceeds Rs. 1,20,000 in any of the three preceding years.

Companies Act, 2013: Every company shall prepare and keep at its registered office books of account and other relevant books and papers and financial statement for every financial year which give a true and fair view of the state of the affairs of the company, including that of its branch office or offices, if any, and explain the transactions effected both at the registered office and its branches and such books shall be kept on accrual basis and according to the double entry system of accounting:

Provided that all or any of the books of account aforesaid and other relevant papers may be kept at such other place in India as the Board of Directors may decide and where such a decision is taken, the company shall, within seven days thereof, file with the Registrar a notice in writing giving the full address of that other place:

Provided further that the company may keep such books of account or other relevant papers in electronic mode in such manner as may be prescribed.

We believe that Bookkeeping and accounting is a very important part of every business. CompaniesHouse has been having combined experience in this domain for over 20 years now and has served several clients in India and abroad. Our team comprises of certified, professional accountants who provide the best services in the industry. Our bookkeepers and accountants are updated with the changing market scenarios and are skilled to work on emerging tools and technologies. By outsourcing your requirements to us, you can save about 50% of your costs and concentrate more on your core competencies.

We are incredibly passionate about the quality of our service, and we are incredibly proud of our customer feedback, as shown by our excellent reviews and ratings. Time and time again, we are selected for the value and expertise that our team is known for. We have helped shape the industry by providing innovative business services and bundled packages that have evolved alongside the needs of our customers.

Our clients have access to free support from an expert team. We are always on standby to help. If you need assistance at any point before, during, and after the registration of your company, you will be able to reach us by telephone or email.

If you have any kind of accounting and bookkeeping requirements, feel free to write to us or talk to one of our representatives and we will get back to you within 24 hours.