Advantages of Book-Keeping and Accountancy Homework Help
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Accountancy and bookkeeping are two peas in a pod. On one hand, if book keeping provides all the financial information in recorded documents, accountancy terms helps them to analyze, classify and interpret the report to make result out of it. In this article, we provide Advantages of Book-Keeping and Accountancy Homework Help to students looking for an easy language understanding of the topic. Bookkeeping is performed by small scale businessman on their own in a gist to save costs while if it is a big scale firm, a trained accountant is hired to do so.
Importance of book keeping and accountancy
Our Advantages of Book-Keeping and Accountancy homework Help team experts have worked long enough in the market to understand the fundamentals, objectives, and importance of book keeping and accountancy towards the growth of the firm.
• It limits the efforts taken in an audit by providing ample data
• Helps central record keeping agencies with the audit
• Eradicates the chances of missing deductions
• Save time in filing the records
• A company’s financial status in market is shown by it
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Advantages of a book keeping
As mentioned above, this article will provide you Advantages of Book-Keeping and Accountancy homework Help from a professional point of view. A few have been compiled and listed below.
1. The sales and revenues can be corroborated under the same page for a particular time period say a month, quarter, half or yearly. This way a firm tries to improve its profitability by increasing cost cuts.
2. Tax filings at the end of the year would require the complete transactions done in the time period. Book keeping gives the balance sheets in which all the company’s assets and liabilities are entitled. To lower the tax burden, tax deductions can be found in the book keeping, for example, life insurance policies, recurring deposits etc. help in tax deductions.
3. Payroll of the employee is also monitored by this scheme. It ensures that each employee receives their define payroll every month. It helps an accountant to keep a record of all of it. Sales commissions, bonuses, and supplement wages are calculated as per the performance of the employee and entered in book keeping records.
4. Owed money, bill due dates, and bank balances are important parameters that decide a firm’s calculative position in the financial market. Bills should be paid on time and company’s debt should be cleared in order to achieve a better position in the market.
5. Higher profits through management controls are the priority of the firm and the tedious accounting transactions are solved by a book keeper in a due course of time to elevate such conditions.
6. It maintains control over the assets and budgets. In balance sheet where the assets are totaled with the combination of liability and equity. It is made sure by book keeper that both of them are equal to each other under any circumstances.
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