In every organization, bookkeeping and accounting tasks are one of the most important responsibilities. While bookkeeping ensures that financial transactions are recorded accurately, accounting classifies, analyses, and interprets data. These activities help in maintaining the financial health of your organization, which is why experienced professionals are required to accomplish these tasks.
Bookkeeping services are a must for all businesses to ensure timely and accurate operational / financial information is provided to the Management, Regulators and Investors. Also, it is a legal requirement for any business to maintain proper book of accounts to ensure that all relevant taxes are paid and tax filings are made on time. Hence, bookkeeping is an important function in any business or not-for-profit organization in India.
Most small and medium enterprises often fail to achieve this due to lack of resources. Hiring an in-house accountant, bookkeeper, or both will not solve the problem and justify the significance of the position. Inefficient accounting and bookkeeping team can even lead to compliance mistakes and legal implications. These activities further take a lot of your time and keep you from performing other essential business tasks.
However, many small businesses do not have fully fledged accounting departments and require external bookkeeping services. Simba Virtual Assistance can help your business maintain its books through a network of Chartered Accountants and Business Experts.