Why do you need accounting or bookkeeping?
You do not have accounting system developed yet for your business? You think it is not essential, is it so? How do you know how much material you have purchased and how do you know what is profit and what price would you set? Accounting is a complete set or system that gives you information and hold on your business. You will know what is going on and how much production is done and how much material you should stock. You will able to find profit and loss and causes of loss in business.Tax King Inc. is professional company having years of experience in book keeping and accounting.
What is bookkeeping?
Bookkeeping and accounting are both essential parts of business. If you are running a big business firm, then you have to maintain both, but if you are running a small business, then you might have to do only book keeping. Some people think that bookkeeping and accounting of firm are same. No, they are not, we are specialized in both. Bookkeeping is the record of daily purchases and sales of the company and material might be. But accounting is a more complex work.
What is an accounting?
Accounting is collecting data or firm, purchases, ending inventory, opening inventory, work in process, material labor, factory overhead and many other costs are measured and then they are transfer to financial accounting. There everything is checked how much money was put in the work how much material purchased and then ledger is made. From ledger income statements and balance sheets are made. It is more like finding profit and loss of the company. If you want to develop an accounting system in your business you can contact Tax King Inc. you know this is not a work f single person that can handle all of these matters. We are a team and we work professionally. You can save your cost by finding the cost, you can determine how much you have earned, you can compare the earning or current year with previous year and find the cause behind the up and down.
Similarities of book keeping and accounting
- In both of them, we keep accounts
- Simple recording of transactions
- Generate reports on the basis of data
- Accounting software’s are available for both
- Software are to memorize transactions
Differences in accounting and book keeping
- Work in accounting you need bachelor’s degree at least, book keeping does not require that.
- You can become certified accountant but not bookkeeper
- Accountants are advised of bookkeepers
- Get you answer on profit or loss
This might have helped you understanding why do you need accounting and why do you need Tax King Inc. contact for more information and make your business grow and spread it over a vast area.