FAQs Archive - Shri Associate

Q: What documents should I keep for accounting and bookkeeping purposes?

Sales invoices, purchase invoices, receipts, bank statements, payroll records, expense receipts, contracts, financial statements, tax-related paperwork, and business licenses/permits are all important documents.

Q: Do I need an accountant if I have a bookkeeper?

While a bookkeeper handles day-to-day recording and organizing of transactions, an accountant provides higher-level analysis, financial advice, tax planning, and helps with strategic decision-making.

Q: How can bookkeeping software benefit my business?

Bookkeeping software automates and streamlines the bookkeeping process, eliminating errors, saving time, and allowing access to financial information in real time.

Q: What is the difference between cash basis and accrual basis accounting?

Cash-based accounting documents transactions as they are received or paid in cash, whereas accrual basis accounting records income and expenditures as they are earned or spent, regardless of the flow of cash.

Q: What is the purpose of adjusting entries in accounting?

At the conclusion of an accounting period, adjusting entries are performed to ensure that income and expenditures are appropriately reported, taking into account factors such as accruals and advance payments.

Q: How often should I reconcile my bank statements?

Statements from banks should be reconciled on a regular basis, usually monthly, to ensure that reported transactions reflect real bank activity.

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Our Services FAQs

What documents should I keep for accounting and bookkeeping purposes?

Do I need an accountant if I have a bookkeeper?

How can bookkeeping software benefit my business?

What is the difference between cash basis and accrual basis accounting?

What is the purpose of adjusting entries in accounting?

How often should I reconcile my bank statements?

Get a personal consultation.

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