Bookkeeping is the concept of the modern accounting process. It is used to record, analyze and prepare the financial transactions, statements on a daily basis of a business entity.

Bookkeeping is essential for maintaining the transaction history on a daily basis to keep track on the Expenses or Income, Assets or liability. It is required for all the registered business entities to maintain the daily transaction records and documentation of the profit & loss status. Apart from that, tIt will be needed for the purpose of recording for Audit purposes.

In the bookkeeping process, the required documents are Bank Deposit Slips / Book, Invoices to clients & Bills from suppliers, Cash Expense Receipts, Credit Card Statements & Receipts, and a few more.

Bookkeeping and Accounting are two interrelated business compliance. Bookkeeping is the daily record maintenance of the transaction records, cash-flow statistics within or outside of an organization. Accounting begins where bookkeeping ends, in the process of managing bank statements, reconciliation of credit cards, or calculating payroll tax returns.

Absolutely not. Online Legal India provides a cloud-based bookkeeping process in which a business personnel can manage the procedure from anywhere by just using the handheld gadgets. The documents or records are not required here to be produced physically.