Bookkeeping is vital for a business as it provides the profit and Loss statement necessary for tax preparation. It involves recording income, expenses, assets (debits), and liabilities (credits). All income and expenses are categorized using charts of accounts, which are essential for tax preparation. Bookkeeping is a crucial part of accounting aiding in the reconciliation of bank statements and preparing financial statements such as the Balance Sheet, Cash Flow Statements, and Profit and Loss statements on a monthly, quarterly, or annual basis. These statements are necessary for presenting to financial institutions or shareholders. Bookkeeping can be done in a single-entry system, like QuickBooks for recording income and expenses, or a double-entry system which links all income and expense to assets and liabilities.
Dr. Rastogi’s staff can assist clients with bookkeeping using bank statements. Our team ensures that all bank statements are reconciled, and all financial statements are prepared every month. The annual financial statements are essential for tax preparation, business savings, and financial planning.
We use state-of-the-art Robotic Process Automation (RPA) technology to read bank statements through a Bot. This Bot, a computer program that performs repetitive steps using AI, prepares all double-entry files for the accounting program used for Bookkeeping.
