ACCOUNTING AND BOOK-KEEPING
Bookkeeping is the process of recording, in chronological order, daily transactions of a business entity. It forms part of the accounting information system. On the other hand, accounting is an information system– includes process of recording, classifying, summarizing, reporting, analyzing and interpreting the financial condition and performance of a business – in order to communicate it to stakeholders for business decision making.
Services provided by Reliable Innovative:
- Setting up ‘books of account’ in required bookkeeping software / formats
- Charting of accounts
- Categorization of income and expenses
- General Ledger maintenance
- Invoicing services
- Accounts Receivable services
- Accounts Payable services
- Preparing ageing reports and summaries
- Reconciliation services – Accounts, Bank, Credit Cards & PayPal
- Preparing Financial Statements adhering to Generally Accepted Accounting Principles (GAAP)
- Preparing and formatting Income Statement and Balance sheets on a regular basis
- Cash Flow management
- Payroll reconciliations
How should be the agreement between partners formed?
Partnership deed is an agreement between the partners in which rights, duties, profits shares and other obligations of each partner is mentioned.
Partnership deed can be written or oral, although it is always advisable to write a partnership deed to avoid any conflicts in the future.