LearningCat: Introduction of Book-Keeping
Fundamentals & Tasks of Book keeping system
Introduction Imagine a small trade where you have to keep track of every sale, every purchase, and every expense. Managing funds may be a real challenge without a well-structured plan. Bookkeeping is the foundation of any business’s health. This is a guide to major concepts and important activities that build up a very competent bookkeeping […]
How to Record Entries and Steps to Become a Bookkeeper
How to Record Entries and Steps to Become a Bookkeeper Bookkeeping can be defined as the systematic process of recording, summarizing, analyzing, and storing financial transactions. It serves as the groundwork of a company’s accounting system, as it contains all the information that is needed for the preparation of financial statements, the filing of taxes, […]
Internal Controls in Bookkeeping
The Importance of Internal Controls in Bookkeeping to Prevent Fraud, Errors, and Misstatements In the realm of bookkeeping, probably nothing is more important than ensuring records maintain integrity and are accurate. Internal controls establish the foundation of a strong bookkeeping and accounting system; therefore, they are also necessary in the prevention of fraud, errors, and […]
Bookkeeping for Non-Profit Organizations
Bookkeeping for Non-Profit Organizations & Understanding the Differences Between Bookkeeping, Accounting, and Accountancy Non-profit organizations or non-governmental organizations (NPO or NGOs) in India follow quite different set of rules and regulation for bookkeeping than those of for-profit organizations. Nonprofit organizations refer to entities whose prime objective is to provide services to the public or its […]
Ethics & Future Trends in Book keeping
Book keeping is an integral function for any organisation. It is the process of recording financial transactions in an organised manner. Accuracy and transparency in financial transactions are the two most vital components as they play a huge part to tackle the legal requirements. Book keeping is growing at a fast pace as with the […]
Types & Methods of Book-keeping
Bookkeeping in India is mainly done through two methods: the single-entry system and the double-entry system. Single Entry bookkeeping is easy and appropriate for small businesses, and each transaction is written once. Used extensively by large businesses, double-entry bookkeeping ensures accuracy by maintaining balanced financial records by recording each transaction twice, once as a credit […]
Book-keeping Essentials for Indian Businesses
Book-keeping Essentials for Indian Businesses: Benefits, Needs, and Principles Book keeping is an integral part of businesses, as it provides accurate financial data so they can make efficient decisions. It is crucial for organising records with accuracy, preparing budgets, and meeting legal requirements to avoid penalties. In this regard, book-keeping is therefore very significant to […]