As a business owner, you must have often heard about bookkeeping, accounting, and taxation terms, but do you know their purpose and significance for your business? In this blog, you will understand their main objective and why they are essential for your business. Let's dig into them to get the comprehensive details:
Bookkeeping refers to recording the financial transactions of the company regularly. To take an informed business decision, you must track all your financials efficiently. Otherwise, you will need help to determine the current financial position and the number of transactions that occur within the company.
Accounting is a process of recording financial transactions in journals in a particular manner to summarise them in profit & loss accounts and balance sheets. A different economic event needs to be indexed for better results.
Taxation is a government fee levied on individuals and organisations to collect revenue and provide the best infrastructure facilities to citizens of the country. Hence, it is a complex subject matter that requires experts to help you. Moreover, if you fail to pay, the chances are you are at high risk of a penalty, predefined under the law.
Suppose you are looking for accounting services, bookkeeping services, taxation services, audits or other services. In that case, Geoff Cottle Chartered Accountant company is here to improve your company's finances in the best possible way. With our expert’s help, you can decide to grow in the competitive market.
To know more about us, call 02 4577 6911 and discuss your financial concerns with our professionals. We provide a wide range of ,accounting services in Sydney, Mulgrave, McGraths Hill, Pitt Town, Hawkesbury and many other areas of Australia.