The process of keeping track of financial transactions, financial statements like balance sheets and income statements is known as online bookkeeping. A bookkeeper would ensure that there is a proper management of payroll and daily documenting invoices and expenses.

The Income Tax Act conducts a mandatory audit, which is possible if the books have been kept according to the law. The Companies Act, which governs corporations, stipulates that each corporation must file an annual return with the Registrar of Corporations. Even if a financial year results in losses or no income, it is required. It helps people and businesses keep track of their costs, keep an eye on their income, and make wise financial decisions.

Bookkeepers provide a range of services such as managing payroll, including pensions and auto-enrolment, keeping track of income and outgoings, managing invoices and overdue payments, budget and cash flow planning, management accounts, Bookkeeping software training.

It helps businesses to keep a track of their financial health and monitor it further. The accuracy of financial statements is required for tax purposes and important business related decisions, therefore, Bookkeeping plays an important role.

One of the major advantages of outsourcing bookkeeping services is that they save a lot of time and money because they give the freedom to the employees so that they can focus on their core business tasks. It also reduces the need for in-house bookkeeping staff.