Category: Accountancy

Not recording financial transactions may often land an individual or a business in trouble; when it comes to filing an income tax return and claim deductions etc. Whether self-employed or running a registered business, accountancy has become an essential activity of business operation. Accounting can be hassle-free as long as one chooses to hire a qualified accountant or a professional tax consultant.

Accounting includes key activities like recording, classifying, and reporting the transactions to regulatory/supervisory agencies, and tax collection departments. Unless the account records are maintained properly, the fines are likely to be charged by the tax department. Don’t forget that the financial data covered in accounting are a brief summary of monetary transactions accomplished over a specific period. One should learn how to review/report business accounts.


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