Books of accounts contain Journals, Ledger books, Trial Balances, Original and carbon copies of bills, invoices, receipts, cash book, profit and loss a/c, balance sheets and cash flow statements.
In layman terms, accounting can be the product, and an accounting standard can be its manual. Accounting standards are framed by The IRS, and GAAP and are meant to be followed by every business for true and fair recording of the transactions.
Every business in operation is required to maintain books of accounts as mandated by federal and state governing statutes, namely IRS and GAAP. These norms obligate the maintenance of books of accounts, irrespective of the nature of your business.
You should hire outsourced accounting services if you feel burdened by the work and need more time for the core aspects. This way you can avoid mistakes reduce headaches. Depending on your needs our accounting team can complete years-old books and accounts in as little as NO TIME.
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