Corporate Income Tax | Bangladesh

We provide Bookkeeping services in Bangladesh to keep your day to day records of your business in a manner that you don't have to worry about your accounts any more. There are two methods bookkeeping system, one is single entry system and other one is double entry system. In single entry system, each transaction is recorded once which is mostly followed by personal accounting system as per our bookkeeping services in Bangladesh. In double entry system, every financial transaction has debit amount equal to the credit amount which mostly followed by business corporate body and other international organizations. 

In the modern business world, it is compulsory to keep financial records by using double entry system for analyzing business financial performance and maintaining compliance of the local and international regulatory bodies. Double entry bookkeeping method is internationally recognized and followed by international accounting standards such as IAS, IFRS and GAAP., Therefore, we follow the same system of Bookkeping that are internationally recognised and provides the best bookkeeping services in Bangladesh.

Bookkeeping services is the preliminary process of financial transaction in the books of accounts. At first stage financial transactions are recorded on the journal on day to day basis with description In the double entry system. Cash books, bank books, sales books and purchase books are also the primary books related with journals. 

Journals are the base of the financial records of the financial information. If any transactions wrongly posted on the journal then ultimately financial statement result will show wrong. Specific standards such as IAS, IFRS and GAAP need to be followed on the Journal entry stage which is crucial for fair and correct presentation in the financial position and financial performance. After recording journal on the bookkeeping process, then classify the journal and posted ledger. Accurate journal classification in the ledger book is the main criteria to get correct balance on financial statements. Wrong classification on ledger books will be shown wrong figure in the financial statement which give wrong information the different stakeholder of the business. Balance sheet or financial position accounts head such as  Property, plant and equipment, accounts receivable, Intangible assets, investments, cash and bank balance , capital, loans, accounts payable etc. ledger balance should be carried forward year to year as going concern basis and financial performance accounts head such as Revenue, purchase, salary wages, tax administrative and selling expenses ledger balance to be carried forward up to one specific period end where close the income year of the organization.

Trial balance need to be prepared after completing ledger balance and it is the last stage of bookkeeping process. There are two portion in the trial balance one debit and other portion is credit. Trial balance has been prepared at the end of the period by taking ledger balance of different account head that will be further shown in the financial statements. The two sides of the trial balance of a period must be equal in amount of a accurate trial balance. If any error found the trial balance stage then adjusting journal to be made to correct the trial balance.

Bookkeeping process helps a business to keep track in the field of finance. Double entry bookkeeping system ensures maintaining compliance and providing data for analyzing business position. It is providing correct, relevant and informative data in timely as required which helps managers of the business to take valuable decision and correct initiative for a business organization. A manager can monitor cash and other investments related with business with financial data which provided by accurate bookkeeping system. Accurate financial information assists a business to control the organizations internally such as cost related to material, advertising and labour. It enable the manager to compare the business or product result with other relevant product and business. It also supports an owner or manager measure, motivate and keep track on other business function such as Human resource requirement and benefits, production facilities, marketing media and distribution channel. Bookkeeping process enables business to cope up with other business in this challenging economy. A business require up to date financial information such as availability of cash, production cost, distribution cost to compete with business competitor in terms business value and market share of the product. An accurate and modern bookkeeping system make reliable business image to the stakeholder of the business directly or indirectly.