Introduction to Bookkeeping and its Accorded Services
Every new budding business absolutely needs Bookkeeping services. There is just no way to avoid it if you wish to embark upon a successful business venture. The type of business does not matter in the least. In its every type, form or kind, it has no hope of surviving in the twenty first century without such a simple service.
From the moment you open your doors and earn or spend your first dollar, you are already prone to keeping a record. And that is where our services come in.
Bookkeeping in the of simplest definitions means record-keeping of not only finances but also preparing source documents for all transactions or any other event of a business. The word Financial is the key here; as purchases, sales, receipts, and payments all fall under the same heading.
There are two types of services involved in bookkeeping;
1. Single Entry System: In simplest terms, it is the good old-fashioned cash book. All of the entries are allocated amongst several categories such as expense or income accounts. Inventory and travel expenses are also kept separately for the sake for the convenience. Time is a precious commodity so to avoid wasting it and avoiding the errors of manual calculations, a single-entry bookkeeping can be done with self-help bookkeeping software which we have readily available.
2. Double Entry System: It involves two different nominal ledgers for every transaction or event.
Bookkeeping alludes to the record-keeping feature of financial accounting. It entails preparing source documents for any and all transactions, incomings, outgoings, operations, and other events of a business.
In case you wish to get a business loan, answer an auditor, or simply design next year’s budget; there is no denying that you need the assistance of a legitimate bookkeeper. We can help make sure that all these tasks are timely and correctly completed.
Manual and electronic accounting system; What is the difference between?Documents posted via electronic accounting are instantaneous, whereas manual posting’s delay is comparatively longer. In the larger scheme of things even a split-second advantage gives your business an edge in today’s competitive capitalist market.
What purpose do Daybooks serve?A daybook is a diary of day-to-day transactions. These transactions are entered for a later transfer to the ledger where it is summarized into a set of financial statements. For example;
- Sales Daybook
- Purchase Daybook
- Sales Credit Daybook
- Purchase Debit Daybook
- A General Journal Daybook
What is Purpose of a Journal?It is a daily record of day to day activities. Everything starting from debit to ending in credit is written in it. A company can either maintain one Journal for all transactions or divide them department wise.
What entails a Ledger?It involves keeping a permanent record of all the transactions be they major or minor in nature as well as a summary of supporting Journals which list individual transactions by date, type or form. It can further be categorized into subcategories;
- Sales ledger
- Purchase ledger
What makes us unique in our services?Hiring our bookkeeping service will be more than just finding someone who can use a calculator and understand QuickBooks. You will be provided with a full-fledged team that has the professional background, training as well as experience to really bring a boom in your business. We have people whose expertise you can truly rely upon.
We will work to reduce your overall expenses. Not only do we ensure that books are maintained properly to avoid costly mistakes, fees, and penalties, but we can also help alert you to waste and mismanagement of supplies and inventory. All the while saving you time since you will no longer need to try and perform these tasks yourself.