Bookkeeping is the process of recording your company’s financial transactions into organised accounts on a daily basis. For a number of reasons, bookkeeping is an important aspect of your accounting process. An accountant is responsible for offering strategic financial advice in addition to being aware of the company’s financial situation. Bookkeeping services is the process of keeping records of financial transactions and preparing financial statements, such as balance sheets and income statements.

Why do I need bookkeeping services?

Bookkeeping helps to present past financial performance of your company and helps to plan for the future. Investors need to know the financial performance of your business to determine if they would like to get involved. Bookkeeping provides up- to-date and accessible information to attract investors.

Three Importance of Bookkeeping:

Bookkeeping helps you budget for your business, prepare for tax returns, keep your business organised and so much more. It’s something you shouldn’t avoid if you want to keep your finances in check and to make sure HMRC doesn’t come and cause you even more problems.

What services do bookkeepers provide?

• Record financial transactions.
• Reconcile bank accounts.
• Manage bank feeds.
• Handle accounts receivable.
• Handle accounts payable.
• Work with your tax preparer and assist with tax compliance.
• Prepare financial statements.
• Take on some payroll and human resource functions

Type of Bookkeeping Systems:

Two Types of Bookkeeping Systems Single – Entry and Double – Entry Systems that are used to Maintain the Business / Commercial Transaction.