Accounting And Book Keeping

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Accounting And Book Keeping


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About Accounting And Book Keeping

Book keeping is an indispensable subset of accounting. Boo kkeeping refers to the process of accumulating, organizing, storing, and accessing the financial information base of an entity, which is needed for two basic purposes:

  • Facilitating the day-to-day operations of the entity
  • Preparing financial statements, tax returns, and internal reports to managers

Book Keeping (also called recordkeeping) can be thought of as the financial information infrastructure of an entity. The financial information base should be complete, accurate, and timely. Every recordkeeping system needs quality controls built into it, which are called internal controls.

Accounting

Accountant design the internal controls for the book keeping system, which serve to minimize errors in recording the large number of activities that an entity engages in over the period. The internal controls that accountants design are also relied on to detect and deter theft, embezzlement, fraud, and dishonest behavior of all kinds.

Accountants prepare reports based on the information accumulated by the Book Keeping process: financial statements, tax returns, and various confidential reports to managers. Measuring profit is a critical task that accountants perform — a task that depends on the accuracy of the information recorded by the bookkeeper. The accountant decides how to measure sales revenue and expenses to determine the profit or loss for the period.

Benefits

BookKeeping

Unbiased Opinion

Having an external bookkeeper can do wonders for your business. An internal bookkeeper is often emotionally involved in the business. External bookkeeping services will be all business and may offer some crucial insight into your businesses financial situation. It may be positive or negative insight, but either way it is valuable information you may have missed otherwise

Lower Costs

A bookkeeping service should lower your costs in numerous ways. The obvious cost savings benefits are lack of payroll taxes, paid vacation and other employee benefits. Also, in general you should be able to pay a bookkeeping service much less than a full time employee. Lastly, a bookkeeping service will not tell you what you want to hear regarding your financial situation. Your bookkeeper should act like a financial watchdog over your business, always on the lookout for cost saving opportunities or financial trends that need attention.

Lower Turnover

Many internal bookkeepers simply leave a business. It may be from boredom, a better opportunity or they feel underappreciated by the business owners. No matter what the reason the absence of a bookkeeper can cause major financial turmoil within your business. All of a sudden those simple day to day bookkeeping tasks are no longer getting done. Money has stopped flowing in and vendors are calling about past due balances. If you outsource your bookkeeping you may never have to hire again. Book Keeping services rarely drop clients and are more interested in long-term business relationships.

An Expert for Your Industry and Your Business

There are general bookkeepers and there are expert bookkeepers. You should be able to find a bookkeeping expert for your specific business; both the industry and size of your business. Finding a bookkeeper with specific experience in your industry can be crucial and highly beneficial. Also, look for a bookkeeping service that specializes in working with companies that are similar in size to your business.

Focus On What Is Important To You

Using a bookkeeping service will allow you to focus on what is important to you, both within and outside of your business. Maybe you want to focus on sales and growth but you need certain financial reports and analysis to do so. Maybe you just don't want to have to worry about your business bookkeeping so you can focus on things outside of the office, such as your family and golf game. Using a bookkeeping service will alleviate any concerns about your business financials so you can refocus on what is important to you.

Accounting

Achieving High Level Of Accuracy:

Outsourcing accounting services and payroll outsourcing can be quite beneficial when it comes to generating accurate results that can be as high as 99.95%. This, in turn, ensures better management of back office functions. Dedicated staff in BPOs handle accounting and payroll services smoothly and efficiently.

Cost Effective Services:

A major advantage associated with outsourced accounting services is the cost-effectiveness of the services. A huge amount can be saved up on operational costs and channelized towards the funding of core business processes.

Fraud Check:

Outsourcing payroll processing services to professional payroll outsourcing companies can in fact help control any possible fraud by staff within the organization. The service providers are accountable for every transaction processing as well as quality and accuracy control.

Saving Up On Processing Time:

Accounting and payroll processing is time consuming and companies tend to lose focus on core competencies while trying to manage such a process. Therefore, outsourcing frees up time for further value-added revenue-generating tasks.

Staying Informed With Up-To-Date Accounting Status:

All possible accounting and payroll related information can be obtained regularly from professional service providers handling outsourced accounting services. Advanced software can help companies look at personalized reports that can save a lot of time while making important financial decisions.

Accounting

  • Issue billings to customers
  • Pay invoices from suppliers
  • Calculate payroll for employees
  • Calculate depreciation for fixed assets
  • Derecognize fixed assets
  • Conduct a bank reconciliation

Process

Prepare source documents for all transactions

Prepare source documents for all transactions, operations, and other business events; source documents are the starting point in the bookkeeping process.

Determine and enter in source documents

Determine and enter in source documents the financial effects of the transactions and other business events.

Make original entries of financial effects

Make original entries of financial effects into journals and accounts, with appropriate references to source documents.

Perform end-of-period procedures

Perform end-of-period procedures — the critical steps for getting the accounting records up-to-date and ready for the preparation of management accounting reports, tax returns, and financial statements.

Compile the adjusted trial balance

Compile the adjusted trial balance for the accountant, which is the basis for preparing reports, tax returns, and financial statements.

Close the books — bring

Close the books — bring the bookkeeping for the fiscal year just ended to a close and get things ready to begin the book keeping process for the coming fiscal year.

Frequently Asked Questions

What is bookkeeping?

Book Keeping involves the process of recording, analysing, retrieving and interpreting your financial transactions of the company, business, non-profit organisation, individual and so on. Book keeping is the largest part of the accounting process and it is usually managed by a bookkeeper who produces financial records that gives you accurate information about your financial activities.

Book Keeping is especially important if you own a business and want to abide by state laws. Specifically, Australian law states that a business’ bookkeeping must be accurate and up to date to ensure you are paying all your taxes and levies on time. If you fail to do so, you can face serious legal repercussions. It can also mean that you have lost control of the state of your business performance.

Book Keeping is also important for personal financial security and decision-making in the present and future. To ensure you understand and are abiding by your legislative requirements, get in touch with one of our qualified bookkeepers at Expert Lawyer today.

Trying to keep your financial transactions recorded accurately and constantly updated can be demanding especially if you have a growing business. It can also be a difficult and onerous process to try and understand and abide by complicated tax laws. Therefore in order to avoid failing to satisfy your legal financial obligations, it is best to hire one of our qualified bookkeepers at Expert Lawyer.

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