For a number of us, it is often misguidedly understood that bookkeeping services and accountancy services are one and the same thing. But anyway, the confusion can but be understood as it is often the case that the bookkeeping services and the accounting processes often go hand in hand and the accounting processes quite depend a lot on the bookkeepers services.
By far and large, bookkeeping, as the name seems to suggest, is the actual keeping of the books of accounts of the business on a day-to-day basis. In actual sense, you will realize that the particular financial transactions made by a company happen to be so varied and several as such the records will be as detailed to capture all aspects such as the sales, the purchases, the incomes and the receipts and payments made by the entity on any particular day in business.
In most cases, the financial transactions to be captured for bookkeeping purposes are often handled by the bookkeeper. Going by the facts so seen as far as the part to be played by a bookkeeper are, keeping such accurate and comprehensive records of the business’ financial records and transactions, it is a fact that they, the bookkeepers, happen to be one of the most vital business assets an organization can get to have. It is actually the bookkeepers’ responsibility to ensure that the company’s entire financial records are kept on track, seeing to it that all the details pertinent to the day to day operations ins o far as finances are concerned, the cash inflows and outflows as well are all well taken down and recorded in the proper books of account. These particular records are often captured in a number of the business records such as the customer’s ledger, the supplier’s ledger and the general ledger and after then they will be brought to the trial balance stage in the accounting process for them to be used by the accountant to prepare the company’s financial statement and balance sheet at the end of each trading period as is set by the business.
A bookkeeper’s responsibility will often be so varied from one company to the other all based on the size of the business and the way that they will have their tasks and responsibilities shared amongst their employees. But anyway, looking at the fact that this is one of the tasks that actually means and can spell doom or success for the business, it is important to have a qualified and organized personnel handle your bookkeeping needs as a business. This is actually one of the most valid reasons why it will be so wise a step to have outsourced accounting and bookkeeping services for your business as it saves you so much time and allows you focus on the other professional aspects of your business.