It is often the case that in quite a number of cases, many will often mistake accounting and bookkeeping services to be 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.
Traditionally, the bookkeeping functions of a business are often handled by the company’s bookkeeper. Now looking at how enormous and crucial the roles of a bookkeeper are, how important it is to keep such accurate records of the day to day financial transactions going on in your business are, it is a fact that one of the most important assets that a business can have is a bookkeeper. By far and large, it is the company’s bookkeeper who will be tasked with the enormous responsibility of keeping on track the company’s entire financial records such as ensuring that the entirety of the details of the day to day financial operations in the business are recorded, the cash inflows and money getting out are well captured in the right books of account in the business. 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.
By far and large, a bookkeepers responsibility will often vary from one entity to the other all based on the size of the business and how the tasks and responsibilities are split among the staff. 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. In this we as well see all the reason as to why it will be advisable for you as a business to consider hiring the outsourced bookkeeping and accounting services to handle your needs in business.