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Bookkeeping can be defined as the recording of financial transactions which means that it consist of recording of all types of financial transactions also it is a part of process of accounting which is carried out throughout the business.
Here, by saying the word transaction it includes purchases, all kinds of receipts and payments, sales which is done by an individual or an organization or we can say a corporation. It all means same, no matter if it is an organization, company or corporation. It must be noted that bookkeeping remains same for all it has no differences over different organisations.
Bookkeeping is the work which is related to or done by a bookkeeper, who records each and every financial transactions which is done day to day in a business/organization/corporation. What they usually write is known as or called as day books which contains all kinds of receipts and payments, sales and purchases made by the company and it does not matter whether it is done in cash or credit.
This record of data helps the accountant in creating financial reports which is really a benefit for the accountant as half of the work is done by the bookkeeper itself.
Mainly the work done by bookkeeping is recording financial aspects of accounting and it involves around preparing source documents which are necessary for all transactions, operations and all other kinds of events that occur in a business.
After the work of bookkeeping is done, the bookkeeper brings the books to the trial balance stage which is really necessary for every bookkeeper. Thereafter, an accountant can prepare income statement and balance sheet by using the trial balance and ledgers which are provided by bookkeeper itself.
Now we are fully aware that what bookkeeping actually means now let’s discuss various services that are related to bookkeeping are and needs to be outsourced which results in saving time and energy of employees of the organization which can be utilised to achieve different goals and objectives of an organization.
Different types of services that are related to bookkeeping are as follows:
- Accounts receivable services
- Accounts payment services
- Bank account reconciliation
- Invoice of processing different services
- Services which are related to manual journal entry
- VAT returns
- Maintenance of general ledgers
- Assets/ equipment ledger services
- Expenses ledger maintenance
- Preparation of reports related to account receivables
- Preparation of reports related to account payables
- Preparation of ageing reports and various kinds of summaries
- Credit card reconciliation services
- Preparations for financial statements
- Services related to trial balance of the organization
- Preparation of income statements which can also be stated as profit and loss accounts for an organization
- Services related to balance sheet
- Preparation of sales reports
- Preparation of purchase reports and related services to purchase
- Cash flow statement services
- Entry of transaction services
- Inventory related services
- Setting up of accounting services
- Day to day bookkeeping and accounting services
- Reconciliation of books quarterly
- Inland revenue submission
- Expert tax advice to minimize the burden of tax liability
- Adjustment made to year end accounts
- Storage of important documents etc
- Tax returns preparations
Bookkeeping services are best when outsourced and our company provides a lot of services at reasonable prices.
Various benefits to outsource the bookkeeping services are:
- Saves time: if services related to bookkeeping are outsourced than ultimately it will save you a lot of time that you can utilise on achieving goals and objectives of your organization which will ultimately increase profit ratios for the organizations.
- Expert advice: if services are outsourced then another benefit which you will get is expert advice which will help you in taking right decisions for your organizations and advice from experts always work.
- Increase profit: outsourcing various services helps you in increasing profits because when you will save time regarding these activities you will be able to utilise it somewhere else and the services provided by us are not that costly which will help you in saving your money.
- Focussed work staff: another benefit to this is you will get your work done by professionals because sometimes you don’t have employees who have a lot of experience while doing bookkeeping activities but if you outsource them your work will be in safe hands.
- Team work: as you are outsourcing your work rather than providing it to various individuals which will help you in doing work as soon as possible because an individual will take more time than the ones who are working in a team.
There are many other benefits too for outsourcing the bookkeeping activities.
Bookkeeping goes through a particular process for some which can take a lot of time and will sometime give headache to the employees and can cause them stress which will ultimately affect the efficiency of the employees.
Handling all the details related to expenses, sales can be tough sometimes because there are other work also which needs to be done and completed on time which helps an organization to grow.
Mostly what many organizations or firms find difficult is preparing trial balance for themselves because this work is important but also needs to be done very carefully because it treated as legal document when it comes to the activities related to tax that are done at the end of financial period.
So it’s always better to outsource the activities which can give you so many benefits because of the many benefits that comes along with outsourcing various activities or services for the firm.