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Introduction to Bookkeeping
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The term bookkeeping means different things to different people:
- Some people think that bookkeeping is the same as accounting. They assume that keeping a company’s books and preparing its financial statements and tax reports are all part of bookkeeping. Accountants do not share their view.
- Others see bookkeeping as limited to recording transactions in journals or daybooks and then posting the amounts into accounts in ledgers. After the amounts are posted, the bookkeeping has ended and an accountant with a college degree takes over. The accountant will make adjusting entries and then prepare the financial statements and other reports.
- The past distinctions between bookkeeping and accounting have become blurred with the use of computers and accounting software. For example, a person with little bookkeeping training can use the accounting software to record vendor invoices, prepare sales invoices, etc. and the software will update the accounts in the general ledger automatically. Once the format of the financial statements has been established, the software will be able to generate financial statements with the click of a button.
- At mid-size and larger corporations the term bookkeeping might be absent. Often corporations have accounting departments staffed with accounting clerks who process accounts payable, accounts receivable, payroll, etc. The accounting clerks will be supervised by one or more accountants.
Our explanation of bookkeeping attempts to provide you with an understanding of bookkeeping and its relationship with accounting. Our goal is to increase your knowledge and confidence in bookkeeping, accounting and business. In turn, we hope that you will become more valuable in your current and future roles.
An entrepreneur has numerous things taking up your chance. You oversee web-based social networking records and promoting plans and workers. Dealing with your organization’s outsourced bookkeeping services may appear like one of the less demanding things that you do, so you may not see how much time you lose monitoring salary and costs in an old spreadsheet—or more regrettable, with pen and paper. Here are some ways that outsourcing accounting administrations ought to be your first need Outsourcing accounting administrations are only one way that a business visionary can take an arrangement of undertakings off their plate, authorizing time for other work. Rather than investing energy cutting and sticking into each different receipt before massaging it out, cloud-based outsourced bookkeeping administrations deal with the procedure for you. When you stamp a receipt paid, that instalment appears on your asset report and touches base in reports about salary from various clients. Take A look of best-outsourced bookkeeping services company in Islamabad Pakistan. Escrows group of consultants accounting and bookkeeping services not limited only in Pakistan it also works globally
Outsourced Bookkeeping Services in Islamabad-What We Do
We provide outsourced bookkeeping, management accounting, and controller services to small and midsize businesses and nonprofits. We can become your complete virtual accounting department or augment your in-house staff.
How Are We Different?
In addition to advanced bookkeeping and accounting, we provide a platform to increase profits, improve cash flow, grow your business and help your organization thrive.
- Income entries
- Expense entries
- Custom financial reports
- Invoicing or billing
- Correct errors and adjust entries
- Credit control
- Accounts payable
- Accounts receivable
- Bank reconciliation
- Credit card reconciliation
- Match cash transaction entries
- Profit and loss statement
- Balance sheet statement
- Cash flow statement
- Financial reports (as sought by CPA)
Value-added Outsourced Bookkeeping Services – Specialized Reporting
Apart from all the standard bookkeeping services, we also offer custom reports that enable customers to better analyze their revenue and expenses. A list of additional services provided is as follows: We offer customized reports that help you analyze your revenue and expenses.
- Customer Reports– determine your most profitable and least profitable clients
- Employee Reports– analyze employee expenditures with year-end reports
- A break-up of Expenses– break down your expenses by category. Whether it’s by product line, office or region, this report gives you an efficient analysis of your expenses
- Event Analysis– determine your expenditure for individual events
Three reasons why you require an accountant In case you’re quite recently beginning in business, you may think you needn’t bother with somebody to take care of the books. Maybe you feel that it’s sufficient to give your bookkeeper a chance to deal with the numbers once a quarter or once every year. However, there are great explanations behind procuring an accountant. Here are three of them: They spare you time Unless you definitely know a considerable measure about accounting, it’s hasty to go up against this work yourself. Handling receipts, costs, and installments are just piece of the work. They know how to allow costs to specific customers. They’ll take every one of the numbers, enter them into your bookkeeping programming, and understand them. A decent clerk knows how exchanges ought to be dealt with to give helpful business reports. It’s a talented employment, and your accountant will do it significantly more effectively than you can. They comprehend your business Since they manage the everyday records, clerks have a profound understanding of your organization’s accounts. By imparting this knowledge to you, they can enable you to work out where your business ought to be going. They can hail any issues in time for you to take care of them. A decent clerk watches over your accounts and encourages you to avoid inconvenience. They help deal with your income Bookkeepers give a profitable administration, especially with regards to key guidance, yearly returns, and duty issues. Yet, they don’t as a rule see your records each day. A decent clerk will watch out for your records all the time. This will help monitor your income, which is imperative for business development.