Bookkeeping Service

Bookkeeping is a fundamental function for every business. It provides the general manager and controller with a position report for the business. A good bookkeeper is accurate and timely.

Four important features of competent bookkeeping are:

•  Timeliness: It's generally important to record transactions on a timely basis. This means that invoices and bills are posted by the next business day. However, on some instances similar transactions are processed in batches.

•  Account Reconciliations: It's also critically important for accounts to be reconciled monthly to assure accuracy. For the cash to be right, for example, check books must be reconciled to the bank statements and outstanding checks must be identified.

•  Analyzing Accounts: For payables and receivables, it's important to know the age of the bills and invoices. How much is “current” and “overdue” is basic to staying on top of your credit rating and vendor relations. For receivables it's important to know how you are doing in collecting funds from each of your customers.

•  Matching: Revenues in a fiscal period must be matched to expenses incurred in that same period. When items don't match in the same period, inaccurate income statements are the result. This leads the general manger to miscalculate the direction of the business.

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