Accounting & Bookkeeping Services
It is one thing to establish and own a business and it is entirely another thing to keep a record of every financial transaction made by the business establishment. The success of every business has a lot to do in the accurate recording of financial records. A good financial transaction record will assist the organization to make quick and proper future decisions.
Managing the responsibilities of an organisation can be overwhelming. So to meet up to these demands, every organisation must see the need for accounting and bookkeeping services. When a business is booming the need for proper accountability and bookkeeping is high and often very complex.
Firms that are not conversant with book bookkeeping and accounting terms and practices will find it very difficult and this will be an addition of stress. When a mistake is done, it will make the organization to lose money. To make sure the organisation’s finances are in order, tracked and adequately maintained, it is an idea for business owners to call on the attention and assistance of a professional bookkeeping business.
Bookkeeping and accounting services can be defined as the tasks mostly finance performed by both bookkeepers and accountants to make sure an organisation finances are in order.
Benefits of Bookkeeping and Accounting Services
Bookkeeping and accounting services has a coupld of benefits.
First, the goal is to make sure a business is profitable and renders optimal business transactions.
Second, with the right bookkeeping and accounting services there is an increase in organization profits, a decrease in their expenses and proper collection of the money the company or organization is owned.
Third, the use of the proper bookkeeping and accounting services, business owners are saved from financial and bookkeeping stress and time for other business functions is conserved.
Finally, bookkeeping and accounting services prevents and eliminates unnecessary expenses.
Types of Bookkeeping and Accounting Services
There are many bookkeeping and accounting services offered by bookkeepers, accountants or a bookkeeping organization accounting establishments to organisations. These services are aimed at making the operation flow of a business easier. Some of the notable services include:
Credit card management
- Accounting payable and receivable.
- Financial reporting.
- Debt planning and reduction
- Balance sheets
- Trial balance reconciliations
- Labour cost management
- Sales Tax
- Business Bank Reconciliations
- Income Statements
- Custom Financial Reports
- Company Performance Monthly Reviews
- Income Tax Preparation
- Entity Creation and Organization
- IRS Representation
- Audit Support
- Income Tax Planning
- Cash Flow Forecasting
- Forecasts and projections
- Acquisition due diligence and transaction planning
- Budget-to-actual Reporting
- Break-even Analysis
- Variable Vs. Fixed Expense Reports
- Bank and credit card reconciliations
- Accounts receivable and payable subsidiary reconciliations
- Fixed asset tracking and updates
- General ledger accounting
- Financial reporting
- Budget preparation and analysis
- Cash flow analysis
- Assistance with banking and financing relationships
- Participation in key management meetings
Skills Needed to Carry out Effective Bookkeeping and Accounting Services
For bookkeeping and accounting services to be carried out effectively by the bookkeeper or accountant, they need to possess certain skills and abilities. These skills that will make their services to be at optimal including:
High levels of concentration
Bookkeepers and accountants must be concentrated in carrying out the aforementioned services because their works involve more numbers than words. To avoid making mistakes which can cause the downfall of an organization or lost of the fund, high levels of concentration is highly needed.
Honesty and Integrity
Bookkeeping and accounting services involve a company’s confidential documents and bank statement, payroll and more. This calls for honesty and integrity.
As earlier stated, both accounting and bookkeeping services involves numbers. For the services to be carried out effectively, the bookkeepers and accountants must have numerical skills.
High levels of accuracy
The effectiveness of bookkeeping and accounting services lies in the accuracy of the records.
Communication is a necessity in carrying out efficient bookkeeping and accounting services. A bookkeeper or accountant have to meet with the organization owners to discuss the financial transaction and status of the organization. They will also advise the owners on what to do in order to make good and future business decisions.
Computer and Information Communication Technology skills
Gone are those days when bookkeeping and accounting services were fully done manually and calculations were done with pen and paper. For the aforementioned services to be done effectively, the bookkeepers and accountants responsible must have good knowledge of bookkeeping and accounting software applications
Time is a key factor in carrying out bookkeeping and accounting services.
Bookkeepers and accountants must perform these services in time for the organisation to function well.
Attention to Instructions
If the bookkeeping and accounting services must be done effectively by the bookkeeper or accountant, they must pay attention to instructions in details.
Preparedness to update skills.
Bookkeepers and accountants must know how to open to new financial regulations for the services of bookkeeping and accounting to be efficient. Quality accounting and bookkeeping services have a lot to do in the updating of information to the company owners.
This skill is a key factor in quality bookkeeping services.
As such the people in charge of rendering their services must be organized and able to complete the services such as debit and credit, payroll in time as most of the services have deadlines.
Other skills necessary for both accounting and bookkeeping services to be carried out effectively and efficiently are:
- Analytical thinking skills
- High ethical skills.
- Ability to solve a problem or problem-solving skills.
Bookkeeping and Accounting
The truth of the matter is that simple bookkeeping has to do with basic functions that small to medium organisations have to achieve while closely working with an accountant in order to make sure the financial records are accurate. This is to say that both services are almost the same things if not the same thing.
Hence, even if bookkeeping differs from accounting, their services are the same.
With the help of the two services, an organization’s business operation is carried out effectively, which directly yields much profit for the business.
In the end, it pays to have all the both services done by experience bookkeepers and accountants.