For a number of us, it is often misguidedly understood that bookkeeping services and accountancy services are 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.
In a nutshell, bookkeeping can be generally understood to be the act of keeping the books of accounts of the company, the day to day process of keeping the full and exact, up to date records of the financial transactions of the company. The financial transactions of a company include the sales, the purchases, incomes, receipts and payments made by the company.
In most cases, the financial transactions to be captured for bookkeeping purposes are often handled by the bookkeeper. Going by the facts so seen as far as the part to be played by a bookkeeper are, keeping such accurate and comprehensive records of the business’ financial records and transactions, it is a fact that they, the bookkeepers, happen to be one of the most vital business assets an organization can get to have. A bookkeeper is charged with the responsibility of keeping on track the company’s entire financial records, ensuring that all the details pertaining to the business’ day to day operations and financial transactions, the business cash inflows and outflows are duly captured in the proper books of account. These records are often captured in such books such as the customer’s ledger, the supplier’s ledger and the general ledger and after they have been so captured, they need to be brought to the trial balance so as to help the company’s accountant prepare the company’s income statement and balance sheet at the end of the trading period.
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. Looking at this from this particular perspective, you get all the reasons as to why you will be well advised to get the services of the outsourced bookkeeping and accounting services to handle your needs as a business.