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.
Generally, bookkeeping can be understood as being the keeping of the books of accounts of a business, the day to day process of keeping the full and exact and 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.
Traditionally, the bookkeeping functions of a business are often handled by the company’s 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. By far and large, it is the company’s bookkeeper who will be tasked with the enormous responsibility of keeping on track the company’s entire financial records such as ensuring that the entirety of the details of the day to day financial operations in the business are recorded, the cash inflows and money getting out are well captured in the right books of account in the business. In most cases, you will find these particular details of financial records and transactions in the business taken down for recording by the bookkeeper in several ledgers such as the customers ledger, the suppliers ledger and the general ledger and after they have been so collected, they need to be taken to the trial balance and as such help the accountant to tell of the company’s income statement and financial position by coming up with their balance sheet at the end of each financial period, a year, a month or whatever period that you have set as a business.
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. With this background in mind and looking at just how sensitive the task and responsibility of the bookkeepers go, you need to ensure that you have indeed found the most competent and qualified, organized as well personnel to handle your business’ bookkeeping needs. 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.