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Professional Bookkeeping Service Is Very Important In Today’s Complicated Ledger

By Author: Austin Loader
Total Articles: 36

The word bookkeeping is defined as keeping records of each and every financial transactions of a company on a daily basis. The records might include purchases, sales, receipts, invoice, bank payments, journals and other payments from an individual or an organisation. Every company has to deal with financial transactions on a regular basis so, keeping a record of every detail is essential for the business. Most of the companies have a bookkeeper and the bookkeeping is done by him. However, some Small or Medium Enterprises (SME) might not have a designated bookkeeper and can hire a private accountancy agency for all the financial record keeping. To ease the small business houses who are lay man to all the complicated calculations of finance, bookkeeping services near Rockdale would be the obvious option while having a shop nearby.

The bookkeeping is divided into single-entry bookkeeping and double-entry bookkeeping system. These means:

Single entry accounting system is relying on one sided financial entry.
Double entry bookkeeping system means entering the financial transaction on both the credit and debit accounts.

The bookkeeping ideology work on the principle that the bookkeeper records the cash and credit transactions in the daybook and all the ledgers. On the basis of the documents, the accountant creates his final reports.

Initially, the bookkeeping was done by recording everyday transactions in journals. However, this was a tedious task and so gave rise to the daybook which consisted of sales, purchases, cash receipts and cash payments. Later the amounts were transferred to the general ledger to be accounted in the company’s business transactions. To keep the calculation error free, the trial balance was introduced where account’s name and the balance was noted in the suitable columns. In the case of a mismatch between the trial balance and the ledger, it was easier to find out the incorrect entry rather than going through the whole ledger which needed hours.

The computer bookkeeping has eased out the process and has brought relief to the bookkeepers. The calculations get automatically updated on changing of a single field. However, the calculations and the columns can still give the commoners nightmares. So, it’s better to take the help of bookkeeping services available in Rockdale, in case you don’t want to mess with your company’s financial statements.

About the Author: This contribution has been made by Austin Loader who has written a number of articles on bookkeeping services in Rockdale and provides fruitful information. To know more, please visit www.mrhbusinessaccountants.com.au/.

Total Views: 72Word Count: 415See All articles From Author

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