What Are Bookkeeping And Accounting Services?

By Author: Kathy Green
Total Articles: 265
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Book keeping is a step by step recording of financial transactions. These include recording of purchases, sales, income, expenses, receipts and payments by an organisation. Bookkeeping is usually maintained by a book keeper. Book keeping services includes:
• Recording of Purchases, Sales, Expenses, Income, Receipts & Payments
• General Ledger & Financial Statements Preparation
• Inventory Accounting
• Accounts Payable
• Accounts Receivable
• Preparation and Finalisation of Accounts from incomplete records

A book-keeper also known as an accountant clerk is a person who keeps the records of day to day transactions of a business. These consist of maintaining records purchases, sales, receipts and payments. The book keeper is responsible of recording all the transactions correctly in the daybook, customer ledger, supplier ledger and general ledger. The bookkeeper needs to bring the books to the trial balance stage. The next stage is preparation of Final Accounts. This includes preparing Profit & Loss Statement and Balance Sheet. This is prepared by a qualified ...
... accountant using the trial balance and ledgers prepared by the book keeper. These requires little more expertise and knowledge. Preparing Final Accounts services includes:

• Reviewing all general ledger accounts & transactions and rectifying posting errors
• Processing all necessary final journals for prepayments and accruals
• Processing stock movement and adjustment journals
• Processing payroll journals
• Computation of Depreciation and preparation of Fixed Asset Schedule
• Preparation of Bank Reconciliation Statements
• Processing lease and hire purchase loan and dividend journals
• Preparation of year end accounting file to minimise audit costs
• Preparation of periodic and yearend Financial Statements

The book keeping and accounting process is one of the easiest business processes for a company to outsource. Many businesses and accounting firms have already outsourced their book keeping and accounting work and now the efficiency of technology makes outsourcing your book keeping and accounting more cost-effective business strategy. If you are looking for ways to reduce overhead and focus on your core business, now is the perfect time to make the switch to outsourced book keeping and accounting services.

Remote bookkeeping or online bookkeeping allows a person to store source documents and data to reside in web-based applications. This allows remote access for the bookkeepers and the accountants. All the entries made into the online software are precisely recorded and stored in a remote location. The online system can be accessed from anywhere around the world and allows the book keeper to work from any location with suitable data communications link. Thus, opting for book keeping outsourcing services is the best option available for businesses and accounting firms.