For a number of us, it is often misguidedly understood that bookkeeping services and accountancy services are one and the same thing. Such confusion can be understood as it is the case that the one, the bookkeeping services, happen to be such a core part of the other, the accounting processes.
By far and large, bookkeeping, as the name seems to suggest, is the actual keeping of the books of accounts of the business on a day-to-day basis. These particular financial records and transactions of a company happen to be detailed and include all the records of the daily purchases, sales, incomes, receipts and payments that may have been made by the company on a daily basis.
In most cases, the financial transactions to be captured for bookkeeping purposes are often handled by the bookkeeper. Now looking at how enormous and crucial the roles of a bookkeeper are, how important it is to keep such accurate records of the day to day financial transactions going on in your business are, it is a fact that one of the most important assets that a business can have is a bookkeeper. It is actually the bookkeepers’ responsibility to ensure that the company’s entire financial records are kept on track, seeing to it that all the details pertinent to the day to day operations ins o far as finances are concerned, the cash inflows and outflows as well are all well taken down and recorded 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.
A bookkeeper’s responsibility will often be so varied from one company to the other all based on the size of the business and the way that they will have their tasks and responsibilities shared amongst their employees. 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.