Business Transactions
Categorise Entries
Ensure Consistency
Time Bound
Business Bank Accounts
Match Entires for Accuracy
Detect and Prevent Fraud
Ensure All Entries are Posted
Receiving and Making Payments
Accounts Payable
Accounts Receiveable
Credit Control
Reports for Business Management
Debtors/Creditors
Profit/Loss
Balance Sheet
Bookkeeping is the process of recording all financial transactions made by a business. Bookkeepers are responsible for recording, classifying, and organising every financial transaction that is made through the course of business operations.
By keeping track of all financial records, businesses can identify trends and patterns in their revenue and expenses, and use this information to make adjustments to their operations
Bookkeeping helps business owners understand their financial position and make informed decisions that will help them grow their business
Small businesses and sole traders are required by law to file taxes every year, and accurate bookkeeping is essential for tax compliance.
Accurate bookkeeping is essential for securing financing from banks and other lenders. Lenders typically require a business to provide financial information as part of the loan application process.
By keeping track of all the financial transactions, business owners can create a budget and forecast future expenses. This helps them plan for the future and make informed decisions.
Accurate bookkeeping can save businesses time and money. By keeping track of all financial transactions, business owners can identify areas where they are spending too much money and make changes accordingly.
Each financial transaction is recorded based on supporting documentation. That documentation may be a receipt, an invoice, a purchase order, or some similar type of financial record showing that the transaction took place.
The ledger accounts of a business are the main source of information used to prepare the financial statements. Business Transactions are posted to these accounts
When a financial transaction is completed, we assess and assign it to the correct accounts using debits and credits.
Each business transaction is then posted using double entry accounting
Post Journal Entries id required for Wages, Bad Debts, VAT Reclaim, Depreciation Etc
At the end of a given period the accounts are reconciled this is to ensure that all transactions are captured and balances are correct matching the bank/credit card statements
Once all entries are posted, reconciled, journal entires made then reports can be produced such as the Profit and Loss (shows if you have made a profit or loss in the reporting period), Accounts Receiveable (Money Owed In) Accounts Payable (Money Owed Out) and a balance sheet (which shows the value of the business)
