Bookkeeping is the process of keeping records of all financial transactions and dealings. Bookkeeping is generally done by accountants or professional bookkeepers who are able to develop easy-to-use systems for quick reference when it comes to managing transactions from small or large businesses and personal finances. Bookkeeping is necessary for those that spend large amounts of money and to various sources, as it can help keep track of where the money is being distributed. Bookkeeping is much more than keeping receipts, it’s balancing and organizing transactions in a professional and delicate way.
When you enlist us to perform your bookkeeping services, we also provide monthly reporting on your transactions and financial dealings as a way to readily keep track of your incoming and outgoing funds on a regular basis. Monthly reporting is done at the specified date when all of the data is available and collected and then put into a readable report that lets you make informed financial decisions about next month’s spending. Monthly reporting is a great way to understand client spending trends and to gauge how well your products and services are performing throughout the year.
Importing transactions is the process of uploading your monthly transactions to a digital platform that allows you to organize them accordingly. By importing your transactions from your bank account, whether it’s personal or business, you’ll be able to easily see how payments were received and what outgoing payments were made, so that you don’t have to manually enter them into a data recording system. Instead, importing transactions onto an electronic management system allows you to see all of your funds for the month in one place and sort them into categories that make them easier to refer to and read in the future. For example, if you’re a small business that sells items in store and online, importing your transactions and categorizing them onto a digital system will allow you to separate in-store purchases from online ones, even if they were made into the same account.
Customer payments are one of the many reasons why bookkeeping is absolutely necessary for businesses of any type and any size. When a business provides products or services to clients who then, in turn, submit payments for those products and services, businesses need to have a way to track the payments and account for the product or service provided. When this is not done, especially if the business provides products and services en masse, it can be nearly impossible to keep track of all of the customer payments manually and on a case-by-case basis. Not keeping track can result in the loss of funds from a product or service provided.
Along with standard bookkeeping, we also offer book review services, which are customized for your specific financial needs. Book reviews are similar to smaller audits, where professionals analyze the current standing of your finances and existing receipts and compare them with previous transactions and funds to find discrepancies or money lost. Book reviews can help you figure out where missing funds are, if there’s excess that’s unaccounted for, or how to better organize your existing bookkeeping system so that it’s more accurate and efficient.