Bookkeeping 101 -Your Top 5 Questions Answered

Bookkeepers are responsible for recording all the transactions of the business firm and classify the nature of those transactions for tax purposes and managing cash flow. If you are an online business owner, you may be working with the help of a small team of people or the business may be hiring many employees.

It is essential to handle your financial management, online tax returns and accounting responsibly with the help of a great bookkeeper. Whatever pace your business grows at, it is a good idea to follow the right bookkeeping and accounting practices to save you time and money. And importantly take away those sleepless nights!

Let us take a look at some of the important questions regarding bookkeeping:

1. What Does the Bookkeeper Do?

A bookkeeper is responsible for handling the paperwork for a company’s business transactions and gets all the transactions put together in one place according to the type and size of the business. We have a fast online system to take care of this.

2. What is the Role of the Accountant?

The job of the accountant is to analyze, review, report and interpret the records and the financial transactions classified by the company. I construct the financial information for the company based on these records.

3. What is the Job of the Controller?

The controller is also known as the chief financial officer or manager and looks after the finance system of the company. Their role is to respond to the firm’s creditors and manage the debtors in a responsible manner. We also support you with this area.

4. Should You Go for Single or Double-Entry Bookkeeping?

Many small businesses opt for single entry bookkeeping out of convenience, usually on Excel. However, we always recommend the double-entry bookkeeping system for accuracy and to meet tax regulations. This saves a lot of headache at the end of the tax year!

5. Bookkeeping With or Without a Computer Program?

Online bookkeeping is very much similar to regular Excel or paper bookkeeping. However, it is much faster and will DOUBLE your free time. Generally, large and small businesses and firms that use computers can easily switch to online bookkeeping.

We provide a complete management package that covers all of the essential bookkeeping and gives a great done-for-you accounting service!

Click here to find out how we can help you.

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