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Many business owners are aware of the need for good bookkeeping services. Yet, when it comes to ascertaining the role of bookkeeping in the world of accounting, they often remain clueless. At its core, bookkeeping denotes the process of recording finance-related transactions. Bookkeeping professionals record all financial transactions of a business as they take place. Hence, bookkeeping plays a part in the entire accounting process. However, the accounting process will typ

Some of the most important activities that bookkeepers typically handle include: Accounts Receivable: This involves maintaining records of credits paid to or owed to the company. Here, bookkeepers will usually prepare invoices or statements that would enable clients to pay the bills in a timely manner. They will monitor overdue notices and send follow-up reminders if needed. Bookkeepers prepare bank deposits by verifying and balancing receipts. They will also do this by tr

As mentioned earlier, bookkeepers maintain financial records for various small businesses or companies. In many cases, they will work for one specific company unlike accountants. Because they work for one organisation, they will possess a sound knowledge of various details of the company. Such details could typically include: The sales or earnings of the business The expenditure incurred by the business The payments made by the business The number of employe

It is worth highlighting that bookkeepers are primarily responsible for recording all transactions concerning the business in the appropriate accounts. They are responsible for recording all business-related transactions in balance as well. However, their core responsibility does not involve identifying, analysing and / or presenting a holistic picture of these recordings for displaying the results of financial activities for a specific period. Many bookkeepers provide the

For the uninitiated, bookkeeping refers to the practice or profession that involves recording the accounts and transactions of a business. Many people often confuse bookkeeping with accounting. However, both the terms are quite different. Bookkeeping is an essential element of accounting. As such, it is not only important for individuals, but for all kinds of businesses as well. In fact, even not-for-profit organisations require bookkeeping services. It is worth mentioning th