Book-keeping services is a blessing forever growing and expanding businesses

What is book-keeping?

Keeping business accounts up to date is one of the great obsessions of every businessman. This task requires skill sets in the accounting area. Thus, the Accounting Officer is considered essential to efficiently manage and distribute economic resources of a business, as well as to perform financial analyses to help the company grow. System monitoring and recording of expenditure and income and other financial operations carried out by a company or entity. Part of economics that studies these systems or the different items that reflect the financial transactions of a company or entity. This is bookkeeping.

Areas described in book-keeping:

• Recording depreciation and other adjusting entries
• Providing financial reports.
• Recording and processing of raw data
• Calculate income tax return

Objective

Manages resources and fiscal management prepares the Directorate for making management decisions Establishes Policies Marketing organizes the functioning of the company, directs and coordinates all members and monitors the results.

Types of book-keeping services:

There are three types of book-keeping services:

• Bookkeeping services offered in organization
• Bookkeeping services offered online
• Bookkeeping services offered online and offline both.

What are bookkeeping services?

Good bookkeeping is the foundation of a healthy business and accounting experts do understand the importance of excellent bookkeeping. It not only plays a significant part in the healthy running of your business but also saves your money (accountants generally charge more if your books are kept badly), therefore it makes fiscal sense to get your bookkeeping correctly done, the very first time.

Monthly reporting:

Putting in place a financial system is only the halfway point. These bookkeeping firms can help you with reconciliations, accounts payable and receivable, payroll, cash flow, and budgeting and forecasting. Each company has its own rules about what is and what is in the monthly report to be submitted to the Management responsible for each department. However, in general, the monthly report contains:

• The Trial Balance (Sumas and Balances)
• The Balance Sheet
• The profit and loss account

Thus, the management is provided useful information to management for decision-making

Financial forecasting:

Their financial forecasting experts put the power of the past to work for your future as they can identify important trends, and show what will happen to your bottom line when you play “what if” and help you execute timely decisions.

Strategic planning:

These bookkeeping firms also help you with strategic planning expertise as they have experience of assisting hundreds of small businesses and designed financial plans that led to expansion through acquisition, funding and more. When the time comes for the next step but it's not sure which way to go, these consultants can offer expert advice

Accounts Payable:

It's very simple. An account payable is a debit account in a company and indicates that it must pay its suppliers (or other creditors). The amounts that are recorded as payables are from the purchase of products and services on credit conditions.

Accounts Receivable:

Accounts receivable is an accounting concept where increases and decreases resulting from the sale of items other than goods or services solely and exclusively to documented credit (debt securities, bills of exchange and promissory notes) are recorded for company

Financial Reporting:

Income statement (also called Profit or profit and loss and loss) statement of retained earnings (also called Statement of Changes in Equity) cash flow statement.

Book-keeping support services:

• Accounting Software Setup
• Preparing Chart of Accounts
• Accounts Receivable (AR)
• Accounts Payable (AP)
• Inventory, Payroll
• Fixed Assets & General Ledger
• Balance Sheet and Income statement

Firms offering bookkeeping services:

• Mark’s Bookkeeping services
• Virtual book-keeping services
• Quick-book services
• Brick-word
• SLC Book-keeping

Cost of book-keeping services:

Professional bookkeepers can be hired within the range of 20-50 POUNDS per hour but it usually depends on where you live. It mostly depends upon the location and the complications of the situations that you are currently facing in your business. You can hire outsource online bookkeeping services as well through the internet and these services might cost you a little over 20-40 POUNDS. You can also hire a trained and experienced bookkeeper on a contract basis which would cost somewhere between 150-200 POUNDS if you have a small business that doesn’t require a lot of working hours.