As the name reflects, bookkeeping services for financial records are the activity or occupation of keeping records of the financial affairs of a business. Financial records of business include transactions of sales, purchases, bank, receipts& payments of an individual or organization.
Bookkeeping records are a source of trial balance which is used by an accountant to create reports for various purposes including the regulatory obligation of filing e.g. tax return, annual accounts, management accounts, VAT, cash flow, etc. Someone who performs bookkeeping is known as a bookkeeper.
In the normal course of business, each transaction makes a document e.g. sales receipts, purchase invoice, deposit slips, etc.
Accounting works on the rule of double-entry system, however in small entities sometimes records are kept in a manner that every transaction may not have a clear double entry, therefore qualified cheap accountants are required to consolidate the information and produce the corresponding aspect of the transaction and double entries from the single side of the information available.
Availability of information for decision making is pivotal. Businesses can never grow until their books are correct, clear, concise and easy to understand in order to provide the relevant and reliable information to decision-makers.
Sometimes businesses do not give importance to the bookkeeping, but being professionals we strongly advise you to get your records right so that the information your accountant prepares is correct & the information you derive from these accounts and tax matters for your business decisions is reliable and relevant and eventually plays a healthy role in your business growth. On the contrary, if the information was incorrect the decisions you make will never be favourable and your business might struggle to grow. Remember accountant is not an auditor, therefore, provision of the correct information and keeping the records for 7 years is your responsibility, not accountants’.
We at BNW can do the bookkeeping for you or provide you with training to keep your records right. If you decide to do the bookkeeping yourself we can provide you templates that can be tailored to your needs so that you can keep the financial matters correct. We are fixed fee accountants London; our team consists of qualified accountants. Our head office is in Mitcham covering the areas of Mitcham, Morden, Croydon, Sutton, Tooting, and surrounding areas, we have clients all across the UK/Europe, please feel free to contact us and speak to one of our business expert for free advice