Bookkeeping and administration
Accurate bookkeeping and accounting share two basic goals:
- To keep track of income and expenses, which improves the likelihood of a business making a profit
- To collect the financial information necessary for filing various tax returns.
There is no requirement for business records to be kept in any particular way. As long as the records accurately reflect a business's income and expenses this is acceptable.
The actual process of keeping accurate records can be broken down into three steps.
- Keep receipts or other acceptable records of every payment to and every expenditure from the business.
- Summarize income and expenditure records on a periodic basis (daily, weekly, or monthly).
- Use the summaries to create financial reports that will provide specific information about a business, such as how much monthly profit it is making or how much a business is worth at a specific point in time.
Whether you do your accounting by hand on ledger sheets or use accounting software, these principles are exactly the same.
We are able to offer a part time bookkeeping and administration service either as a “one-off” or on an ongoing basis to help businesses who struggle to keep on top of the paperwork. Often, business owners are busy doing what they are good at and the bookkeeping and administration are neglected. We can help get your paperwork up to date
