Book Keeping Services

Book Keeping is the process of recording and maintaining financial transactions of a business. It involves keeping accurate and organized records of all financial activities, including income, expenses, assets, liabilities, and equity. Book Keeping is a crucial aspect of business operations as it provides the foundation for accurate financial reporting, tax compliance, and informed decision-making. Bookkeeping services can be either managed in-house or outsourced to professional bookkeepers.

Typically involved in Book Keeping Services?

It provides the foundation for accurate financial reporting, tax compliance, and informed decision-making.

Recording Transactions

Documenting financial transactions such as sales, purchases, payments and receipts.

Categorizing transactions into appropriate accounts.

Maintaining a general ledger, which is a record of all accounts and their balances.

Reconciliation

Comparing financial records, such as bank statements and credit card statements, with the transactions recorded in the books to ensure accuracy.

Identifying discrepancies and reconciling them to maintain accurate balances.

Accounts Payable

Managing and tracking money owed to suppliers, vendors, and creditors.

Ensuring bills and invoices are processed accurately and on time.

Accounts Receivable

Managing and tracking money owed by customers and clients.

Sending invoices, following up on overdue payments, and recording receipts.

Payroll Processing

Calculating employee wages, taxes, deductions, and benefits.

Ensuring timely and accurate payroll processing and compliance with tax regulations.

Financial Reporting

Preparing financial statements such as the balance sheet, income statement and cash flow statement.

Generating reports that provide insights into the business's financial health and performance.

Tax Compliance

Keeping accurate records that facilitate tax filing and reporting.

Calculating and setting aside funds for taxes.

Documentation and Archiving

Maintaining organized records and documentation for easy retrieval financial analysis.

Safeguarding financial data and maintaining data security.

Software Utilization

Using accounting software to streamline bookkeeping processes and improve efficiency.

Ensuring accurate data entry and data integrity within the software.

Consultation and Advisory

Providing insights and financial analysis to help business owners make informed decisions.

Offering guidance on financial strategies and improving business profitability.

Outsourcing services can be beneficial for businesses that want to focus on their core operations while ensuring accurate financial records. Professional accounting firms have expertise in maintaining compliance, handling complex financial transactions, and providing valuable financial insights.

Whether managed in-house or outsourced, effective bookkeeping is essential for maintaining financial transparency, meeting legal requirements, and making strategic business decisions.

A list of documents and Information commonly required for our services

Business Information
  • Business Name, Address, Contact Information.
  • Business Structure (sole proprietorship, partnership.)
Sales and Revenue Records
  • Sales Registers - Records of all sales transactions.
  • Revenue Reports - Summaries of income by product, and service.
Consultation and Advisory
  • Expense Reports - Summaries of various business expenses.
  • Expense Receipts - Supporting documents for expenses.
Bank Reconciliation Records
  • Reconciliation Statements - Employee salaries, taxes, deductions.
  • Inventory Records - Stock levels, valuation, and adjustments.
Fixed Assets and Depreciation
  • Records of Fixed Assets - Summaries of various business expenses.
  • Expense Receipts - Supporting documents for expenses.
Tax-related Documents
  • Tax Returns & Notices - Copies of filed tax returns and Any communications from tax authorities.
  • Tax Identification Numbers - Stock levels, valuation, and adjustments.
Financial Reports
  • Balance Sheet - Summarizes assets, liabilities, and equity at a specific point in time.
  • Income Statement - Summarizes revenues, expenses, and profits over a specific period.
  • Cash Flow Statement - Tracks cash inflows and outflows over a specific period.
  • General Ledger - A record of all financial transactions organized by accounts.
  • Chart of Accounts - A list of accounts used to categorize financial transactions.
  • Employee Information - Names, roles, salaries, and benefits.
  • Client Agreements - Agreements with clients outlining services, pricing, and terms.
Vendor and Supplier Information
  • Vendor Details - Names, contact information, and terms.
  • Software and Tools - Access to accounting software and tools used for bookkeeping.
  • Communication Records - Emails, memos, and communication related to financial matters.
Banking and Financial Institution Details
  • Information about business bank accounts, credit cards and other financial arrangements.
  • Backup and Securitys - Data backup procedures and security measures for financial records.
Financial Documents
  • Invoices - Issued to customers for goods or services provided.
  • Purchase Invoices - Received from suppliers for purchases.
  • Receipts - Emails, memos, and communication related to financial matters.
  • Credit Card Statements - Transactions made using business cards.
  • Petty Cash Records - Records of small cash transaction.
  • Loan Statements - Statements for business loans or lines of credit.
  • Payroll Records - Employee salaries, taxes, deductions, and benefits.
  • Bank Statements - Records of transactions from business bank accounts.