Bookkeeping is a process to keep track of all the financial transactions that are carried on by an individual or an organization. Bookkeeping is maintaining records of the entire sales, purchase and its monetary involvement Small and medium sized businesses having financial transactions ranging between 200 to 2000 per month can get maximum benefits from bookkeeping services provided by various outsourcing and part-time bookkeeping services providers
small business bookkeeping system
Firstly, it's a responsibility of a company to set up its own basic bookkeeping system. It can choose a simple record keeping system that is simple to use, reliable, accurate, consistent, and can provide information regularly. Small businesses in their startup stage must use 'one-write system' to capture information at the time of individual transactions. The system is compatible with electronic data processing eliminating the need to record data.
Basic software for small medium size businesses
A standardized software for bookkeeping generally comprises of the following services that are an integral part of Bookkeeping
- Balance sheets and income statements
- Accounts receivable or payable reports
- Sales or Purchase reports
- Account Registers
- Sales tax reports
- Payroll reports
A person who doesn't know anything about bookkeeping can use some basic softwares like Quicken and QuickBooks to handle their financial tasks. The softwares are inexpensive, user-friendly, and provide quick and accurate handling of financial record-keeping tasks.
- Check register The register presents each check disbursed, the date of disbursement, check number, payee, the amount of money disbursed, and for what purpose.
- Cash receipts The cash receipts presents the total amount of money received, from whom, and for what.
- Sales journal It presents the business transaction, date, for whom it was performed, the amount of the invoice, and sales tax (if applicable.)
- Voucher register The register include record of bills, money owed, the date of the bill, to whom it is owed, the amount, and the service provided.
- General journal The general journal adjusts entries in the other four journals.
Bookkeeping service providers
Bookkeeping service providers like Michael Davies offers some bookkeeping and payroll services to small and medium businesses.
Bookkeeping services include
- Customer and Supplier accounts
- Bank accounts reconciliations
- VAT & Payroll taxes returns
- Profit & Loss and Balance Sheet
- Cash flow & profit projections
- Job / Dept profit reports
- Backlogs 3 months to 3 years
Payroll services include
- EE Records
Samarak offers bookkeeping services to different companies after understanding their different requirements and needs.
Services offered by the company include
- Accounts Payable: Preparation of checks for signature and mailing out them to sign.
- Accounts Receivable: Preparing invoices for customers and managing collections.
- payroll: Managing and maintain payroll records
- Assist with Cash Management: Preparation of collection letters for the company to sign and sending them to the customers.
- Vendor and Customer Files: maintaining vendor and customer files for all customers.
- Online Access: providing online access the company's accounting information and reports.