Bookkeeping services

Bookkeeping

Bookkeeping is the recording of financial transactions.Bookkeeping Services are focused on helping the clients with management, accounting and tax preparation services, thereby reducing their finance and accounting operating costs.Online bookkeeping services cover the entire scope of bookkeeping and clients have the flexibility to choose what they require. It also function as your virtual off-site office for all your bookkeeping and accounting work,including set-up, support, maintenance and consultation.

Some Of the Bookkeeping Services

Entry of transactions
Journal entry
General Ledger
Assets /Equipment Ledgers
Expenses Ledger
Accounts Receivable Services
Accounts Payable Services
Ageing Report & Summaries
Bank Account Reconciliation
Financial Statements preparation
Trial Balance
Income Statement (Profit & Loss)
Balance-sheet
Cash Flow Statement

Bookkeeping Softwares:

MYOB and SAGE
QuickBooks (All versions)
Quicken
Peachtree
Intuit ProSeries
Intuit Lacerte
Net Suite
Creative Solutions Accounting
Master Builder
Business Works

The following are a list of the different methods of accounting:

1.Single Entry bookkeeping system

Most organizations prefer using double entry accounting rather than single entry bookkeeping because the double entry bookkeeping system has more advantages.  The way a single entry bookkeeping system is maintained is very similar to that of a checkbook register.  In the single entry bookkeeping method, only one line for each transaction is entered in the journal.  All the transactions, both positive and negative, are recorded in one column. The columns in a single entry bookkeeping system are usually date, description and amount. Although the single entry bookkeeping system is fairly a simple system, the drawback is that only the difference between the expenses and revenues are totaled and the individual values of each are left out.  To formulate a budget, the individual values have to be known.  In a single entry bookkeeping system, the individual values can only be determined by sorting the transactions and creating a table for totaling expenses and revenues.

Advantages of single entry bookkeeping system

• Additional columns can be easily added for different types of revenue and expenses.
• Ideal for small businesses.

Disadvantages of single entry bookkeeping system

• Detailed financial information cannot be included.
• Errors can be identified only through bank statement reconciliation.
• The financial position cannot be calculated..

2. Double Entry Bookkeeping System

For organizations having large assets, external suppliers of capital and thousands of transactions to deal with in a reporting period, it is much more practical to use a double entry accounting system. There are two distinct characteristic features of a double entry bookkeeping system, which are, that every transaction is recorded in two accounts and each account has two columns.  In a double entry bookkeeping method, two entries are made for each transaction.  One entry is made as a debit in one account and one entry is made as a credit in another account.  The entries are entered in this manner to keep the accounting equation in balance. The columns in a double entry bookkeeping system are namely date, accounts, debit and credit.  The debits are entered in the left column and the credits are entered in the right column. For each debit entry, an equal and opposite credit entry is entered.  When totaling the accounts, the sum of all debits must be equal to the sum of all credits.

Advantages of double entry bookkeeping system

• Errors can be easily detected.
• Financial statements can be prepared directly from the accounts.
• Assets and liabilities can be included in the bookkeeping accounts.
• Profit and loss can be accurately calculated.

3. Online Bookkeeping

Online bookkeeping is a system in which books are updated through an online bookkeeping application.  Organizations delegating their accounting work scan and store their business documents, data and source documents in a web based application, so that their provider’s bookkeepers can remotely access these documents and update the books.  Online book-keeping is very secure since the documents are uploaded onto a secure location or into an online bookkeeping application.  The most commonly used bookkeeping software is SQL Ledger and Quickbooks.

Advantages of online bookkeeping system

• Accounts can be accessed on an anytime, anywhere basis.
• Online bookkeeping is very secure.
• Accounts can be updated as often as required.
• Online bookkeeping can help save more than 50 per-cent of costs compared to the price that your present bookkeeper charges you.
• You will save time, effort, resources, software and infrastructure.

Get in touch with TransVisionarySolutions for your Bookkeeping Services.

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