What is Bookkeeping?
Bookkeeping is the process of recording financial transactions to demonstrate your business's financial positon. It is one of the processes that is a part of accounting. Bookkeeping transactions that are typically recorded include your sales and other revenues, expenses, charges and fees, purchases of land, machinery and equipment, and payments by the business, whether it be a corporation, partnership or sole proprietorship.
What is Single Entry Bookkeeping? Typically Used By Micro-businesses and Solo-preneurs
Single entry bookkeeping is a process in which each financial transaction is a single entry in a journal or transaction log typically in a program such as Microsoft Excel.
What is Double Entry Bookkeeping? Typically Used By Small, Medium and Large Businesses
Double entry bookkeeping is a process in which each financial transaction is a double entry in a journal or transaction log typically in a program such as Quickbooks or Quickbooks Onlne. For every journal entry credit, which is recorded under the company's equity side, there is an equal journal entry debit, recorded under the company's asset side.
How Our Bookkeeping System is Different and Why it Will Save You Money...
Your first point of contact is our Managing Partner. Our Managing Partner identifies your needs, immediate and long term, and presents you with a letter of engagement that describes in detail, exactly what services you need from us. what we need from you to complete those services. timelines and pricing. They then become your liaison between you and our team of accountants; bookkeepers; tax specialists; financial planners; lawyers and consultants. This way you're not paying an accountant's fee to organize your affairs. You're paying a manager's fees and then only the fees for the individual experts that you need only when you need them. Thus saving you money!