Bookkeeping

Bookkeeping Services:

Bookkeeping services are essential for small business organizations. Bookkeeping means recording all the financial transaction and representing them as financial statements for a specific period.

Bookkeeping Services usually includes of various modules and most commonly used are mentioned as follows:

Accounts Payable (AP Module):

it deals with the suppliers, service provider’s balances and their respective bank and cash payments. Ensuring all payments and payable balances are supported by relevant internal documents such as (P.Os, GRNs) and invoices.

 

Accounts Receivable (AR Module):

It deals with the customers’ balances and their respective bank and cash receipts. Customer database has to be maintained in order to determine our most valuable customers

Inventory Management:

It deals with the inventory flows through the organizations, opening balances and closing balance for the specific period.

Payroll Module:

This is a Human resource/accountancy module which deals with the salary calculation and salary payment for the human resource of the company.

Costing module:

it deals with the expense bifurcation among various business divisions or products for the calculation of product cost of a particular division.

Ensuring all the overheads of the organization are divided into their relevant business divisions transaction by transaction on daily basis.

All the transactions have to be assessed properly to determine their actual business area positioning.

Normally for bookkeeping services the purposes, entire department is maintained. Recently outsourcing this entire function seems like a smart option for the business.

Bookkeeping requires a lot of business understanding to determine actual nature of the transaction in business.

Daily recording, maintaining a proper record by either filing or having software database and ensuring all vouchers are supported by relevant documents.

Following are advantages of hiring a self-employed accountancy firm over employees:

  • Training, hiring and appraisal of the internally maintained department can result in heavy costs for the organization whereas hiring a trained professional will be more cost effective on a longer run.
  • Even after the training of the employees, the level of skills provided by the accountancy firm because of their expertise concentrated in a particular area will always exceed the quality of work provided by internal employees
  • Hiring an employee will expose the organization for litigation whereas hiring an independent self-employed will always save the organization for that aspect.
  • More supervision and control is needed in order for the internally maintain department to work properly whereas in accountancy firm responsibility of getting work done lies on the accountancy firm.
  • Employees are protected by various labor unions and legal acts, making it more difficult to fire and hire an employee whereas for if business are not satisfied by the performance of outsourced firm, business can replace them immediately with minimum legal consequences.
  • Our essential small business bookkeeping organizations. Bookkeeping means recording all the financial transaction and representing them as financial statements for a specific period.

Hire a Bookkeeper

WeAccountax is a financial services provider in the United Kingdom which outshines in providing bookkeeping services for business irrespective of industry.

Our bookkeeping team is properly supervised by financial accounting experts i.e. qualified accountants making sure all financial transaction recorded by the business are hitting all the right areas so that the quality of financial statements to be presented to the shareholders and auditors for audit is maintained.

WeAccountax also excels in providing financial accounting services, which can be combined with bookkeeping services and could result in producing some quality financial statement which can be further used for banking, shareholders and investment purposes.

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