Put simply, bookkeeping is the area of a business that deals with part of its accounts known as the general ledger.

It is a record of all financial transactions – the costs (debits) and the income (credits) – and the ensuing financial reports and statements that provide accurate and up-to-date financial information about the business.

The cornerstone of bookkeeping is data entry (recording all financial transactions) and bank reconciliation (cross-referencing the books with bank statements) to make sure that they are accurate, and then producing the necessary reports to monitor the business’s ongoing financial position.

Bookkeeping duties also include issuing invoices and statements to clients, managing payments both from clients and to suppliers, and calculating pay and deductions for the company payroll.

Clearly, accurate bookkeeping is a vital part of running a business as it is a legal requirement to maintain books and records accurately.

It can also be a complicated process for which our professional services make a lot of sense.

Expert help for businesses to plan, prepare and comply with legal requirements.