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Category: Bookkeeping services
Category: Bookkeeping services
Bookkeeping involves the following actions:
| Reconcile accounts : What is an account reconciliation? It is the action taken to prove that an account balance is valid. |  |
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Record transactions : Recording business transactions is the process of entering business events into the accounting system. | |
| Manage accounts receivable and accounts payable: Accounts Payable (what you owe) and Accounts Receivable (what your clients/customers owe you), are accounting summaries responsible for keeping track of money coming in and money going out of your business. |  |
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Adjust entries : Adjusting entries are changes to entries you’ve already recorded. Specifically, they make sure that the numbers you have recorded match up to the correct accounting periods. This is normally done in assistance with the accountant. | |
| Accounting software : Accounting software describes a type of application software that records and processes accounting transactions within functional modules such as accounts payable, accounts receivable, journal, general ledger, payroll, and trial balance. It functions as an accounting information system. There are various options on the market and the key is to establish which one is best suited to your business needs. |  |
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Stay up to date on laws and regulations : Accounting is a field in which practices, rules, laws, and tools change frequently. Bookkeepers / Accountants need to be able to keep up with this evolving industry to best serve their clients or companies. | |
| Payroll processing: A payroll refers to the list of employees of a company that is entitled to receive payments as well as other work benefits and the amounts that each should receive. Along with the amounts that each employee should receive for time worked or tasks performed. This is done either weekly, bi-weekly, or monthly. |  |
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Process transactions in conjunction with the accountant, tax preparer, and tax planner: The bookkeeper will regularly communicate with the accountant and tax practitioner of a client in order to ensure compliance in all areas, e.g. for audit purposes (if required), Annual Financial Statements and Tax Returns. | |
| Process and send customer invoices: An invoice is a commercial document issued by a seller to a buyer, relating to a sale transaction and indicating the products, quantities, and agreed prices for products or services the seller had provided the buyer. This forms part of the bookkeeping services. |  |
