Accounting And Bookkeeping- Two Important Aspects Of The Business Function
In any business company, the role of accountants is very crucial because they handle many business related things in an efficient manner. They have to keep track on the financial transactions along with systematic record process. Accountant takes the help of bookkeeping services to perform in reports and analyze the financial aspects of the company. The department of accounting handles all incoming and outgoing bills. Generally, the smaller companies incorporate the bookkeeping method into the accounting system.
The accountants are responsible for the monitoring and overseeing the flow of money in the business. They have to work with business related persons as well as external authorities. To keep the error-free and accuracy in the business records, business owners prefer to hire certified public accountants. The financial data recording and assessment are essential in keeping your business going. Accountant bookkeeping service is combined with two separate departments i.e. accounting and bookkeeping. Both go hand and hand to ensure that your business is running smoothly.
The process of bookkeeping can be classified into three steps. The bookkeepers record receipts and other financial data after completing every payment and expenditure. They summarize the records of income and expenditure on some periodic basis; it may be daily, weekly, monthly or annual. These professionals work on the financial reports that tell the specific information about of business. The accountant bookkeepers record the data of transaction from journal and then post it to the individual ledger accounts. They also draw up the trial balance, maintain the subsidiary books and prepare for the payroll payments.
It is expected from the bookkeepers that they should be well versed in the accounting practices. They should be proficient in handling financial matters with the government authorities. A bachelor’s degree in accounting is basic requirement to become bookkeeper. In addition to this, they should be aware of the computer courses and know how to operate on several advanced accounting software such as Tally, Excel, and others. Accounting is a broader and more complete phenomenon than business Bookkeeping. The accountant bookkeeping professionals use the information about all transactions to produce detailed reports related to the balance sheets, income statements, tax accounting, inventory accounting, auditing, etc. Business bookkeeping assists accounting to record in chronological order of all types transactions commenced by the organizations.