Bookkeeping

Bookkeeping services help to keep businesses organized by recording day-to-day financial transactions. Bookkeeping providers, also known as bookkeepers, record financial information and transactions such as expenses, income, debt, and petty cash. Bookkeepers differ from accounting services in that they only record transactions and do not offer financial advice. Many accounting firms offer bookkeeping as a service, but there are also standalone providers that specialize in bookkeeping. Generally, these companies provide an online portal for clients to upload financial information, such as receipts and bills, to be processed. Bookkeepers often utilize spreadsheets, databases, and accounting software, as well as provide businesses with electronic access to their records. Bookkeeping services are often used by smaller businesses which may not be utilizing an accounting firm regularly.

Bookkeeping – What is Bookkeeping?

Bookkeeping is the systematic recording and organizing of financial transactions in a company. Bookkeeping is the recording, on a day-to-day basis, of the financial transactions and information pertaining to a business. It ensures that records of the individual financial transactions are correct, up-to-date and comprehensive. Accuracy is therefore vital to the process.

Bookkeeping

Bookkeeping tasks

Essentially, bookkeeping means recording and tracking the numbers involved in the financial side of the business in an organised way. It is essential for businesses, but is also useful for individuals and non-profit organisations.

The person(s) responsible for bookkeeping for a business would record all transactions that are related, including but not limited to:

  • Expense payments to suppliers
  • Loan payments
  • Customer payments for invoices
  • Monitoring asset depreciation
  • Generating financial reports

Bookkeeping and accounting are often heard being used interchangeably, however, accounting is the overall practice of managing finances of a business or individual, while bookkeeping refers more specifically to the tasks and practices involved in recording the financial activities.

Call us today at +92-300-8687859, +92-42-35960296 for a FREE consultation regarding the Bookkeeping in all over the Pakistan. Our Lawyers / Consultants will assist & provide you with the best bookkeeping services.