Bookkeeping is more about recording the financial data, getting it in order, and getting it into some kind of system. So that you can get understandable data from it. To make sure the data is in there, it’s recorded, it’s logical, it’s correct.
PRICE £25 per hour.
The Bookkeeping Process is made up of a number of different elements each set up to ensure that, not only is the information included in your books and records but, that it is complete and accurate.
Profit & Loss
Reconciling your business bank account each month keeps your bank account, accounting, and taxes, up-to-date.
Reconciling means –
We can identify lost cheques, lost deposits and unauthorised transactions.
Makes sure your bank charges are correct and transactions are posted correctly by your bank.
The ability to detect and prevent fraud from within your company.
Let’s you know how your business is doing by making sure all accounts are reconciled and properly accounted for on your financial statement.
Manage your cash effectively which can help you save money and ensure it makes money for you.
Protect yourself. Timely reconciling allows you to promptly object to your bank about any unauthorised fraudulent or forged transactions presented to your bank and paid by that bank, thus transferring the risk to the bank.
Ensuring you know what free funds you have to allow you to take advantage of those opportunities arising.
This is an itemised list of all your revenues which then subtracts an itemised list of all your expenses to come up with a profit or loss for the period.
It allows you to –
Track revenues and expenses so that you can determine the operating performance of your business.
Identify specific items that are causing unexpected expenditures e.g stationery, purchases etc.
Track dramatic increases and trends in revenues or costs.
A balance sheet gives you a snapshot of your business’ financial position at a specific moment in time.
A balance sheet helps you –
Get a handle on the financial strength and capabilities of your business.
Identify and analyse trends, particularly in the area of receivables and payables.
Determine if your business is in a position to expand.
Determine if your business can easily handle the normal financial ups and downs of revenues and expenses.
Determine if you need to take immediate steps to bolster cash reserves.