What is bookkeeping?
The term bookkeeping obviously has its origins when all accounting was recorded in ledgers and books. We’re all eternally grateful that now almost all our bookkeeping can now be recorded and maintained on our desktop. Online software like Xero even eliminates the need for keeping of receipts allowing for the storage of receipts and invoices as PDFs or image files.
However, bookkeeping per say still involves the recording, storing and retrieving of financial transactions for a company, trust, non-profit organisation or individual.
Common financial transactions and tasks that are involved in bookkeeping include:
- Invoicing for goods sold or services provided to clients.
- Recording payment receipts from customers.
- Checking and recording invoices from suppliers.
- Processing employees' pay and the related governmental reports.
- Preparing payment schedules for approval and bank processing.
- Monitoring accounts receivables and payables.
- Setting and providing financial reports.
At Sudburys we can look after all your bookkeeping requirements including overall chart of accounts setup tailored to your business, seamless integration of our systems with accounting software like Xero, through to processing of invoices and receipts to make sure your records are always up to date. And we’ll arrange access to financial reports which will help you manage your business better.
Accounting Software Advice and Set Up
We work with Xero and Figured software packages and can advise you on which package is best suited to your business. We can streamline accounting software within your workplace and sync it with our management reporting if required.
One of the biggest clamps on business cash flow is collection of receivables. We can provide you with a number of options where we look after the management and follow up of customers who owe you money. Our disciplined approach using automated systems and personal contact can ensure that your cash flow is improved and save you time and worry in following up customers for payment.