Bookkeeping is the recording of the day-to-day financial transactions of a business in order to produce a trail balance, and fixed asset register.
Bookkeeping ranks high as a grudge task for many business owners, particularly those who simply cannot keep a bookkeeper busy enough to justify a permanent appointment. Many small businesses opt for a ‘pay as you go’ solution to maintaining their company books. For the most part, business owners don’t make good bookkeepers, and this by no means suggests they are incapable, its simply they generally focus on the job of maintaining or growing their businesses. An accounting practice on the other hand, has efficient bookkeepers who, by virtue of the fact that this is what they do, are generally far quicker, more methodical, and are more accurate at capturing and allocating.
The following will be required for us to perform the bookkeeping function;
• Revenue source documents.
• Expenditure source documents.
• Bank statements.
• Cash receipts and expenditure.
• Lease and loan agreements.