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Bookkeeping services are among the basic accounting services and one of the most essential. It is often the first step in preparing a financial statement as it involves the recording of all business transactions. Through bookkeeping, an owner can identify whether their business is making profits or losses.
People often assume that bookkeeping services are restricted for small businesses such as the corner shop or your neighbour’s tuckshop. However, bookkeeping services are just as essential for large business and also involve quite a number of financial transactions. These include paying suppliers, financial reporting, processing employees payroll as well as documenting receipts from customers.
There are two main types of bookkeeping: the single -entry system and the double-entry system.
Single – entry bookkeeping is mainly used for smaller businesses with smaller bills to pay. This system keeps track of business expenses and cash sales within the business. It is not used for bigger companies that have bigger capital transactions.
Businesses that have larger transactions make use of the double – entry bookkeeping system. The double – entry bookkeeping system breaks every single transaction down to either an income or expense item. This then allows for a second entry to trace these transactions and make sure they get to the correct accounts.
In addition to this, small businesses have now found another way of doing their bookkeeping and it is through using bookkeeping software. Software bookkeeping also makes use of the double-entry but the user does not have to know the ins and outs to make use of this method of bookkeeping. The benefits of bookkeeping software is that it can process the information quicker and increases reporting accuracy.
Connect is providing all the above-mentioned bookkeeping services and more via our Sweepsouth Connect app. All the different types of bookkeeping services mentioned will be available for you to learn and take advantage.
So let Sweepsouth Connect help you connect to some of the best service providers offering bookkeeping services. All our service providers are fully vetted, professional and reliable. So take advantage of our offers and start today!