If you’re a professional bookkeeper, you know how important it is to know the basics. Even if you do not currently run the bookkeeping services for your office, having a basic knowledge of how they works can help you out in the long run, both in saving money and helping recognize errors. We’ll run you through a few of the most common accounts you’ll encounter!
Cash, Accounts Receivable and Accounts Payable
The most straight-forward and basic type of account, cash is exactly what it sounds like. All transactions are done with cash, and it is even more important that you are very dedicated in your services as a bookkeeper, as there is many times no paper trail to help you out. Make sure you keep two seperate ledgers – cash receipts and cash disbursement – to help keep … Read the rest
Bookkeeping in business organizations is something that a bookkeeper does thus it is a mystery, which is not worth to associate with, or it is unwelcome and time consuming. In addition, when it is done manually with paper ledgers it is an irritation. But for those business who have chosen to engage their bookkeeping electronically and opted for the use of effective accounting software packages than the use of Excel spreadsheet, it mostly offers a huge learning curve that require outside help. Specialists and bookkeepers will come, set a system for usage, and even train staff. The use of a professional bookkeeper is a common choice among organizations as it is able to offload the bookkeeping problem entirely.
However, at the same time keeping accounts information far from business can be problematic mostly when there is need for immediate access … Read the rest