What is Bookkeeping?
Bookkeeping tracks the money moving in and out of your business. Every payment you receive, every bill you pay, and every transaction you record is part of bookkeeping. When you keep your books up to date, you avoid last-minute stress, catch mistakes early, and manage finances easily.
How can good bookkeeping save you money?
Good books show where money leaks, You'll catch double charges, missed payments, and fees that shouldn't be there. You'll also avoid paying more tax than necessary; if you plan ahead with the right data, you wont borrow at the wrong time or overspend on things you don't need.
How is bookkeeping different than accounting?
Bookkeeping provides the financial data you need to create accurate budgets and forecasts. It tracks income, fixed and variable expenses, assets, liabilities, and cash flow. This info help you project future revenue, plan operating costs, allocate resources, and assess the timing large expenses. Without updated records, your financial plan lacks a reliable basis.
I already have an accountant. Do I still need a bookkeeper?
Yes, they handle different things. Your accountant looks at the big picture whilst bookkeepers make sure every transaction is recorded, labeled, and up to date. If your Accountant every says "I need your books", its the bookkeeper who makes sure there's something to hand over.
What bookkeeping software do we use?
We have chosen to specialize in Quickbooks online because of it's positive features.