Having the capacity to comprehend an organization’s financial position and net income or loss is a crucial task for maintaining a business. Without this information, it’s basically unthinkable for users to make decisions about the system and everyday tasks. Notwithstanding providing important information to the business owner, bookkeeping enables managers to maintain a business effectively … Read more5 Reasons Why Bookkeeping is Important
Small business owners consider bookkeeping as a burden and often end up ignoring its importance till the financial year comes to an end. To make this essential procedure easier, this article brings about certain hacks which small businesses can follow so as to simplify their procedure of accurate bookkeeping. This article discusses the following topics: … Read moreBookkeeping Made Easier for Small Businesses
You must be worried about some of the bad habits that you do while maintaining your books of accounts. Maybe some appear to be awful yet not horrible – like poorly sorted file cabinet or overflowing cabinet. What’s more, maybe others might trigger warnings in your psyche such as check ledger on your bookkeeper’s work … Read more8 Bad Habits that May Impact Your Bookkeeping this Year
Many utilize the bookkeeping and accounting terms reciprocally, yet the matter of the fact is that bookkeeping is a part of accounting. Moreover, accounting is a lot more analytical and extensive than bookkeeping. Bookkeeping helps in forming the base for accounting as it is just a part of accounting. While bookkeeping, on the other hand, … Read moreDifference between Bookkeeping and Accounting
We frequently utilize the terms accounting and bookkeeping conversely. Howsoever, in reality, bookkeeping is a part of the accounting procedure that records all the financial transaction. So let us discuss bookkeeping and its disparities with accounting. Bookkeeping Bookkeeping is a process that deals with the activities related to the classification and recording of monetary data … Read moreWhat is Bookkeeping?
Introduction Accounting is an art of identifying, recording and summarizing the financial transactions that are measurable in terms of money and analyzing the result thereafter. Further, there are two ways to maintain accounts and they are Single and Double Entry System of bookkeeping. But generally, the monetary transaction is recorded in the Double Entry for … Read moreDouble Entry System in Accounting and Bookkeeping