What is Bookkeeping?
Keeping track of your financial transactions is essential as it maintains a record of your activities throughout the year. Bookkeeping enables you to achieve this. Based on your business structure, bookkeepers record your financial activities using other documents such as invoices, receipts and etc. Accurate bookkeeping is vital for your business as it maintains records of all your financial transactions that are needed for annual financial statements, profit and loss assessments, and predictions of cash flows.
Among accounting practices, Bookkeeping is a fundamental one, which is essential for your business. Other than account maintenance, accurate bookkeeping facilitates tax planning, cash flow management, budgeting, business goal planning, compliance assurance and etc. As a result, bookkeeping enables your business activities to remain efficient and seamless.
What do bookkeepers do?
A bookkeeper is responsible for the financial records of a business.
They keep track of income and expenses and create reports that show how the business is doing financially.
They work with accountants to make sure the books are balanced and accurate.
A bookkeeper may also be responsible for payroll, invoicing, and other financial tasks.
They play an important role in keeping a business running smoothly financially.
What is the best way to do bookkeeping?
The best way to do bookkeeping is by using a software program to keep track of your finances. This method is much more efficient than keeping all paper documents. With a software program, you can easily track your income and expenses, as well as your assets and liabilities. You can also generate reports that will help you make informed financial decisions.
Why You Need Bookkeeping From Experts?
While many sole traders and small-scale business owners prefer to bookkeep their accounts by themselves, in a rapidly transforming economy, this is becoming harder. In addition, bookkeeping is also time-consuming and requires detail-orientation to basic accounting elements, which an individual may or may not be familiar with.
Our team of professionals at IJ & EA Tax Accounting Services aim to satisfy all your financial planning and management needs. We provide our clients with professional bookkeeping services, guaranteeing accurate and authentic results.
Our Bookkeeping services include:
- Recording Financial Transactions
- Maintaining Bank Accounts And Tracking Balances With Incurring Financial Transactions
- Establishment of Cloud Accounting System
- Implementation of Mobile App to Capture Receipts
- Managing Payrolls
- Managing Superannuation Reporting
At IJ & EA Accounting Tax Services, our goal is to guarantee that your business activities are accurately recorded to assess, manage and plan for the current as well the upcoming financial years in the most efficient manner.
Recording Financial Transactions
Our accountants are experts when it comes down to bookkeeping. Keeping an accurate record of all the transactions, no matter how big or small, is a crucial step of bookkeeping. Only when the transactions recorded are accurate you can excel at bookkeeping. Our accountants execute the process of recording financial transactions in the most seamless and error-free manner, allowing your journals to remain as precise as possible.
Although some small-scale business owners rely on journaling their transactions to maintain records, that method is inefficient for medium to large-scale businesses. This is why our accountants are great when it comes down to recording complex financial transactions. Not only do they use the best strategies for doing so, but they also make use of the latest technology to streamline the process.
Maintaining Bank Accounts And Tracking Balances With Incurring Financial Transactions
Part of the bookkeeping process is to always be sure of your individual or business bank balances, tracking down the balance after any sorts of debits and credits have been made, and evaluating the current cash flows. Our accountants understand that bookkeeping is essential for your individual or business ventures because it impacts your financial statements, cash flow projections and ultimately, your profit and loss.
As part of maintaining your ledgers accurately, our accountants also maintain the accuracy of your bank accounts and track down the balances. This allows them to diagnose any discrepancies, keep track of liabilities, and maintain a healthy cash-at-hand balance, which is necessary for your business’ day-to-day transactions.
Establishment of Cloud Accounting System
Virtual is the new reality and to run a successful business, it is important to stay up to the minute with the latest technologies. Individuals and businesses often use desktop accounting software, however, this method has also become outdated. Our expert accountants facilitate your business record keeping by establishing a cloud accounting system.
With a cloud accounting system, you are able to optimise your business activities and enjoy better results. A cloud accounting system is the same as a desktop accounting system. The only difference is that all your records are maintained virtually, which allows you to access your accounts from anywhere in the world. In fact, our expert accountants recommend establishing a cloud accounting software as it updates your records and provides real-time results.
Implementation of Mobile App to Capture Receipts
As with cloud accounting software, our expert accountants recommend implementation of mobile applications to capture receipts. While the cloud accounting software maintains your records, keeps your journals and facilitates in your financial statements, mobile apps enable you to generate, record, maintain and track receipts to and from your suppliers. As a result, you are able to streamline your bookkeeping process, allowing our accountants to accurately record your transactions and create error-free financial statements.
Some of the benefits of implementing a mobile app include:
- Having access to a summary of your balance and cash flows, allowing you to instantly evaluate your current business performance
- Keeping control over the transactions by utilising the approval aspect
- Speeding up the purchasing process by placing orders with your suppliers
- Managing your expenses by having a clear display of your current expenditures, allowing you to identify the most unnecessary ones and cutting them down
There are several different categories of accounting, and the accountants at IJ&EA command expertise over all areas of accounting – including payroll accounting. Our accountants offer payroll accounting and management services, which enables businesses to generate successful results.
While managing your payrolls, our accounts develop, curate and maintain payroll paperwork.
Managing Superannuation Reporting
If you are looking for assistance with your superannuation fund (SMSF), then the experts at IJ&EA have you covered! Our accounts hold expertise over dealing with compliance-related matters, and are happy to assist you in managing your superannuation reporting.
Being the member and trustee yourself, you will have to oblige by the super and taxation laws for this fund account. However, our accountants understand how this might be difficult for you and facilitate you in every way possible.
Our accountants provide you assistance in:
- Preparing financial statements and tax returns
- Audit reviews