As an accounting or bookkeeping firm, there are certain services that you need to have. Different areas fall under the general category of bookkeeping services, and some of them are so important that companies use them to decide whether to work with an outside firm. Whether it is general ledger management or creating financial reports, a bookkeeper completes different tasks. This article will highlight the most essential bookkeeping services that every client will ask for.
- General Ledger Management
One of the most fundamental services that every bookkeeper should know is General Ledger Management. Whether you are providing advertising bookkeeping services, or any other, this is an important task you should know. There are different tasks that encompass General Ledger Management, such as recording and organising financial transactions, recording debits and credits in a business, preparing month-end books, and even creating financial statements.
- Transaction Classification
Another essential part of managing personal bookkeeping services is knowing how to break every transaction into different categories. This is an important task, as it serves two different functions. First, it allows business owners to record accurate financial reports, which is essential for tax filings, and second, classification of transactions streamlines financial analysis, as it allows a bookkeeper to see the ways through which a business is generating revenue.
Having this information ensures that both the business owner as well as the bookkeeper understand financial trends and make decisions for the growth of their business.
- Bank and Credit Card Reconciliation
The bookkeeping work comes to an end when a specialist does a comparison of the records and reconciles the differences. A certified bookkeeper will detect the discrepancies and provide the differences in their amount along with the date of the occurrence.
Therefore, the discrepancies will be further investigated by the bookkeeping service to find out the reasons for the discrepancies and what should be done to resolve them. In addition, these business services trace the bank and credit card reconciliation procedure from the beginning to the end to confirm that the information has been captured accurately.
- Payroll Processing
The process of payroll processing takes care of all the payroll functions, which may consist of:
- Calculating employee wages
- Deductions of taxes
- Reporting taxes
- Setting up employee payment methods, like physical checks or direct deposit
- Issuing payments
- Keeping track of paid time off and benefits
- Preparing W-2 forms
- Creating payroll reports
Because of the numerous elements that come into play in payroll processing, it is not surprising that professional accounting services are preferred by many business owners.
- Managing Accounts Receivable and Seding Invoices
With an online bookkeeping service, there are three major elements in sending invoices and managing accounts receivable. The very first one is customer invoice creation, which may include the products or services sold, the total amount, payment due date, and any specific payment terms.
Next is the monitoring of payments, which is usually done by way of an accounting system. Here, the bookkeeping services keep track of when an invoice has been issued, if it has been paid or not, and how long a customer has to make the payment if it has not been paid yet. The final step is to find overdue invoices so that reminders can be sent out.
Accountinglads is one of the best offshore bookkeeping services that can be used by businesses to streamline their finances.
