Bookkeeping is the process by which a business records its income and expenditure in an organized format, and the person who takes up this role is called a bookkeeper. This applies whether you are a sole trader, a partnership limited company or an LLP business.
At Bookeeper, our teams will categorize the transactions by type before recording a monthly or weekly total for each income and expense type. This process would usually be repeated for different bank accounts and any petty cash expenditure. Our bookkeeping process is not time-consuming, although it follows a methodological approach.
Accounting Process
To help you understand better about Accounting and bookkeeping help for small businesses Australia, we also need to understand the accounting process. Although there is a single-entry cash book system for simplistic financial affairs, bookkeeping normally uses a double-entry system using debits and credits. and the use of journal entries.
The objective of our Bookkeeping
The objective of our Bookkeeping is mainly data entry and the processing of raw data from source materials such as your business bank account transactions, whereas accounting is the adjusting of the already processed data to a standard and format that is adjustable and acceptable for compliance purposes, and third-party users.