Bookkeepers in Pretoria offering Bookkeeping

What is bookkeeping?

Bookkeeping is the recording of every financial transaction that happens in a business' daily operations.

Here are some of the responsibilities of a bookkeeper:

• Create chart of accounts

• Tracking and recording of business expenses, managing financial transactions, creating - - - Annual financial statements

• preparation of income tax for the business and recording of profit and losses. 

All these accounting responsibilities begin at the start of the business financial year until the end of the financial year. Bookkeeping and bookkeepers are a vital part of your small business.

Bookkeeping systems, accounting software and a bookkeeper are vital

Bookkeeping is the process where an entrepreneur, business or an organisation keeps track and records all financial transactions within the business. The process of recording and managing every financial transaction starts from the beginning when you open your business. You need to capture every single transaction to create the reports for the financial year.

It’s never a good idea to hold all your source documents until the last minute and expect miracles from your bookkeeper. That documentation may be a receipt, an invoice, a purchase order, or any type of financial record showing that the transaction took place. Online accounting software has made a world of difference in streamlining and simplifying bookkeeping and putting all your financial records at your fingertips.

Advantages of Online accounting software, how COVID-19 changed things

Due to COVID-19/Coronavirus most businesses, entrepreneurs and big and small companies had to adjust to new ways of doing business. That is where online accounting software has the advantage over desktop accounting software.

The ease of use, and user friendly features of online accounting software is a breath of fresh air. due to its advantages. One of the biggest advantages is that it allows you to work remotely and still stay up to date about your financial transactions. You can track your expenses on the go, issue invoices and receipts and communicate with clients even when you’re not anywhere near your computer. Another huge added bonus is that you can use the app of your online accounting software as this comes as an extra and helps you to stay in touch with your clients all the time.

Online Accounting systems are vital for the prosperity of your business.

With the advancement of accounting software, bookkeeping has become so easy and convenient. It is much quicker to load transactions and these accounting software can be automated as well, there are two types of accounting software namely desktop and online accounting software.

There are many accounting software in the market currently. but these are some of the well known or popular ones: and the most used by bookkeepers: QuickBooks online, Xero and Sage. These accounting software have saved a lot of accountants and Bookkeepers from Microsoft Excel spreadsheets. There are still small businesses and Bookkeepers that are still using or should I say, love and still prefer using the Microsoft excel spreadsheets.

But most businesses and entrepreneurs are now using online accounting software, for their accounting and bookkeeping needs.  Bookkeepers can choose to use either single-entry or double-entry bookkeeping to record financial transactions. In my next post I will be writing about, The most frequently asked question as far as the cost of Bookkeeping services is concerned. The question is: How much does a bookkeeper's cost or charge in Pretoria, South Africa?