Creating and issuing customer invoices.Maintaining a complete and organized set of books, comprised of the general ledger and all subledgers (i.e., fixed assets, inventories, accounts receivable, accounts payable, cash, tax, costs, and sales) in which to post financial transactions.It involves the consistent, timely, and accurate recording of a business’s financial transactions in chronological order. The Function of Bookkeepingīookkeeping is comprised of the tasks required during the first part of the accounting process. While both bookkeepers and accountants handle your business’s financial information, they perform different tasks within your company’s financial cycle. For your business to flourish, you must be able to access and use your company’s financial reports to develop a workable business strategy. But managing your business finances is more than just recording your financial transactions and balancing your checkbook. When running your business, your ability to grow and succeed is often dependent on how organized your financial records are. Therefore, business owners need to understand the roles of each and how they work together to ensure your company’s success. While it’s true both bookkeeping and accounting are important in the management of your company’s finances, some key differences between the two functions do exist. When most small business owners think of the terms bookkeeping and accounting, they often use them interchangeably. Do You Know the Difference between Bookkeeping and Accounting?
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