As all business owners know, it is essential to have organized bookkeeping services. While many people believe that bookkeeping is one simple function, that is not true. In this video, you will learn about the most common bookkeeping services.
Among the most basic functions of bookkeeping are data entry and logging cash receipts. These are crucial for all businesses as it keeps track of money coming in. This also includes accounts payable and accounts receivable.
A bit more complex of services is account reconciliations. This is the “troubleshooting” aspect of bookkeeping. This is the function that must be done if there is a discrepancy between the business and a client. Similar to that is financial statement preparation. These are the official documents that represent the daily, weekly, monthly, and annual financial functions of the business.
An extremely important task that is under the umbrella of bookkeeping is the preparation of payroll taxes. This is legally required and cannot be overlooked. Any errors in filing payroll taxes can have serious consequences. .