Bookeeping & Write up
Although every businessman will hire someone to maintain the books of account for them, it is still important to have an idea about the steps taken in this process.
Taxolawgy will focus on reducing the finance and accounting costs of our clients along with helping them with business management, accounting and tax preparation needs.
Bookkeeping is the process of recording all business transactions (amounts, dates, and sources of all business revenue, income, expense, and loss transactions). It is an initial stage of the accounting process. Bookkeeping provides detailed, accurate, and timely records that can help businesses in decision-making, or in the event of an audit.
Bookkeeping has two basic principles.
- Every debit must have equal credit.
- All accounts must balance, follows from the first.
There are generally four steps in the bookkeeping process:
- Analysing financial transactions, assigning them to respective accounts;
- Writing original journal entries that credit and debit the specific accounts;
- Posting entries to ledger accounts; and
- Adjusting all the entries at the end of the accounting period.
A record of all transactions is kept in a journal for tracking all bookkeeping entries. Information collected in the journal entries is then posted to ledger accounts. A ledger is a book that contains a record of business transactions. i.e., collection of related accounts and may be called an Accounts Payable Ledger, Accounts Receivable Ledger, or a General Ledger.
Bookkeepers may take trial balances frequently. A trial balance is a statement of all debits and credits in a ledger. The debit and credit balances should match; if they do not, then errors have been made.
Reconciling bank statements every month is another important task for the bookkeeper. An account called Profit and Loss Account (or Income Summary) is created at the end of the accounting year to show the net profit or loss for a particular period. Closing entries means reducing the balance of the respective accounts to zero while debiting or crediting the profit and loss account.
Accounting services provided by Taxolawgy are as follows: –
- Accounts receivable services
- Accounts payable services
- Bank account reconciliation
- Invoicing Processing Services
- Manual Journal Entry Services
- VAT returns
- General ledger maintenance
- Assets/equipment ledger maintenance
- Expenses ledger maintenance
- Preparing accounts receivable reports
- Preparing accounts payable reports
- Preparing ageing reports & summaries
- Credit card reconciliation services
- Preparing financial statements
- Trial balance services
- Preparing income statements (Profit & Loss)
- Balance sheet services
- Preparing sales reports
- Preparing purchase reports
- Preparation of Cash flow statement
- Entry of transactions
- Inventory services
- Accounting setup services
- Day-to-day bookkeeping and accounting
- Books balanced and reconciled quarterly
- Management accounts produced quarterly
- Annual accounts and tax returns preparation
- Submission to Inland Revenue
- Submitted to Companies House
- Bookkeeping for Real Estate
- Accounting and Bookkeeping for Banking Industry
- Bookkeeping Services for CPA Firms
- Bookkeeping Services for Small Businesses
- Bookkeeping Services for Large Corporations
Taxolawgy aims to provide Accurate Bookkeeping at an affordable rate to its clients. We will be providing different types of bookkeeping systems like double-entry bookkeeping and single-entry bookkeeping as and when required.
If any client has any specific requirements Email us or call us