Expert Bookkeeping Services
Components of Bookkeeping
Bookkeeping tasks provide the records necessary to understand a business’s finances as well as recognize any monetary issues that may need to be addressed. Proper planning and scheduling is key since staying on top of records on a weekly or monthly basis will provide a clear overview of an organization’s financial health.
For every type of business, bookkeeping includes several components and steps, including:
- Documenting every financial transaction (payments and expenses)
- Recording all debits and credits
- Sending invoices and processing payments
- Preparing financial statements (balance sheet, income and cash flow)
- Maintaining and balancing a general ledger
- Conducting daily banking activities
- Completing payroll functions
