Bookkeeping can be time consuming and onerous.  Call us to arrange for a quote on +44(0) 1534 879222 to help with this aspect of the administration of your business.  This will allow you to concentrate on the business itself, and will also allow you to have good quality financial information.

Double-entry bookkeeping is the most common method of bookkeeping.  It ensures the financial transactions of a business are correctly recorded, and can be used to prepare appropriate financial reports for many purposes.

It is essential a business completes timely and accurate bookkeeping in order for it to adequately manage its financial affairs. 

Bookkeeping is usually performed by a bookkeeper. A bookkeeper is a person who records the day-to-day financial transactions of an organization. A bookkeeper is usually responsible for writing or keying the "daybooks" in a manual ledger or more commonly now, a computer software package.  The daybooks consist of purchases, sales, receipts, and payments. The bookkeeper is responsible for ensuring all transactions are recorded in the correct day book, suppliers ledger, customer ledger and general ledger.

The bookkeeper brings the books to the trial balance stage.  An accountant may prepare the financial accounts of the business using the trial balance and ledgers prepared by the bookkeeper.

Most businesses maintain a record of all transactions based on the double-entry bookkeeping system.  However, many small, simple businesses maintain only a single-entry system which records the "bare-essentials."  In some cases only records of cash, accounts receivable, accounts payable and taxes paid may be maintained.  Records ofassets, inventory, expenses, revenues and other elements usually considered essential in an accounting system may not be kept, except in memorandum form. Single-entry systems are usually inadequate except where operations are especially simple and the volume of activity is low.

This type of accounting system with additional information can typically be compiled into an income statement and statement of affairs by a professional accountant.

Most businesses maintain a record of all transactions based on the double-entry bookkeeping system. However, many small, simple businesses maintain only a single-entry system that records the "bare-essentials." In some cases only records of cash, accounts receivable, accounts payable and taxes paid may be maintained. Records of assets, inventory, expenses, revenues and other elements usually considered essential in an accounting system may not be kept, except in memorandum form. Single-entry systems are usually inadequate except where operations are especially simple and the volume of activity is low.

This type of accounting system with additional information can typically be compiled into an income statement and statement of affairs by a professional accountant.