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How Beneficial is Bookkeeping Service for Small Businesses as well as Large Businesses



Bookkeeping and accounting are two functions that are extremely important for every business organization. Many people use these two terms interchangeably thinking they mean the same. Actually, they are not; there is a slight difference between both of them. In the simplest of terms, bookkeeping is responsible for the recording of financial transactions whereas accounting is responsible for interpreting, classifying, analyzing, reporting, and summarizing the financial data. This makes accounting and Bookkeeping Services for Small Businesses as well as large businesses very crucial and beneficial

 Bookkeeping and accounting may appear to be the same profession to an untrained eye. This is because both accounting and bookkeeping deal with financial data, require basic accounting knowledge, and classify and generate reports using the financial transactions. At the same time, both these processes are inherently different and have their own sets of advantages. 
What is the role of accounting and bookkeeping services in small businesses as well as large businesses?

  • Keeping the records of all financial transactions in a systematic and proper manner is the objective of bookkeeping.
  • Depending on the data obtained from the bookkeeping decision cannot be taken by the management. Management can take important business decisions based on the data provided by accountants only.
  • The role of accounting is to gauge the financial situation and further communicate the information to the relevant authorities
  • Bookkeeping does not require any special skill set.
  • The preparation of financial statements is not a part of the process of bookkeeping. They are prepared during the accounting process.
  • The process of bookkeeping does not need any analysis. Whereas, the bookkeeping information is used in accounting to analyze and interpret the data and then compiles it into reports.
  • Bookkeepers are required to be accurate in their work and knowledgeable about financial topics. Bookkeepers' work is usually overseen by an accountant.
  • The accounting department does preparations for a company's budgets and plans loan proposals.

In the present time most of the tasks are done online. Even bookkeeping services are handled by bookkeeping software. Newer technologies have influenced bookkeepers and accountants to be open to technological advancements and explore emerging software options. It is an opportunity for bookkeepers to support their clients through this change, presenting value-added services such as payroll processing, credit card reconciliation, etc. with the help of the latest software. 

The various services offered by online bookkeeping services are:
  • Bookkeeping QB Online
  • Tax Prep
  • Getting Your QB Up to Date (Getting Past Data In)
  • Payroll
  • Consulting
  • Compliance – Agent Service of Process in CA, Keeping Records Current
  • Accounts Receivable/Invoice/Accounts Payable
  • 1099/W2 Submission

 More and more businesses are shifting their operations online, as smartphones and mobiles are available to anybody, anytime and anywhere. Business owners want to access the data from anywhere in the world on different devices which have made it increasingly intuitive, and accounting and bookkeeping professionals are making sure the duly-generated reports are available online for their clients to access at all times. By outsourcing your requirements to bookkeeping services online, you can save about 50% of your costs and concentrate more on your core competencies; which makes Bookkeeping Services for Small Businesses manageable and affordable.



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