What is Bookkeeping?
Bookkeeping is a growing profession - it is demanding, exciting, challenging and above all, rewarding. It is about understanding how a business works and then providing accurate figures that enable the business to know exactly how well it is doing.
The basic system of double entry bookkeeping was invented more than five hundred years ago by a Cistercian monk called Luca Pacioli. His system still endures today and is used throughout the world, making bookkeeping a truly international profession.
Bookkeeping today is far more than entering data and reconciling the bank. Bookkeeping is thinking about the needs of the business, thinking about the processes to get a result.
Firstly, what is expected for standard bookkeeping?
1. Processing purchases, sales, receipts, payments
2. Processing payroll and maintaining entitlements and employee records
3. Bank reconciliation
4. Providing reporting for preparation of a BAS
5. Producing reports for both management and accountant
6. Record keeping – True Bookkeeping is not “low-touch”. Bookkeeping is integrated business system management: It is working with the business – and the best technology based solutions that apply to the business – to improve their business efficiency, which leads to achieving the other purposes of bookkeeping; effective business process, technology based efficient solutions, efficient and streamlined record keeping, efficient and streamlined invoice generation, and purchase processing. True bookkeeping includes the personal relationship between the business systems expert (the bookkeeper) and the business.
Contact us today to arrange a consultation
Phone: 02 9538 2390
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