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Do you want to master accounting & bookkeeping like a professional accountant?
If yes, then keep reading...
Bookkeeping is the process of recording a business's financial transactions, such as its sales, purchases, payments, and receipts, on a daily basis. These records must be accurate and up-to-date and should be able to provide a clear picture of the performance of the business after a specific period.
These records must be accurate and up-to-date and should be able to provide a clear picture of the performance of the business after a specific period.
Managing small business monetary affairs is carried out with accounting. An effective and preferred accounting software that is commonly used is called QuickBooks.
QuickBooks is the accounting program that is most popular among small businesses. It has been rated as the main selling accounting software and it is created for use by those that aren't always acquainted with accounting or bookkeeping. Numerous businesses nowadays engage QuickBooks outsourcing businesses to cash in on time, operational efficiency and resources.
This book will teach you the basics, how to get started, and everything you need to know to make you a bookkeeping guru today
This book covers the following topics:
- The difference between accounting and bookkeeping
- The importance of bookkeeping
- Proper methods for recording debt and credits into accounts
- Breakdown of financial statements
- How to read a balance sheet
- What to include in balance sheet income statements
- Understanding an income sheet
- Cash flow statement breakdowns
- The bottom line on financial statements
- How to choose a bookkeeping system
- Choose the right accounting method for you
- The basic fundamentals principles of accounting
- Essential formulas of accounting
- Why your business requires bookkeeping
- How to set up quickbooks
- What is and how to use quickbooks
...And much more...
Here are some of the very important reasons for bookkeeping:
- Bookkeeping provides a true and accurate picture of the business. To know how your business is performing, whether you are making gains or losses, growing or dwindling, the only way you can know these is if you keep accurate records.
- There is the issue of taxes; you have to be able to know just how much taxes you need to pay at the end of every year.
- It helps you easily forecast and create plans for your business. By looking at your bookkeeping records, you can easily say, "We always sell 500 units of X product every December, so this year, we should work on increasing our sales to XX units."
- If you have investors or third parties such as shareholders or partners who would be interested in the performance of your business, well-kept books are the only way you can show them how your business is really doing.
- Through bookkeeping, you can also easily figure out thefts, dishonesty, or poor performances if you have employees or people running your business for you.
- Another benefit you can derive from adequate business bookkeeping is that you can use your financial statements as proofs of business performance if you need to secure loans for your business.
- Bookkeeping shall also help you monitor your business expenses in relation to income.
With that understanding on the importance of bookkeeping, let's now move on to understanding some key terms that are used in bookkeeping and accounting in general before we can get to the point of discussing how to go about bookkeeping.
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