It is important for a company to systematically record all of its financial transactions throughout the financial year. This will help the company more easily produce its
statutory annual accounts
at the financial year-end. Having a systematic accounting system in place will also help to foster he growth of the business by allowing quick and easy access to important information on a day to day, week to week and month to month basis.
121 Company Formation is an experienced accounting company that offers professional business bookkeeping services to help:
Bookkeeping services involve, as the name suggests, keeping a book that records accounting activities in a certain way by:
There are two standard bookkeeping systems – double-entry or single entry.
Single entry is by far the simplest, quickest system. It involves keeping a record of income and expenses in chronological order. This will form the basis of your final accounts which will be prepared by your accountant. Many small businesses find this a perfectly adequate system for their company’s needs.
The double entry system involves treating every transaction as having two parts and therefore two ledgers - one part is entered as a debit entry and the other as a credit entry. This system allows errors to be easily detected since at any point in time, the total of the debits must tally with the total of the credits.
Yes, bookkeeping is a detailed record of each of your company’s financial transactions. Accounting summarises this information into a set of easily readable accounts or financial statements.
Bookkeeping and accounting are an ongoing, fundamental part of your business. It must be maintained in order to provide you with professional reports that will ultimately serve and support your company's financial goals.
Each of our client’s bookkeeping requirements differ. Contact us for a quotation customized to suit your business needs.
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