What Are the Bookkeeping Services, and Who Can Practice Them?
Posted by Mark
from the Business category at
15 Oct 2024 08:14:24 am.
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Suppose you have your own business or are a manager in a company. In that case, it is good to know bookkeeping because they are a plus in the evolution of your business, and you will undoubtedly feel more confident in what you are doing. You can easily read the figures in the financial documents and have a clearer vision of the company's development strategy. If you want to enter the world of numbers, this could be perfect as you can take care of the financial part of your business. If you need help, you can always contract bookkeeping services with experts in the economic field.
Learn What Bookkeeping Services Are All About
According to the legislation in force, bookkeeping services are a specialized activity in the evaluation, knowledge, management, and control of assets and capital, as well as the results obtained from the activity of legal and natural persons carrying out economic activities. As a result, such services must ensure the chronological and systematic recording and processing of all documents that are issued daily. All these documents must be chronological and systematically registered, which is done based on supporting documents. This field refers to preparing the supporting documents that form the basis of journal entries.
Bookkeeping Is All About Financial Documents
The best thing about bookkeeping is that, in principle, it can be kept at home, but practice can often get in the way. You can easily do your job at home even if you don't have much experience in the field if it just boils down to recording income and expenses. What are the types of documents that must be registered?
- invoices to customers, treasury documents (receipts, cash receipts/payment to the cashier, payment orders, checks, payment slips);
- drawing up the house register;
- of reception entry grades (NIR);
- of consumption vouchers;
- and expense reports.
It Would Help if You Had Economic Classes
If you want to work in the field but have no training, there are courses you must take. Suppose you want to work or want to deepen your knowledge of the field of bookkeeping services. In that case, it is recommended that you attend the courses of a university with an economic profile. If you want to improve yourself, at least for the time being, only in the preparation of financial documents, then you can choose from the many offers of professional training companies. Generally, firms that run such courses have divided the curriculum into basic finance and extensive financial courses.
The responsibilities in a bookkeeper's job description can be extracted from the very definition of bookkeeping. To record daily, correctly, and on time, and by the legislation in force, manually or in the program used by the company, all financial data, based on the supporting documents: invoices, receipts, and payments, the daily preparation of cash register, expense reports, consumption receipts. The bookkeeper's responsibilities include:
- Filing and archiving of documents;
- Keeping records on customers and suppliers up to date and tracking receipts, respectively payments;
- Making statements and reports to management based on recorded documents.
Recording of financial transactions: The bookkeeper must record the financial transactions in the book of accounts correctly and accurately. That includes assigning transactions to the correct accounts, recording the proper amounts, and following generally accepted accounting principles.
Retention of supporting documents: he must keep all supporting documents for financial transactions, such as invoices, receipts, and other documents, in an orderly and accessible manner. It is essential to verify financial records and produce accurate financial reports.
Balance of accounts: he must ensure that debits and credits are always equal in the trial balance. That can be done by reconciling accounts and identifying and correcting errors in financial records.
When offering bookkeeping services, a bookkeeper also has this responsibility:
- Preparation of financial reports: The bookkeeper must prepare financial reports, such as the trial balance and cash flow statement, based on the financial records. That may include calculating and analyzing financial ratios, preparing tables and graphs, and writing reports.
- Compliance with rules and regulations: he must comply with all applicable financial laws and regulations, such as general financial reporting standards.
- Maintain confidentiality: he must respect the confidentiality of the company's financial information and protect it from unauthorized access.
The legislation regarding bookkeeping varies depending on the country in which the company is located and the type of activity it carries out. In general, the legislation includes rules and regulations on how financial transactions such as invoices, purchases, sales, payments, and other transactions should be recorded. It may also include rules regarding retaining supporting documents, preparing financial reports, and compliance with generally accepted economic principles. In addition, it may consist of regulations on meeting tax obligations, such as filing tax returns and paying taxes. Also, this normative act establishes the fiscal responsibilities of businesses and how they must fulfill them.
According to the legislation in force, the following entities are required to manage and organize their finances:
- Small and medium enterprises: these entities have less than 50 employees.
- Large enterprises: these are entities that have more than 50 employees.
- Companies that carry out activities in regulated fields: these are entities that carry out activities in fields such as finance, insurance, banks, etc., and which are subject to specific rules and standards in the field.
- Non-governmental organizations are entities that carry out non-profit activities and are subject to specific rules and standards in the field.
- Associations are entities comprising several members who join forces to achieve a common goal.
- Foundations: these are entities that are established to support a specific cause or purpose.
- Cooperatives are entities comprising several members who join forces to undertake an economic activity together.
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