What is Bookkeeping?
For some business owners who have just started, they might not know what is bookkeeping. All they know is, they need to make more sales and generate more profit each day.
How you do you know if your business is making money or not if you never record all the daily transactions happening in your business or company? Here’s how bookkeeping plays it part.
Bookkeeping is a process involves the recording, storing and retrieving the financial transactions of a company.
Financial transactions in a company :
- Billing for goods or services provided to the clients
- Recording receipts from customers
- Recording payments to suppliers
- Processing employees’ payroll and office expenses
- Recording depreciation
Bookkeeping requires basic accounting knowledge and today, bookkeeping can be done almost instantly using accounting software. Daily bookkeeping can reduce cost and avoid delays in producing meaningful financial reports.
All transactions in a monetary value must be recorded, stored and retrieved in order to produce a complete financial reports. The financial reports which normally consist of balance sheet, income statement, cashflow statement, statement of changes in equity, fixed assets schedule are extremely important for a business owner who wants to know how good or bad the business is.
An account clerk normally will be responsible for the bookkeeping. The clerk needs to record the transactions on daily basis either manually or in the computerised accounting system. While the account executive or the finance manager will use the informations recorded and stored to generate the financial reports on monthly basis.
Any business will requires bookkeeping and accounting in order to systematically records the daily business transactions. For a small business or a private company which has just started, to hire a permanent accounting staff might cost a lot to the monthly overhead expenses.
But, the bookkeeping and accounting are a must have element in every business. Bookkeeping is where you record all the business transactions whether manually or using accounting software. While accounting involves the preparation of the financial statements for analysis, better understanding of the business current performance or position.
For a private company or Sdn Bhd, submission of audited financial statements to Companies Commission of Malaysia ( SSM ) is mandatory regardless of the company status that might have been dormant for years or registered losses since the incorporation date.
Hiring a permanent staff might not be the best option. Thus, outsourcing your finance department to do the bookkeeping and accounting will always be a good choice. Not only you can focus on the expansion of the business, but you can reduce the cost as you do not need to pay the statutory deductions such as Employee Provident Fund and Social Security.
Be it a sole proprietorship or a Sdn Bhd, you can rely on us to do the bookkeeping and accounting services for you.
Our company is based in Kota Damansara but we cater the clients for the whole Klang Valley area.
What do you get if you hire us as your preferred outsourced finance team?
- Full sets of accounts including the financial statements
- Fixed assets schedule
- Salary schedule
How much is the fee?
The fee is based on the complexity, volume of transactions and time required to complete the assignment . Rest assured, it is definitely cheaper than hiring a permanent staff.
Contact us via this number to hire us : 017 636 6305