Introduction: What is Bookkeeping?
Bookkeeping, also called accountancy or financial accounting, is the recording of financial transactions and the preparation of consolidated statements that summarize an organization’s financial position. A bookkeeper is a person who maintains such records and prepares such statements.
A bookkeeper typically performs three key functions:
- Journalizing—recording transactions in a chronological order;
- Posting—classifying and summarizing data;
- Investigating—auditing and correcting errors, reconstructing transactions to correct errors and omissions (e.g., correcting for bad entries), and inserting explanations of items not fully understood (e.g., restating accounts).
3 Easy Steps for Out-sourcing Your Bookkeeping
Here are 3 steps to take in order to outsource your bookkeeping:
- Find a Qualified Outsourced Bookkeeping Provider
- Write a Detailed Contract for Services
- Get Started!