The Complete Guide to Bookkeeping and How to Save Time and Money by Outsourcing it

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:

1. Journalizing—recording transactions in a chronological order;
2. Posting—classifying and summarizing data;
3. 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:

1. Find a Qualified Outsourced Bookkeeping Provider
2. Write a Detailed Contract for Services
3. Get Started!