Fascinating Bookkeeping Facts That You Should Know!

Are you someone who’s looking for bookkeeping services in San Antonio? Are you just wanting to gain more knowledge on the subject? Do you want to dig deeper into bookkeeping, or do you just want to double-check a fact? 

No matter which one of the above has got you here, this article is going to help you in all such ways. We will be discussing some really fascinating facts here. Let’s begin! 

When it comes to a small business owner, the handling of accounting processes as well as bookkeeping might act as a real headache sometimes. Unfortunately. bookkeeping is time-consuming and might leave no time for other main functions of the business.

This is where bookkeeping services in San Antonio can be a great support and help in keeping up with your financial records, focus on your business activities as well as pay taxes on time, etc. Bookkeepers have the expertise, knowledge as well as professional aptitude so that the carrying out of bookkeeping tasks is done efficiently. 

Now, let’s have a look at the some amazing facts about bookkeeping:

1. What does the term ‘bookkeeping’ exactly mean?

The process of bookkeeping refers to storing, maintaining, recording as well as retrieving all the data of financial transactions that belong to a business, an individual, or even a non-profit organization.

2. A few bookkeeping tasks

     • The maintenance of accounts receivable

     • The recording of financial receipts

     • Verifying and further recording all invoices

     • Billing the record maintenance (for all provided goods & services)

     • Keeping in mind the cash transactions that are made

     • Maintenance of inventory financial record

     • Retained earnings 

     • Owner’s equity

     • The processing of financial reports

3. The process of bookkeeping is different from accounting

Many people out there may relate these two processes as the same.  but if you see in practicality, they both are different. The process of accounting is all about analysing as well as interpreting financial data. It also includes summarizing as well as reporting of bookkeeping deals, information, and recording of financial transactions along with maintaining that record. On the other hand, bookkeeping is all about recording the above accounting process.

4. The two types of bookkeeping systems 

The bookkeeping system consists of 2 types, which are the following:

• Single-entry – This type is suitable for organizations that have uncomplicated as well as a few transactions. These need to be related to cash sales, with a sale and disbursement journal as well as a bank statement.

• Double-entry – This type is suitable for businesses that have complex transactions. This includes all types of capital transactions with accounts receivable as well as payable.

There are many more facts about bookkeeping that might interest you. However, it is important to always keep in mind the role of a bookkeeper providing bookkeeping services in San Antonio. A bookkeeper is as important as anyone else when it comes to the financial health of your business.