Accounting and bookkeeping work hand in hand, and although many people refer to bookkeeping and accounting interchangeably, these two operations aren't technically synonymous.
Bookkeeping is a core part of business finances; it can impact the growth and success of your small business. When it comes to bookkeeping, there are two options to choose between; single or double entry accounting system. The entry option you choose, impacts how your finances are managed and how your bookkeeping processes will work.
Basic data entry in a data software platform
Single-entry accounting records all of your transactions once, either as an expense or an income. This method is great for smaller businesses and doesn’t require significant inventory involved in their finances.
Working with certified public accountants – (a mainstay in your accounting and financial structure).
Double-entry accounting enters every transaction twice, as both a debit and a credit, to “balance the books” between accounts. This option is a bit more complex, but it helps to spot and prevent errors in recording transactions.
The Cash-based accounting method - records transactions when money changes hands. However, this method doesn't keep records of invoices or your company's outstanding bills, until they've actually been paid.
The Accrual-based accounting method - records all invoices and bills even if the funds haven’t been exchanged. Generally, accrual-based is the recommended accounting method, but still the final decision is entirely up to you.
Managing transactions is a day-to-day part of bookkeeping. This includes importing and categorizing transactions properly, reconciling these transactions and making sure they’re recorded according to your entry system and accounting method.
Small companies have to handle all business aspects of accounts receivable, to ensures that your business is paid for its goods or services it provides. This can include estimating the eventual value of a finished project, preparing and sending invoices and providing statements.
Bookkeeping also includes paying your business pays bills and invoices on time, which is known as accounts payable.
Some businesses handle the payroll process in-house, using an accounting software; while others will have a separate payroll software or payroll service provider.
The accountants and bookkeepers at RCA, will take care of your bookkeeping and accounting needs, without you having to tirelessly search elsewhere for the right accountant or bookkeeper.
Like a trusted partner; We provide the support, services and knowledge you need to help you run your business with very few obstacles.
Here’s how RCA’s Accounting and Business Bookkeeping Service Works. Our specialist help you stay on top of your finances; outline and help you understand where you’re spending money, calculate and file your taxes with the IRS and with your State.
We’re at your service, so you can have peace of mind, knowing that our experts are hard at work for you, while you take care of the business of running your business.
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