Sohada Yeasmin (MBA)’s Post

Bookkeeping is the organized management of a business's financial transactions. It involves setting up new companies, recording transactions, categorizing expenses and income, reconciling bank statements, generating financial reports, managing accounts payable and receivable, processing payroll, providing VAT preparation support, offering advisory services, and demonstrating software proficiency. Outsourcing these services is common for small businesses without an in-house accounting department, ensuring accurate and current financial records for informed decision-making and streamlined financial operations.

Bookkeeping refers to the systematic storing of financial documentation and recording of daily financial transactions. Bookkeepers record journal entries for each transaction using accounting software.

Outsourced accounting isn't just an added cost—it's a smart move to improve operations, cut costs, and access expert financial insights efficiently. Click the link to learn more.

Outsourced accounting isn't just an added cost—it's a smart move to improve operations, cut costs, and access expert financial insights efficiently. Click the link to learn more.

Looking for reliable and accurate bookkeeping services? Look no further! Our team offers a comprehensive range of services, including transaction recording, account classification, ledger maintenance, financial reporting, tax preparation, financial analysis, and more. We understand the importance of maintaining accurate financial records and making informed decisions to drive your business forward. That's why our team is dedicated to providing customized solutions tailored to meet your specific needs, whether you're a small startup, a growing business, or an established enterprise. With our expert advice and ongoing support, you can streamline your financial processes, maximize deductions, ensure compliance with tax laws, and gain a clear overview of your financial position and performance. Contact us today to learn more about how we can help you achieve your financial goals! #bookkeeping #financialservices #taxpreparation #bookkeeping #accounting #financialmanagement #accountreports #accountreciveable #accountpayable #microsoftexcel #financialstatement

Bookkeeping is the backbone of effective financial management and reporting for any business. It paves the way for budgeting, forecasting, tax compliance, and performance evaluation activities. In the past, manual record-keeping using ledgers and journals was the norm, but modern businesses have embraced accounting software and digital tools to streamline and automate bookkeeping processes, enabling greater efficiency and accuracy.

Is your bookkeeping a mess? It’s time to tidy up! Here are 4 vital best practices that will revolutionise your accounting process: 1. Record everything ↳ Maintain digital records of invoices, bank transactions, and receipts. 2. Organise invoices ↳ Separate paid and unpaid sales invoices. Also track cleared invoices. 3. Use an accounting software ↳ This helps a business automate parts of the accounting process. 4. Track your income + expenses ↳ This gives an overview of your financial health and helps discover strengths + weaknesses. P.S. What would you add as point 5? Are you a small or medium business that needs help with accounting? Drop me a message 👋

5 TIPS to sreamlining your bookkeeping process which will simplify and optimizing your workflow to make it more efficient, accurate, and less time-consuming 1. Standardize Processes: Develop standardized procedures for recording financial transactions, categorizing expenses, and reconciling accounts. 2. Automate Repetitive Tasks: Identify repetitive tasks within your bookkeeping process and automate them using software or tools. This could include recurring invoices, bill payments, expense reports, and payroll processing. 3. Centralize Data Entry: Consolidate all financial data into a central repository or accounting system to avoid duplication and ensure accuracy. 4. Regular Reconciliation: Schedule regular reconciliations of bank accounts, credit cards, and other financial accounts to identify discrepancies and ensure accuracy. 5. Customize Reporting: Customize financial reports to meet your specific needs and preferences. Focus on key performance indicators (KPIs) and metrics that are relevant to your business goals and decision-making process.

🚀 Today we want to share some tips that can help your business succeed from an accounting perspective. 🟢 Financial planning and budgeting Plan your income and expenses by creating a detailed budget. This will help predict financial flows and avoid unexpected expenses. 🟢 Use of accounting programs Use up-to-date accounting software to help automate accounting functions and reduce the risk of errors. 🟢 Review of financial statements Regularly review your financial statements—balance sheet, income tax, and cash flow statements. This will allow you to monitor the financial health of the business. 🟢 Tax planning and compliance Proper tax planning and timely payments will help avoid fines and legal problems. Make sure your business complies with all tax laws and regulations. 🟢 Consulting and expert support Work with consultants who can provide professional advice and support. They can help you better understand accounting and financial matters. Remember that success in business is based on sound financial management and accounting practices. 💚

What is Journal Entries in accounting? Journal entries are the living record of a company’s financial transactions: both incoming and outgoing. Financial accounting is a multi-step process for companies following double-entry methods. The first and most important step begins with a journal entry: the recording of financial information related to transactions of the business or organization. This provides an audit trail to look back at and analyze, to determine the financial position of an entity. The journal is typically a physical record: an actual book, an excel spreadsheet or a series of transactions tracked in accounting software. Accountants reconcile the journal to the general ledger periodically throughout an accounting period. 😜 What is a Journal Entry? Anything recorded in the company’s journal is a journal entry. Journal entries typically include sales, expenses, cash movements, inventory and debt, among other important cash flow transactions… What is the relation between Journal entries and accruals? Should them be done in the same period? How those methods can impact the accounting informations? 🤭🤭🤭🤭🤭🤭🤭 #journalentries #accruals #accoutingprinciples #accounting #journalentry #expenses #closingentry #accoutingperiod #financialtransactions #cashflow