The history of bookkeeping is as old as the business itself. Businessmen in Babylon and ancient Greece and Rome began to keep financial records. The double-entry system of bookkeeping began with the development of the Italian commercial republics of the 15th century. The Industrial Revolution stimulated the spread of business bookkeeping, and the 20th-century government and taxation regulations made it a necessity.
Business and bookkeeping are complementary activities. If you are in the commercial activity of any kind, howsoever small or big, you need to keep an account of every transaction. Until recently, business people used to record transactions in bulky books journals and ledgers and employed a team of workers to do the job. Things began to change after the advent of the Internet and the digital bookkeeping. Today, traders no longer need to keep elaborate records on paper. They can also do with only a handful of accounting staff. Professional offline and online bookkeeping services are available at hourly or monthly rates, and you only need to log on the Internet to access bookkeeping solutions.
However, before contacting or contracting with bookkeeping services, always keep in mind the following points:
– They should be established a company with credentials of working for some small or big clients having a variable turnover and different needs.
– They should be associated, affiliated or registered with the professional body of accountants (for example, CPA in Australia) of the respective countries.
– They should adhere to the strictest standards of accounting practices and tax laws of the respective countries.
– They should be using the tried and tested bookkeeping and accounting software and have qualified staff on a roll, including chartered accountants and/or CPAs as heads.
– The rates they charge should be transparent, flexible and customized to suit the needs of the individual businesses.
Their bookkeeping solutions should be comprehensive enough to provide start to end services such as clearing the old accounting backlog, payroll management, cash flow management, bank reconciliations, accounts payable, accounts receivable, debtor management, budgeting, reporting, tax compliance and so on.
If you are an Australia-based company, there are some excellent bookkeeping services provider offering all round services at reasonable rates. One needs bookkeeping services to advise your business on the number of documents that need to be cleared for consistent profitability and efficiency. An efficient bookkeeper is important for keeping the finances of an organization in an orderly manner. Time is pivotal to its functions and the pace of accounting is expected to be quicker than ever. One should alternatively look for a firm which will not require you to present documents but would rather handle that work themselves by coming to you. Bookkeeping helps one to monitor the business and check if there are any positive steps in the process. Strategies can be devised once there is clarity in operations, and hence, many organizations owe much to the companies providing bookkeeping services .