Bookkeeping is a process in which all the business transactions are recorded, and a set of accounting records is produced. It allows the accounts manager to keep up with the important information regarding the company’s sales record, payroll, assets, expenditures, liability, etc. It is not advisable to allocate the bookkeeping tasks to the account manager or an office all-rounder, because they already have a lot in their plate, and bookkeeping cannot be neglected. It is a day-to-day record of all financial transactions, including daybooks of a business, and ensures that the financial transactions are accurate and up-to-date. It also ensures that all statutory obligations are met, and makes sure that the financial records presented to the management are true and fair. There are a lot of bookkeeping softwares that are used by organizations, which are simple to use, yet need a trained person to operate it. Let’s see what is the importance of bookkeepers and bookkeeping to maintain a smooth flow of all the financial activities.

Helps in decision making

Having an updated financial record helps leaders to take important decisions by looking at the day-to-day data. Moreover, if and when required this data can be accumulated to look for any required information if bookkeeping is done correctly. Because if ledger maintenance is not accurate, it is possible that it might turn out to be less useful, and management decisions might take more time than required.

Helps to reduce risk

If the financial data is wrongly entered in the records, it might put businesses into a risky situation. Because bookkeepers are involved in financial activities like inventory, loans payable, etc. it is very important that they are well equipped with the knowledge that is required. An experienced and trained bookkeeper reduces the risk of making a mistake.

Increases the efficiency of accounting-related activities

Bookkeeping includes activities like payroll, which are often important to other internal departments like HR and Finance. A trained bookkeeper increases the efficiency of other departments by preparing reports for the internal purpose by using the skills and qualifications. They also save time and money because they are trained enough to perform the necessary actions without any additional training or assistance of an accountant. This reduces the time required to perform the activity, also it saves the expenditure of training or hiring someone else for the job.

Specializes in the work

Every field and every job now demands specialization. Instead of putting this workload on an office all-rounder, instead, if it is given to a bookkeeper, it not only increases the accuracy of the job, it also saves the all-rounder from a lot of stress. Because there are high possibilities that due to overburden of work, or stress the all-rounder might end up making mistakes in entering the data. So, specializing in the bookkeeping work allows the office all-rounder to dedicate more time in the other day to day activities, and helps in maintaining an error-free database.

Saves money

Because every financial entry is equally important to a company, a lot of companies use bookkeeping software to make it smooth for the operator. Although these softwares are mostly user friendly, wrong inputs can make things quite messy. To sort the problem experts are hired, which sometimes costs a lot. So, a qualified bookkeeper can reduce these extra costs, and the additional time required to fix the problem.

In an era when companies rely on only subject matter experts and skilled people for all business functions like sales, marketing, HR, finance, etc. bookkeeping and bookkeepers are also equally important to maintain smooth business operation.

Ascendum Business Services is one of the leading partners in Australia when it comes to CPA and CA industry. ABS is certified in ISO, SOC II certified, and SSAE16. We believe in providing consistently high-quality services to our clients through high defined and standardized work protocols. ABS values in Commitment, Character, Competence, Courage, and Commitment. At Ascendum Business Services, we offer you a number of Bookkeeping services. We are motivated and dedicated to delivering the best quality service at the promised time, and all of this at a reasonable price. Our team of expert professionals has the experience of using various accounting software. Below are some of the bookkeeping services that we offer.

• Daily Bookkeeping
• Accounts Payable
• Accounts Receivable
• General ledger maintenance
• Year-end accountant’s report and many more.

To know more about our bookkeeping services, visit our website and avail of our expert bookkeeping services. You can also write to us at sales@ascendum.com.au or call us on  number +61 2 7202 4930.