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Considering the enormous volume of finance related transactions that occur in a day for a business, it would be very difficult to see the effect of the transactions at a glance if all these information are not consolidated or summarized in one place. Bookkeeping or Basic Accounting is the process of recording, classifying and summarizing business transactions in a systematic manner. It is the procedural aspect of accounting.

Bookkeeping is one of the basic accounting services which involves recording of all financial transactions. From these recorded transactions Financial Statements such as Balance Sheet, Income Statement, Cash Flow Statement and Statement of Retained earnings are generated. This financial information will be used as a basis for other Accounting Services such as Tax Services, Auditing Services, Tax planning, Business Consulting, Business Valuation, and Financial Planning, just to name a few. Accountants handling the bookkeeping tasks are also called Bookkeepers. A Bookkeeper takes care of accounts receivable, accounts payable, consolidates transactions in a general ledger and prepares bank reconciliation.

Bookkeeping is a primary task for every business. It provides the management with an overview of the financial position through the financial reports generated from the recorded transactions. A good bookkeeper is systematic, precise and on time.

Timeliness: This calls for the availability of information when they are needed to guide the user in making decisions. Recording of daily financial transactions should be done on time. The bookkeeper must make sure that transactions for the day be recorded the next business day.
Account Reconciliations: Accounts should be reconciled to verify correctness of figures. Reconciliation is usually done for Liquid Assets, such as Cash, Receivables, Payables and Inventory.
Analyzing Accounts: Correct interpretation of financial data is achieved with correct analysis. It is critical for the bookkeeper to properly classify the transactions so that correct recording is done.
Matching: Bookkeeper should recognize revenue when it is earned and in the same way expenses should be recognized when it is incurred

CpaNeeded has a pool of experienced and competent accountants handling bookkeeping services. CpaNeeded handles our clients bookkeeping needs in a systematic, precise and timely manner. CpaNeeded make sure that financial information and data are available so that the management can come up with a sound business decisions. CpaNeeded has a proven method of a worry-free Accounting System and most of all CpaNeeded offers the highest level of bookkeeping services at reasonable rates.