Bookkeeping involves the recording of financial transactions by an individual or organisation. It is a legal
requirement to keep records that are accurate and true for a period of at least 5 years from the date that the documents were prepared, obtained or the transaction completed, whichever occurs the latest.
Being compliant on this front can be a very time consuming process and causes many headaches for small and medium business here in Daet, Camarines Norte.
Basic bookkeeping services include:
- Bank Reconciliations – compare your internal records with bank statements in order to identify and rectify any discrepancies
- Profit & Loss Statements – generated monthly and/or annually that reports the earnings of a business by stating all relevant income and all expenses that have been incurred to generate that income. Also referred to as an Income Statement.
- Cash Flow Management – manage your cash flow to ensure you have cash when you need it. This is the most critical aspect of business.
- Financial Reporting & Analysis – key information about the financial state of your business into language you can understand.
- Accounts Payable & Receivable – identify money you owe suppliers and money that is owed to you by your customers.
- End of financial year processes – take away all the pressure associated with ensuring your books are ready for the end of financial year.
- Budgeting – forecast your income and expenditure in order to identify how much you afford to dedicate to particular expenses.