What is Bookkeeping?
Most of you may know since it is a part of every business. it is one of the important task to manage you business finance and etc. So Bookkeeping is a process of recording and summarizing the transaction into the books of accounts. to make it easy for decision making process of the company.
Even small shops have there own process of maintaining their accounts. But when it comes to large company with numbers of shareholders for example public limited companies (where thousands of people invest money into the company in return of yearly dividend and higher share price) they have a formal method in preparing the accounts .To know more about shares, check out my other article. Because the people who invest may or may not have enough financial knowledge, so to make it easy to understand by them a formal method is used.
some company prepare accounts yearly basis, some quarterly and also some do prepare monthly basis. it depends on the company type or norm may be. Old days the bookkeeping process is done manually with papers, pens and etc.. but nowadays everything is done electronically. since it is fast and easy. I am gona give you some examples of software used to prepare bookkeeping.
Xero – It is one of the cloud based accounting platform for small and medium sized businesses. it is not free. it has packages such as monthly,quarterly and yearly subscription. It user friendly and easy to use with little training. they have few training videos within the Website itself. you can check out those by creating a free trail account. It is a New Zealand domiciled public software company. Check it out here Xero
Clearbooks -It is also another Bookkeeping Software which is suitable for small business. it will be helpful to manage the accounts of small businesses, this accounting software has a familiarity of spreadsheet and all the benefits of the cloud, you can access the accounts anywhere at anytime on any device. take a look at Clearbooks