Nowadays, in some cases, your bookkeepers also work as payroll handlers. It means that a bookkeeper is made accountable for paying a company’s employees. While the amount and height of payroll work depend on the type of company as each company has its own set of employees’ spaces. So, it’s all about calculating the payment amount of every employee withholding taxes and other deductions.
There’s a great role for a bookkeeper in the finance department of a company but have you also jumbled while reading the duties of a bookkeeper and an accountant? Though they are different in their duties, many of you must have or have had confusion regarding the functions of an accountant and a bookkeeper. When it’s clear that bookkeeping has an important role in finances, it’s important to keep in mind that how it is different from accounting prospects in the business
After all the calculations, he then finally distributes the payments to the employees either via check or electronically. A bookkeeper also keeps payroll records for every employee. However, much of this work can be done now with payroll software by many bookkeeping services Singapore.
A bookkeeper is an integral part of your business. Without them, you are more prone to see yourself in the condition of financial trouble. Whether you are creating a budget or preparing a meeting with investors, you will need key financial statements on a traditional basis. The greatly significant of these financial statements are-
- Cash flow statement- it indicates the quantity of cash that has been produced and utilized during a provided period.
- Balance sheet- At the verge of a particular period, it shows the revenues and expenditures of your company.
- Income Statement – It is also understood as the revenue and loss statement. It exhibits the earnings and expenses of your company for a limited duration.
Bookkeepers vs Accountants
There’s a great role for a bookkeeper in the finance department of a company but have you also jumbled while reading the duties of a bookkeeper and an accountant? Though they are different in their duties, many of you must have or have had confusion regarding the functions of an accountant and a bookkeeper. When it’s clear that bookkeeping has an important role in finances, it’s important to keep in mind that how it is different from accounting prospects in the business
Bookkeeping-
- The process of bookkeeping comprises consistent recording, storage, and retrieving of transactions regularly.
- Most of the time, the process of bookkeeping is transactional and straightforward.
Accounting-
- It is a high-level process of taking financial information and producing financial models based on data to reveal the financial picture at a bigger level.
- Unlike bookkeeping, accounting is a method, far additional subjective and frequently named for qualified interpretation.
Want a bookkeeper for your company? Who will keep all the financial tracks and will save your overall time and risk of getting in the wrong direction? Then contact Timcole for the same. Even if you are just starting and want help with the Incorporation of company, then we could be the best choice you have made!
Why does bookkeeping service matter?
Everyone knows that a bookkeeper plays an important role in a company and is occupied with several responsibilities. But why should this concern you? Let’s have a glimpse of the benefits of having a bookkeeper-
- They provide accurate, clean, and most comprehensive financial records for investors, banks, tax accountants, and even the IRS.
- They very well take care of all the data entry processes and administration that runs to keep proper financial records. It helps the owner to focus more on other business activities.
- They keep their vision on your financials to ensure that the cash flow stays healthy and vibrant.
- They provide a gist of financial conditions in your company to assist you to form key decisions.
