Bookkeeping
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Bookkeeping Services
Bookkeeping involves consolidating and managing all business transactions in a company to maintain accurate financial records.
In practice bookkeeping is the recording of all financial transactions and information relevant to the business daily and ensuring that those records of all individual financial transactions are accurate, up to date and comprehensive.
Bookkeeping provides the information from which your accounts are prepared but is a separate process that is performed before the actual accounting process.
Every transaction must have an accompanying document that describes the business transaction as either a sales invoice, sales receipt, supplier invoice, supplier payment, a bank payment, or a journal entry. This is at the heart of any bookkeeping service.
Most businesses have accounting software to assist them with their bookkeeping. Common accounting packages are Pastel and QuickBooks.
Interesting to know: Double entry bookkeeping (Accounting 101)
The double entry system of bookkeeping is a system of accounting where every transaction has two journal entries and therefore will affect two ledger accounts.
Since every transaction requires a debit entry in one account and a credit entry in another account this system of accounting serves as a kind of error detection system. Should the sum of debits not equal the sum of the credits then we know that there is an error in the accounts.
Complete Service Range
We provide a comprehensive range of services, including bookkeeping, tax planning, financial analysis, and more, to meet the diverse needs of our clients and help them achieve their financial goals.
Transparent Pricing
Sphere Financial provides transparent pricing, allowing our clients to clearly understand and anticipate the costs associated with our services.
Innovative Tools
We leverage the power of innovative tools and technology to streamline accounting processes and provide our clients with efficient and accurate financial solutions.
Dedicated Support
Our accounting firm offers dedicated support to our clients, ensuring they receive timely assistance and expert guidance from our team of accounting professionals.
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Bookkeeping Services
What Is Included?
Our bookkeeping service is delivered on a monthly, weekly, or daily basis depending on your needs. This includes:
Contact us for more information on how we can assist you in keeping your financial records up to date and accurate.
Frequently asked questions:
If you have any more specific questions or would like to enquire about our accounting services, please don't hesitate to get in touch with us. We're here to assist you with all your financial needs.
Bookkeeping primarily involves recording financial transactions and maintaining financial records, while accounting encompasses a broader range of activities, including analysing, interpreting, and summarising financial data. Bookkeepers focus on day-to-day financial data entry, while accountants provide financial insights, prepare reports, and assist with financial decision-making.
The choice between a bookkeeper and an accountant depends on your needs. Bookkeepers handle day-to-day data entry and record-keeping, while accountants provide broader financial services, including analysis, reporting, and tax planning. Many businesses use both for a well-rounded financial approach.
