Bookkeeping is the storing, maintaining, recording, and retrieving all the data and information of financial transactions, and is part of the process of accounting in business.  Transactions include purchases, sales, receipts, and payments by an individual person or an organization/corporation.  Traditional bookkeeping is performed using one of two system types.

One of the two types of bookkeeping is single-entry bookkeeping.  It is used for businesses that have minimal and uncomplicated transactions and is related to cash sales, with a sale and disbursement journal and bank statement.

Double-entry system is for businesses having complex transactions, including all types of capital transactions along with accounts receivable and payables.

For accountants to work on and get the work done they need all the financial information at their disposal.  Accountants rely on knowledge and information handed to them, so make sure to keep the files up-to-date, and without errors.  With a bookkeeper it also diminishes the amount the CPA will charge you by the hour.

No matter what you are doing, you have to schedule a regular update of your bookkeeping so your daily, weekly, monthly and annual tasks are defined to keep clear organized business records.

A bookkeeper is one who is as important as anyone else for your business’s financial health, and they are the ones handling the task of writing the day to day books.  They provide the financial intelligence that your business needs and provide insightful information and assistance in taking future decisions. 

A Virtual Bookkeeper eliminates the need for an expensive CPA to keep the books instead of just analyzing and preparing taxes.  They also eliminate the need for an in-house bookkeeping employee.

They accept sales invoices, expense receipts and payroll ledgers electronically.  They use bookkeeping software such as Quickbooks Online.  Quickbooks uses the double-entry bookkeeping system.  A virtual bookkeeper will post your transactions to appropriate journals and ledgers.  A good bookkeeper will have regularly schedule meetings with the business owner to go over the business’s financial reports.