Bookkeeping: the record of financial transactions

Published On October 15, 2020 | By admin | Business

Bookkeeping record is one of the most important tasks of the finance department. It is the detailed record of the company’s transactions in which the loss and profit of the company is entered. It also states the financial return of the file submission and provides insight for effective decision making for the financial growth of the business. Without bookkeeping, it is arduous to analyze the growth graph of the company for the financial year. It highlights the strength and weaknesses of the management’s decision and immediate requirement to improvise the situations for better growth in their endeavors.

Timcole is one of the best corporate secretary company in Singapore which provides full support and coordination to assist the companies in maintaining their bookkeeping record in a systematic and organized manner. Bookkeeping packages in Singapore are quite affordable in comparison to its significance and utility to create a growth path. It is not incorrect to say that it is very difficult to evaluate the growth of the company without the bookkeeping record. The benefits of bookkeeping record are highly significant which cannot be ignored:

  • Assists in making a budget: Budget creates a map of financial status and exhibits the potential of the company to bear other kinds of expenditure for further proceedings. It is important to spend on the objects which are an asset of the company.
  • Manages and analyzes financial graph: The bookkeeping manages and analyzes the financial status of the company. It presents the graphical presentation of its debit and credit.
  • Record of loss and profit: whether the company is in loss or profit, can only be evaluated through bookkeeping record. The loss can be easily curbed or recovered if the accurate entry is being done by the accounting department.
  • Record of Employees salary: the employees are assets of any firm or organization. Thus, it is highly essential to maintain the record of their bonus, incentives and salary. It will help the company to understand the growth path of their employees.
  • Stay organized: It is fruitful to stay organized for consistent growth which creates a benchmark for others. It is easy to find out the financial status of the company and the audit department stays satisfied with the presentation and report of the company.

The industries and even startups are benefited by the company for providing the facility of updating Accounting and financial record of these industries. The packages offered by them are available at an affordable rate depending upon the size of the transactions being carried out by them. In a nutshell, the company works to handle the finance department of the industries and provide them an updated accountant who constantly guides them and maintains the record of their transaction. The bookkeeping record is maintained daily, weekly, monthly, quarterly, half yearly and annually. All these things are easily managed by the accountants hired by the company for other firms or industries. This facilitates the management of the company to stay updated with the latest information and growth rate of the company. In this way they can focus on generating more business deals for the company rather than involving in other affairs of the trade.

Like this Article? Share it!

About The Author

Leave a Reply

Your email address will not be published. Required fields are marked *