Bookkeeping Service
Bookkeeping refers to a daily process of recording financial details and transactions. Many often find bookkeeping a tedious process due to the numerous tasks involved.
It involves the recording of financial transactions, posting debits and credits, generating invoices, keeping and balancing current accounts, historical accounts and general ledgers as well as completing payroll.
Bookkeeping Service
Bookkeeping refers to a daily process of recording financial details and transactions. Many often find bookkeeping a tedious process due to the numerous tasks involved.
It involves the recording of financial transactions, posting debits and credits, generating invoices, keeping and balancing current accounts, historical accounts and general ledgers as well as completing payroll.
Difference between Bookkeeping
and Accounting
Bookkeeping and accounting are two significant functions of your business. However, there is a difference between the two.
| Bookkeeping | Accounting | |
|---|---|---|
| What it is | Process of recording financial transactions | Process of interpreting, classifying, analysing and reporting the financial data |
| Bookkeeping | Accounting | |
|---|---|---|
| What it is | Process of recording financial transactions | Process of interpreting, classifying, analysing and reporting the financial data |
Bookkeeping serves as a strong support for your accounting process as your accountants will need accurate information to organise and balance your financial records.
Importance of Bookkeeping
Bookkeeping gives you insights on your business’s financial health. This type of analysis will allow you to focus on your business’s strengths and improve on its weaknesses.
Effective bookkeeping within your business will also allow you to maintain an accurate payroll process, keeping your employees satisfied with on-time salary payments.
Most importantly, it helps you stay organized! Neat financial records will not only make tax preparation more comfortable for yourself but also be useful for your lenders and investors.
Bookkeeping gives you insights on your business’s financial health. This type of analysis will allow you to focus on your business’s strengths and improve on its weaknesses.
Effective bookkeeping within your business will also allow you to maintain an accurate payroll process, keeping your employees satisfied with on-time salary payments.
Most importantly, it helps you stay organized! Neat financial records will not only make tax preparation more comfortable for yourself but also be useful for your lenders and investors.
Types of Bookkeeping
Single Entry
Single entry bookkeeping is the simpler method for bookkeeping and it’s mostly used by start-ups or smaller enterprises with financial transactions recorded on excel spreadsheets.
To conduct single-entry bookkeeping, you’ll only need a cash book that shows your income and expenses incurred over a predetermined period.
Double Entry
Double entry bookkeeping, on the other hand, is more complex and requires the usage of advanced bookkeeping software. An example would be Quickbooks, the trusted software utilized here at StartUp Advisors.
The double entry bookkeeping system is more detailed with every transaction recorded in terms of debit and credit. This hence allows for greater accuracy when preparing financial statements.
Double Entry
Double entry bookkeeping, on the other hand, is more complex and requires the usage of advanced bookkeeping software. An example would be Quickbooks, the trusted software utilized here at StartUp Advisors.
The double entry bookkeeping system is more detailed with every transaction recorded in terms of debit and credit. This hence allows for greater accuracy when preparing financial statements.
Information Needed for Bookkeeping Purposes
| Mandatory information | Optional information (if available) |
|---|---|
|
|
Bookkeeping Service Plans by
Podwerx
Accounting-Startups
$200/Month
For Businesses that are now successful, 3 years onwards
Include Cloud Intuitive Software
Include Document Management App
Include Data Entry
Include Monthly Reporting of Financials
Accounting-Startups
$200/Month
For Businesses that are now successful, 3 years onwards
Include Cloud Intuitive Software
Include Document Management App
Include Data Entry
Include Monthly Reporting of Financials
Accounting-Startups
$200/Month
For Businesses that are now successful, 3 years onwards
Include Cloud Intuitive Software
Include Document Management App
Include Data Entry
Include Monthly Reporting of Financials
Why choose Podwerx?
Flexible
At Podwerx, we always believe that every client has your own unique requirements and hence, there is no one-size-fits-all package.
You can always start small with us first and when your business grows, you can engage in a wider scope of services to support your needs.
Flexible
At Podwerx, we always believe that every client has your own unique requirements and hence, there is no one-size-fits-all package.
You can always start small with us first and when your business grows, you can engage in a wider scope of services to support your needs.
Professional bookkeeping team
Our team of bookkeepers has years of experience in many industries and has dealt with audits, business accounting and more.
Rest assured that your business will always be up-to-date with all accounting standards, including the International Financial Reporting Standards (IFRS) and the Singapore Financial Reporting Standards (SFRS).
FAQs
What is included in bookkeeping services?
Bookkeeping services involve the recording of information used by accountants. It includes any financial transactions, invoices, debits and credits, balancing of accounts and completing payroll.
With Podwerx, you’re only required to send your receipts and invoices in any format you have. Leave the hard work to us and enjoy a hassle-free experience!
What bookkeeping software do you use?
We have our own platform that you can access from your desktop or mobile devices. Integrated with Quickbooks, you can send any documents easily and we’ll have them stored and sorted nicely.
What are the methods of bookkeeping you use?
This decision will be dependent on how your business intends to recognise your revenue and expenses. However, there are 3 main methods – cash basis, accrual basis, and hybrid.
- Cash: The transaction is recognized whenever cash enters and exits your accounts.
- Accrual: The transaction is recognized whenever revenue and expenses are earned and incurred.
- Hybrid: The hybrid accounting model will vary depending on your company but this method will largely help with your inventory management.
At Podwerx, we’ll recommend using the accrual basis as it works better with the double-entry system.