Monday, 26 March 2018

Bookkeeping 101 - Understanding the Basics (PART 1)

This blog is dedicated to all of you out there, who have realized the importance of booking but have no clue of how to actually execute it. This would act as a tutorial for beginners like you.

For starters, bookkeeping in your business firm is the basis of the accounting system of your firm.
As the owner of a small business, you have to either set up your own accounting system or hire bookkeeping services in San Antonio to set it up. As someone who is self-employed, it becomes a one-person business, and hence, you do it yourself. You may want to hire a controller who can handle your financial management as well as accounting, in case of  hiring staff and anticipating a lot of growth. You may hire a bookkeeper or an accountant who can provide you with bookkeeping services in San Antonio, if the business is going to grow slowly.

bookkeeping services in San Antonio | bookkeeping San Antonio
Bookkeeping Services with Uhlenbrock CPA, San Antonio
Bookkeeping is important part of business accounting. Here are some more things that you need to know about bookkeeping in San Antonio -

What is the role of an accountant?
A bookkeeper has the job of recording and classifying the financial transactions of the company. On the other hand, an accountant would take the next step and get to analyzing, reviewing, reporting, and interpreting financial information for the firm.

What is the role of a controller?
A controller acts as the firm's chief accounting officer. This person has the duty of setting up as well as maintaining the firm's accounting system. A controller is accountable for managerial and financial accounting. He or she responds to the company's accounting data in a responsible and appropriate manner. 

Let’s move on to another important thing that you should consider, when it comes to bookkeeping San Antonio. 

Should you go for single or double Entry bookkeeping?
When it comes to single entry bookkeeping, it is  like keeping your check register. It involves recording transactions as and when you pay the bills and make deposits in your company account. This only works for a small company which has a really low volume of transactions.
However, if the firm is of a larger size holding more complexities, then one should go for setting up a double entry bookkeeping system. This is where, at least two entries are made for every transaction. The two entries are of debit to one account and credit to another. This becomes the key to double-entry accounting.

Get the help of bookkeeping experts in San Antonio! To hire Uhlenbrock CPA, give a call at 210-701-1040.