Why Book Keeping?

A book keeper (or e-book-keeper) is someone who acts the daily monetary transactions of a business. He or she is typically chargeable for writing the day books, which includes purchases, sales, receipts, and bills of all records.

In the normal course of business, a document is produced each time a transaction occurs. Sales and purchases usually have invoices or receipts. Deposit slips are produced when lodgements (deposits) are made to a bank account. Cheques are written to pay money out of the account.Bookkeeping service Singapore involves, first of all, recording the details of all of these source documents into multi-column journals (also known as books of first entry or day books). For example, all credit sales are recorded in the sales journal, all cash payments are recorded in the cash payments journal. Each column in a journal usually corresponds to an account. In the single entry system, each transaction is recorded only once. Most individuals who balance their cheque book each month are using such a system, and most personal finance software follows this approach. The difference between manual and any electronic accounting system stems from the latency between the recording of the financial transaction and the posting in the relevant account. This delay, lacking in electronic accounting systems due to the immediate posting into relevant accounts, is not replicated in manual systems, thus giving rise to primary books of accounts such as Sales Book, Cash Book, Bank Book, and Purchase Book for recording the immediate effect of the financial transaction.

Why bookkeeping?

Many people do not write down how much money comes in and how much money goes out of their business. This is because they do not know how to do it, and they do not know that it can improve their business. Therefore, people do not exactly understand how much money they are earning, how much customers have bought on credit and how much stock they have bought on credit. Where groups of people work together, lack of a proper bookkeeping system often leads to mistrust and accusations between group members. Bookkeeping is beneficial because you cannot keep everything in your head. People are careless by nature. The bookkeeping services fees Singapore depends on the individuals, bookkeeping and financial management manual have six modules that look at the basic concepts of bookkeeping and financial management. The following modules in this manual are structured are The Importance of Bookkeeping. This module highlights the forms of business, problems that are encountered by business owners, the ideas of entrepreneurship in business, understanding basic bookkeeping concepts and best practice in bookkeeping.


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