As a business owner you have more important things to do than keeping track of accounting and bookkeeping. Tax Controller provides experienced, affordable and dependable accounting and bookkeeping services.
Accounting & Bookkeeping
Bookkeeping is the recording of financial transactions. Transactions include sales, purchases, income, receipts and payments by an individual or organization. Bookkeeping is usually performed by a bookkeeper. Many individuals mistakenly consider bookkeeping and accounting to be the same thing. This confusion is understandable because the accounting process includes the bookkeeping function, but is just one part of the accounting process. Our accountants create reports from the recorded financial transactions recorded by our bookkeepers and files forms with government agencies.
- Bank Statements
At Taxcontroller, our bookkeepers stay connected with you in order to keep your books on track for tax filing. Our ultimate goal is to take care of your books while you take care of your business.
— Nirvando, Vice President of Tax Controller
The Bookkeeping Process refers primarily to recording the financial effects of financial transactions only. The variation between manual and any electronic accounting system stems from the latency between the recording of the financial transaction and its posting in the relevant account. This delay, absent in electronic accounting systems due to instantaneous 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, Purchase Book for recording the immediate effect of the financial transaction.
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. Checks are written to pay money out of the account. Bookkeeping involves, first of all, recording the details of all of these source documents into multi-column journals (also known as a books of first entry or daybooks). 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 normally corresponds to an account. In the single entry system, each transaction is recorded only once. Most individuals who balance their check-book each month are using such a system, and most personal finance software follows this approach.