Bookkeeping is a task where you have to maintain the financial records of your company. It is often associated with accounting and finance. Bookkeeping is often confused with accounting. But they are not the same. Hence it is essential to learn the difference between them.
Bookkeeping according to the Oxford dictionary is “the activity or occupation of keeping financial records of business.” It included all the transactions like – payments, sales, purchases, etc. Bookkeeping is the base or the basic foundation in which accountants formulate the balance sheet at the end of a financial year.
Bookkeeping may seem like a hassle for a new company or a beginner as it involves a lot of standards which must be complied with in order to efficiently maintain the books of accounts. This is precisely why there is a need to seek assistance from professionals who are experts in the field of maintaining accounts. Bookkeeping may not always be affordable, but in some countries like Singapore, it is inexpensive. Affordable bookkeeping in Singapore can be availed where businesses appoint external firms to maintain their books of accounts on their behalf.
Why should you opt for bookkeeping?
Bookkeeping can be the best option for a newcomer or beginner who is in charge of a start-up or a medium scale enterprise. Affordable bookkeeping in Singapore ensures that these small businesses stays on track with regards to their finances which in turn, influences better decision making.
- Bookkeeping is the best accountant option available for small business.
- It is highly affordable.
- Is maintained on a regular basis by the professionals concerned.
Bookkeeping can also get assistance even online. Many sites help the bookkeepers. It is easy going, and it may not be big financial problems in it.
The aspiring – for Finance
Every year many students take up finance in the hope of pursuing accounts and to become an accountant but stepping directly into accounts may not be a great idea. They can start their career initially as a bookkeeper. It helps them gain experience and also polishes their skills so that they do well further in their career.
Thus, the aspect of bookkeeping and maintaining accounts holds a lot of significance in the commercial world. Consequently, business organizations demand the services which directly help their concerned firm to manage their books of accounts. Hence, a lot of opportunities are also being created in this business segment for young aspirants who wish to pursue their careers in the financial world.