What are the Important Aspects in Accounting and Bookkeeping?

Author:Ckriswa

Accounting and bookkeeping starts right from the debit and credit. Debit and credits are the fundamentals of accounting. Without this debit and credit nothing can be accomplished in accounting.

In simple words debit means expenditure and credit means revenue. Whenever an organization is making payments it means the organization is debiting some amount. Similarly when an organization is getting some revenue it is said that the organization is getting credit.

Both these debit and credit should be supported with the proper head of account. In accounting principles head of account plays crucial role along with the payment or receipt in an organization. It means segregating the payment and receipt as per accounting principles with relevant head of account.

Normally when a payment is made from an organization it should be supported by a document which is called payment voucher. Similarly when a receipt is received in an organization it should be supported by a document which is called receipt.

Payment vouchers are the basis for maintaining cash book. Cash book is the consolidated record for every payments made in the organization. Cash book is the source for maintaining general ledger. All receipts and payments in an organization should be posted into the general ledger head of account wise.

General ledger is another important document in accounting. Through the balances arrived in the general ledger trial balance is constructed. Trial balance is an abstract of expenditures and receipts in an organization with relevant head of account wise. Normally trial balance has to be constructed every month. An annual trial balance has to be constructed at the end of every financial year.

About the Author:
Author ckriswa was senior accounting professional for almost 27 years. He has published more in detail about all important aspects in accounting and booking in his website. This article is permitted for republishing with an active link to www.financial-accounting-bookkeeping.com

Article Source: Articlesbase

Outsourcing Your Payroll Processing - A Great Way To Save Valuable Time And Money

Author:Thomas Bladecki

Outsourcing your payroll is one of the most used solutions to companies that are looking for an economical payroll solution. The basic concept is that by utilizing a processing company you are using an expert group of professionals to manage your company payroll needs. Accuracy and reliability are the minimum requirements of a payroll processing organization.

This will allow companies the opportunity to concentrate on developing other departments and concentrate on marketing and product development. By relieving companies the burden of having to staff an in-house payroll department and the expense software that is required to maintain their records.

Outsourcing your payroll to a reliable, professional company will ensure timely employee checks and deposits of federal taxes. Managing and processing your employees checks includes, court required payments, pension contributions, employee record management and accurate reports. In addition, most processing company's mange the timely filing of your payroll tax obligations to the IRS for federal reporting, by keeping track of deadlines and constantly changing laws and reporting requirements.

Proper communication and set with the service company will avoid confusion from the start and throughout their service time. Most processing services are flexible and easily integrate themselves into your business easily. Utilizing an outsourced processing service allows a number of options that would otherwise not be available to your employees, such as debit cards, online reporting and the ability to store and maintain their paycheck stubs.

Many processing services use custom software that is capable of generating checks, reports processing taxes, calculating deductions as soon as the payroll is entered into their system. Taxes are deposited into the appropriate accounts right away, so you will not have to worry about them getting paid on time and will avoid costly penalties and possible fines.

With the advancements in technology and the internet, several companies have begun to offer online processing. A web-based system allows users to securely and accurately process their payroll and print reports and paychecks in there our office.

Processing using an online portal provides a great deal of flexibility for the employer. You can maintain your employee records online, manage your payroll taxes, monitor your expenses and even print checks right from your own computer. All without additional software to purchase, processing online makes great business sense.

When it comes to outsourcing your payroll, by either utilizing a company online or not, there is a good possibility that you will save a lot of time not to mention money. Money that is better on the bottom line.

About the Author:

Thomas Bladecki is the author, you can find additional information about payroll processing, employee management and the latest news about human resources by visiting The Payroll Company

Article Source: Ezinearticles

Outsourcing Small Business Bookkeeping - Key Business Advantages

Author: Amitaabh Saboo

All businesses require a bookkeeping system. If you have a small business, you will need a consistent, chronological and accurate small business bookkeeping system so that information is always available and reliable whenever it is needed. Your bookkeeping system will be the key to your company's success. Any mistakes and miscalculations will tremendously cost you and your small business.

Outsourcing small business bookkeeping needs can help you avoid the mistakes of bookkeeping. By allowing an experienced bookkeeper to handle your small business bookkeeping needs, all the information you need will be available at your fingertips the moment you ask for it. Many companies today are making a move to outsource jobs to offshore destinations because it provides a more reliable and accurate way of handling small business bookkeeping.

There are many advantages of outsourcing your small business bookkeeping system. Outsourcing assures you that special attention is given to your background operations and you can concentrate more on your core business. Listed below are just a few of the advantages of outsourcing your small business bookkeeping system:

1. Experience: Many small business owners still insist on handling the books themselves instead of hiring a competent and experienced bookkeeper. This eventually results in significant errors because there is no way for them to double check whether they have done things correctly. Outsourcing your small business bookkeeping system assures you that you have an experienced bookkeeper who is able to handle your books in the most efficient and productive way. They can easily find errors and suggest corrective actions right away.

2. Books are reconciled: If you decide to outsource your small business bookkeeping system, you are assured that your books are always reconciled monthly with the bank statement. There are still businesses that fail to do this either because they forget to do it or they just do not have the time to do it monthly.

3. Backup books: Many small business owners think that small business bookkeeping is a simple process that does not need a backup only to find out that once technical and computer problems arise, they have no backup books to trace the paper trail. Outsourcing small business bookkeeping can do the backups for you. And because they are offshore, you are assured that your data is easily recoverable in the event of a disaster in your area.

4. Wrong entries: There is a set of standard bookkeeping categories for expenses. Hiring an experienced bookkeeper through outsourcing assures you that your expenses are filed under the right categories and that there are no redundant categories created. Small business bookkeeping by inexperienced people can result in mis-categorization of entries resulting in erroneous data.

Responsible small business owners understand that outsourcing their small business bookkeeping system will help keep their business on top of its competition and they can easily monitor how the business is progressing. By maintaining and outsourcing your small business bookkeeping needs offshore, you are assured that your data is always available and accurate come tax reports and returns time.

In the end, outsourcing small business bookkeeping requirements will be worth your investment.

About the Author:

Accurate Small Business Bookkeeping Services improves the ability of a firm to focus on business growth while simultaneously curtailing risks and costs. There are many firms offering small business bookkeeping outsourcing that work for businesses worldwide.

Article Source: Ezinearticles