The art of bookkeeping has a history that goes back to a Franciscan Friar in the 13th century. And it IS an art. There are those who believe that the ability to write a check, or make a deposit qualifies as bookkeeping. Some believe purchasing accounting software and installing it will turn them into a knowledgeable bookkeeper with the ability to produce meaningful and accurate financial statements. These are the ones who often end up on the wrong side of an audit. Or who can’t make heads-or-tails of their Income Statement, let alone satisfy their loan officer that they are a creditable risk.
A trained bookkeeper can not only install good accounting software, but can also create a meaningful Chart of Accounts, know the difference between a capital asset and an office expense, determine what is a shareholder loan versus a capital infusion (equity), and enter a complicated payroll journal entry. A good bookkeeper can adhere to standards. She/he will know who the end-user of the financial statements is and gear the reporting to their needs. For instance, do they need a product-line separated out? Do they need government-auditable books?
At BSB, we have a talented pool of bookkeepers and accountants who can get you started on the right foot with a new business. We can also jump in and help out in a “bookkeeping” emergency, or clean up messy books in order to create meaningful financials or a tax return. Bookkeeping is an art that we have down to a science.