What is bookkeeping? Bookkeeping is a process of regular recording that aims to collect data and information regarding finances. The information referred to is assets, liabilities, income, capital, costs, up to the total cost. To find out the cost, it is necessary to prepare a financial report which includes a balance sheet and income statement at that time. Apart from that, if you need a bookkeeper who can work by using XERO, we highly recommend you hire the best Sydney Xero Expert.
Here are some examples of simple corporate financial bookkeeping:
1. Bookkeeping Cash Records
Of course, the term cash is not foreign to your ears. The typical book itself is a combined record of expense and income transactions. To make it very easy. You only need to write down all existing income and expenses. Expenditures are important things that must be considered. From here you can find out how much business capital has been spent. That way, you will find it easier to plan your return on investment, targets, and other things. Therefore, you need to keep track of expenses properly.
2. Inventory Bookkeeping
Apart from cash and expenses and income, the thing you need to record is inventory. Of course, this inventory is closely related to the sales you make. This will make it easier for you to know the stock of products to be sold. So, if at any time the item runs out, you will immediately supply it again before the item is sought after by the customer. However, even in supplying you, you don’t need to overdo it because this will have an impact on the company’s losses.
3. Bookkeeping Inventory of Goods
What is inventory bookkeeping? If you don’t understand, this is bookkeeping which contains a record of the assets you currently have. To make this book is very simple. You only need to record the goods or assets that you have purchased. In addition to recording them, you need to also record how much expenditure you have used. The purpose of this bookkeeping itself is to assist you in maintaining and controlling company assets