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Increase your Profits by Outsourcing Successful Bookkeeping Techniques

Aug 16, 2019

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Book keeping stands for arranging entries in order to make it convenient for sorting entries. Book keeping does not have any algorithm or standard protocol to follow; it could vary depending upon one’s choice. Book keeping is part of accounting which refers to only recording transaction. The book keeping could be manual or electronic recording of day to day transaction. Book keeping can be further classified as Single-entry book keeping and Double entry book keeping in which single entry book keeping refers to simply recording the entries in ledger while double entry book keeping is more error free as it involves recording entries in two ledgers at the same time so that any error in the entries could be rectified easily. Apart from that bookkeeping is the necessary process of maintain all the records of the entire transactions and financial activities of a business. In this Bookkeeping assignment writing help, we are writing the main difference between the Booking and Accounting for the students.

Some basic things to get accurate data through Bookkeeping

  • Keep things separate: Bookkeeping and accounting for your real estate business and properties should be 100% separate from your personal expenses.  Not only does this make the bookkeeping easier, but from a legal perspective it’s a bad idea to comingle personal funds and business funds, especially if you are using an LLC or other legal entity.  So, set up separate accounts for your real estate properties; this includes a separate bank checking account, savings account and credit card.
  • Track Receipts: Keeping track of every receipt is very important in bookkeeping, and to designate what each expense was for. This will be helpful around tax time to ensure you get all your deductions correct, and it will keep you organized as to where your money is going, and what bills were paid and what bills were not paid.  There are software programs available to scan and keep all your receipts electronically. We also ready to help with accounting assignment as well so that students get maximum solutions from us.
  • Itemize income and expenses:  Cash that flows in and out of your business must be categorized and tracked.  If you are doing this with a software program. You will likely enter this information semi-daily as income is received or bills are written. 
  • Reconcile with your bank account: Your books should match perfectly with what your bank account shows for that property.  The purpose of bank reconciliation is to double check everything to make sure your books are accurate.  Sometimes banks or businesses make mistakes, and you’ll be charged for things you were not supposed to be charged for. We always ready to provide custom assignment writing service at 24*7 so that students get complete benefits from us without any delay.
  • Create accurate reports or statements: If you have successfully entered and reconciled your bank account, you should be able to generate reports and financial statements to determine how well your property is operating.  If you are using accounting software, this can be as easy as clicking a button.  You can run the income statement/profit-loss statement, and it will show all the income and all the expenses for that property.  The reports are generally run monthly to determine if any adjustments need to be made from a cash flow perspective.

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