{"id":25042,"date":"2023-07-12T16:59:15","date_gmt":"2023-07-12T15:59:15","guid":{"rendered":"https:\/\/smh.group\/?p=25042"},"modified":"2024-02-08T11:45:14","modified_gmt":"2024-02-08T11:45:14","slug":"what-is-bookkeeping-and-why-do-you-need-it","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/what-is-bookkeeping-and-why-do-you-need-it\/","title":{"rendered":"What is Bookkeeping and Why Do You Need It?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">In today\u2019s guide, you\u2019ll learn all about <\/span><a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/chartered-accountants\/bookkeeping-management-accounts\/\"><span style=\"font-weight: 400;\">bookkeeping<\/span><\/a><span style=\"font-weight: 400;\"> and why your business might need it.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Topics on this page include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What does a bookkeeper do?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">How to record entries in bookkeeping<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Bookkeeping vs Accounting<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Types of bookkeeping<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">And much more! So, if you want to learn more about bookkeeping and the services <\/span><a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/\"><span style=\"font-weight: 400;\">SMH accountants<\/span><\/a><span style=\"font-weight: 400;\"> offer, keep reading this helpful guide.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let\u2019s get into it:<\/span><\/p>\n<h2><b>What is Bookkeeping?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Bookkeeping is the process of recording and tracking a business&#8217;s daily financial transactions. It is an important part of the accounting process and allows companies to understand their incomings and outgoings better.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Keeping detailed records of financial transactions through bookkeeping can also be vital in the event of tax audits.\u00a0<\/span><\/p>\n<h2><\/h2>\n<h2><b>What Does a Bookkeeper Do?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">A bookkeeper is someone who does bookkeeping for a business and is in charge of keeping a business\u2019s financial records up-to-date.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">They can do so through a range of duties, including:<\/span><\/p>\n<ul>\n<li><b>Data entry<\/b><span style=\"font-weight: 400;\"> &#8211; Bookkeepers record day-to-day financial transactions.<\/span><\/li>\n<li><b>Monthly financial reports<\/b><span style=\"font-weight: 400;\"> &#8211; They summarise day-to-day financial transactions in monthly reports to help businesses understand their performance.<\/span><\/li>\n<li><b>Bank reconciliation<\/b><span style=\"font-weight: 400;\"> &#8211; Bookkeepers will cross-reference a business\u2019s books against bank statements to confirm their accuracy.\u00a0<\/span><\/li>\n<li><b>Payroll <\/b><span style=\"font-weight: 400;\">&#8211; Some bookkeepers will help with payroll by calculating pay and deductions, like taxes.<\/span><\/li>\n<li><b>Tax filing <\/b><span style=\"font-weight: 400;\">&#8211; Some bookkeepers can prepare tax returns on behalf of their company.\u00a0<\/span><\/li>\n<li><b>Accounts receivable <\/b><span style=\"font-weight: 400;\">&#8211; Bookkeepers can create and send invoices for your business and follow up to ensure they&#8217;re paid.\u00a0<\/span><\/li>\n<li><b>Accounts payable <\/b><span style=\"font-weight: 400;\">&#8211; If your company has outstanding invoices from suppliers, a bookkeeper can ensure they\u2019re accurate and paid on time.\u00a0<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><b>Why is Bookkeeping Important?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Maintaining accurate financial records can be a time-consuming and difficult task.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Using a bookkeeper to handle your daily financial responsibilities can save you hundreds of hours per year and allow you to focus completely on the daily running of your business.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The information that bookkeepers collect can also give you extra insight into your business. For instance, a bookkeeper lets you pinpoint high outgoings and optimise your business accordingly.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Other benefits of using a bookkeeping service include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ensure your invoices and payroll is paid on time.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Make sure your tax filings are correct.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Keep your financial records up-to-date in the event of a tax audit.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><b>Difference Between Bookkeeping and Accounting<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">So, how does bookkeeping differ from accounting?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Essentially, bookkeeping is the first part of the accounting process. This means the work of a bookkeeper and an accountant can overlap, with both terms sometimes used interchangeably.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bookkeepers generally focus more on administrative tasks like recording transactions. While accountants are better at helping businesses understand their performance by interpreting the work of a bookkeeper.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can learn more about <\/span><a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/what-is-a-chartered-accountant\/\"><span style=\"font-weight: 400;\">Accounting &#038; Business Advisory<\/span><\/a><span style=\"font-weight: 400;\"> in our detailed guide.\u00a0<\/span><\/p>\n<h2><\/h2>\n<h2><b>Bookkeeping Basics<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Before we get into the types of bookkeeping and what you might need for your business, it\u2019s important to explore the basics.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Below, we have a list of common bookkeeping terms you need to know and an explanation of how your business accounts are set up (this is important when choosing the type of bookkeeping you\u2019ll need for your business).<\/span><\/p>\n<h3><b>Terms You Should Know<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Accounts &#8211; <\/b><span style=\"font-weight: 400;\">Five categories that all business transactions fall under. This includes assets, liabilities, equity, revenue, and expenses.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Assets &#8211;<\/b><span style=\"font-weight: 400;\"> Things owned by the company, such as products.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Balance Sheet &#8211; <\/b><span style=\"font-weight: 400;\">A list that includes your assets and the value of those assets, plus what your business owes. It\u2019s an effective way of measuring the value of your business.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Chart of Accounts <\/b><span style=\"font-weight: 400;\">&#8211; A list of all accounts you use to record business transactions. It provides more detailed information than the five main account types, such as money spent on wages.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Equity<\/b><span style=\"font-weight: 400;\"> &#8211; The amount of money added or subtracted from a business by the owner or shareholders.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Expenses<\/b><span style=\"font-weight: 400;\"> &#8211; The running costs of a company, such as wages.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Financial Statements<\/b><span style=\"font-weight: 400;\"> &#8211; Reports that show business transactions and the general performance of a business. Examples include a Balance Sheet and the Profit and Loss Statement.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Liabilities<\/b><span style=\"font-weight: 400;\"> &#8211; Money owed by the business. Includes unpaid bills, wages, or taxes.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Profit and Loss Statement<\/b><span style=\"font-weight: 400;\"> &#8211; A type of financial statement that includes revenue and expenses and shows a business\u2019s profitability.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Revenue <\/b><span style=\"font-weight: 400;\">&#8211; The money earned by a business, such as from sales.\u00a0<\/span><\/li>\n<\/ul>\n<h3><\/h3>\n<h3><b>How Accounts Are Set Up<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">An account in bookkeeping refers to the categories under which all business transactions fall under.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are five main accounts for every business:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Assets<\/b><span style=\"font-weight: 400;\"> &#8211; What your company owns.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Liabilities<\/b><span style=\"font-weight: 400;\"> &#8211; What your company owes.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Equity<\/b><span style=\"font-weight: 400;\"> &#8211; The money added or taken out by the owner and shareholders.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Revenue<\/b><span style=\"font-weight: 400;\"> &#8211; The money earned by your business.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Expenses<\/b><span style=\"font-weight: 400;\"> &#8211; The money spent by your business, like wages.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">And then these five main accounts can be used in two key financial reports that can help you understand the value of your business and its profitability.\u00a0<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>The balance sheet<\/b><span style=\"font-weight: 400;\"> accounts for assets, liabilities and equity. It measures the value of your business by subtracting liabilities from your asset value.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The <\/span><b>Profit and Loss Statement<\/b><span style=\"font-weight: 400;\"> accounts for revenue and expenses. It calculates your business\u2019s profitability by subtracting expenses from your revenue.\u00a0<\/span><\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<h3><b>What is the Chart of Accounts?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">As discussed, each company has five main types of accounts; assets, liabilities, equity, revenue, and expenses.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But how do you know what aspects of your business contribute to each of these accounts? That\u2019s where the chart of accounts comes in.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The chart of accounts is a further list of additional categories to group your business transactions. This can include sales or wages, outstanding loans, or the cost of supplies.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Each category will then filter into one of your five main accounts. A trained bookkeeper can quickly interpret your financial transactions to determine which account it impacts.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><b>Types of Bookkeeping<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Now that you know how accounts in a company are set up, it\u2019s time to explore which type of bookkeeping is suited to you and your needs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are two main types of bookkeeping; single-entry and double-entry.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The suitability of these methods of bookkeeping will depend on your business size, the number of daily transactions, and the revenue you earn.<\/span><b><\/b><\/p>\n<ul>\n<li><b>Single-Entry Bookkeeping<\/b><b><\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Single-entry bookkeeping is the most basic form of bookkeeping and is best suited to small businesses.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Put simply:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Single-entry bookkeeping records all financial transactions in one row. It\u2019s best for tracking cash, taxable income, and tax-deductible expenses.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Transactions are typically recorded in a cash book that shows the date of the transaction, what it is, and whether it\u2019s an expense or income.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can see an example of a single-entry bookkeeping cash book entry in the table below:<\/span><\/p>\n<table style=\"height: 390px;\" width=\"786\">\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400;\">Date<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Description<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Income<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Expenses<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Bank Balance<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">June 1<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Balance<\/span><\/td>\n<td><\/td>\n<td><\/td>\n<td><span style=\"font-weight: 400;\">1000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">June 2<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Invoice Paid &#8211; Company Inc<\/span><\/td>\n<td><span style=\"font-weight: 400;\">250<\/span><\/td>\n<td><\/td>\n<td><span style=\"font-weight: 400;\">1250<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">June 3<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Website Re-Design<\/span><\/td>\n<td><\/td>\n<td><span style=\"font-weight: 400;\">200<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1050<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">June 4<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Invoice Paid &#8211; Company Inc<\/span><\/td>\n<td><span style=\"font-weight: 400;\">150<\/span><\/td>\n<td><\/td>\n<td><span style=\"font-weight: 400;\">1200<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">June 5<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Invoice Paid &#8211; 2Company Inc<\/span><\/td>\n<td><\/td>\n<td><span style=\"font-weight: 400;\">200<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Ending Balance<\/span><\/td>\n<td><\/td>\n<td><span style=\"font-weight: 400;\">400<\/span><\/td>\n<td><span style=\"font-weight: 400;\">400<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1000<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">Although single-entry bookkeeping can go into more detail than the example provided, you don\u2019t require any formal accounting training to conduct the single-entry system.<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h4><b>Double-Entry Bookkeeping<\/b><\/h4>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Double-entry bookkeeping records every financial transaction at least twice. This is to reflect the complexity of business transactions better, as each deal can have a knock-on effect and impact different aspects of a business.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The more complex a transaction, the more entries will be needed.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, let\u2019s say you make a sale.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This will, in turn, lower your stock and create a tax liability on the VAT you collected.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Double-entry bookkeeping usually refers to each side of this transaction as debit and credit.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Debits are increases to an account, such as receiving cash from a client, and are usually recorded on the left side of a ledger sheet.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Credits are decreases to an account, such as making a business purchase, and are found on the right side of a ledger sheet.<\/span><\/p>\n<h4><b>Benefits of Double-Entry Bookkeeping<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">While smaller businesses can get plenty of value from single-entry bookkeeping, large businesses will massively benefit from double-entry bookkeeping.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Double-entry bookkeeping can help companies make better financial decisions by showing you exactly how profitable you are and the strength of your different accounts.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, double-entry bookkeeping can help reduce errors.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Essentially, each transaction must be balanced as your liabilities and equity must equal your assets. Therefore, if the numbers don\u2019t match, your books will be wrong and you catch errors more easily.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Double-entry bookkeeping also provides more detailed transaction lists. Due to the detail, they\u2019re the preferred choice for investors and can also help prevent fraud or embezzlement.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><b>Cash or Accrual Accounting<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Aside from considering single-entry or double-entry bookkeeping, you\u2019ll also need to choose between cash and accrual accounting systems.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As the name suggests, cash accounting is based on cash flow and records transactions when cash changes hands.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Accrual accounting records transactions when they occur, not when cash changes hands.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, if a transaction occurred in April but you didn\u2019t receive cash until May, the deal would be recorded in April under the accrual accounting system.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The accrual accounting system is important for companies that offer credit to customers as it allows them to pay for items at a later date.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In today\u2019s guide, you\u2019ll learn all about bookkeeping and why your business might need it. Topics on this page include: What does a bookkeeper do? How to record entries in bookkeeping Bookkeeping vs Accounting Types of bookkeeping And much more! So, if you want to learn more about bookkeeping and the services SMH accountants offer, keep reading this helpful guide. Let\u2019s get into it: What is Bookkeeping? Bookkeeping is the process of recording and tracking a business&#8217;s daily financial transactions. It is an important part of the accounting process and allows companies to understand their incomings and outgoings better. Keeping detailed records of financial transactions through bookkeeping can also be vital in the event of tax audits.\u00a0 What Does a Bookkeeper Do? A bookkeeper is someone who does bookkeeping for a business and is in charge of keeping a business\u2019s financial records up-to-date. They can do so through a range of duties, including: Data entry &#8211; Bookkeepers record day-to-day financial transactions. Monthly financial reports &#8211; They summarise day-to-day financial transactions in monthly reports to help businesses understand their performance. Bank reconciliation &#8211; Bookkeepers will cross-reference a business\u2019s books against bank statements to confirm their accuracy.\u00a0 Payroll &#8211; Some bookkeepers will [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-25042","post","type-post","status-publish","format-standard","hentry","category-smh"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is Bookkeeping? A Beginner\u2019s Guide<\/title>\n<meta name=\"description\" content=\"This is a beginner&#039;s guide to bookkeeping. 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