The 5 basic functions of bookkeeping service in Singapore

1. The 5 basic functions of bookkeeping service in Singapore The bookkeeping service is basically the activity or occupation of keeping records of the financial affairs of a business and it’s a vital part of the accounting service, required for running a business without any hazards. So if you are running a small or medium scale business, then for recording, storing and retrieving of financial transactions of your company hiring a professional bookkeeping service of Singapore is utmost important. Here we will discuss the basic functions of bookkeeping service for a better understanding; 1. Recording financial transactions: For professionally organize the service of keeping records of the financial affairs and transactions, along with all accounts management perfectly hiring a professional bookkeeping service is a prime option, in order to lead your business transaction with ease. Also by overseeing accounts receivable, improving debt collection and advising wise and perfect investment methods, a professional bookkeeper can help to boost your income by maximizing your profit. 2. Posting debits and credits: In the accounts, ledger debits and credits balance each other out and for the basic functions of bookkeepingposting the debits and credits of the company’s account from journals to general ledger accounts is utterly important. Here debit entries by the left side of the T account, which is a graphic representation of a general ledger account, and credit refers to the right side of the T account. Also, the information contained in these books of original entry must be transferred or posted to the general ledger accounts. 3. Producing invoices: The most basic purpose for a sales invoice is to keep a record of the sale and every invoice you generate carries a message about your business transaction. As a business owner, you might send invoices to customers or receive them from, with a detail of the delivered product, along with the date of making the sale. So proper, consistent invoicing is an important part of running a small business, as well as good invoice management, encourages regular cash flow and helps ease accounting stress for your business. 4. Fulfil the payroll services: Payroll service includes the list of a company's employees and the amount of money they are to be paid and professional bookkeeping service of Singapore provides the account of payroll. As they record financial transactions, update statements, and check financial records for accuracy. And bookkeepers are employed in many industries, including small and middle scale firms, for accounting, tax preparation, bookkeeping, and payroll services. 5. Maintaining and balancing subsidiary ledgers: A subsidiary ledger contains the details to support a general ledger control account, which contains all of the information on each of the credit sales to customers, each customer's remittance, and the return of merchandise, along with discounts etc. The bookkeeper maintains the subsidiary ledger for providing necessary up-to-date information on specific account balances.

2. Conclusion: With proper bookkeeping procedure the companies are able to track each and every kind of financial transactions, which includes sales, rent expense, wages expense, cash handling, loans payable, etc, along with the account of gross and net profit gained from the business, so we can say the accounting and bookkeeping service in Singapore is the most important factor for running a business successfully.