If you are running a business, you must be knowing that maintaining proper books of accounts is essential. Missing even once transaction entry could lead to troubles and thus one must maintain good accounting practices. Also, if your business is small then it is better to hire accounting services so that the business accounting gets managed professionally and you can focus your energies on business. Let us have a look at the most common types of business accounting services that you might need for your business. Types of Business Accounting Services Bookkeeping Services As a part of bookkeeping services, the books of accounts are maintained and updated regularly by accountants. The transactions are analyzed and then recorded in the accounting software on a daily basis. The most commonly used accounting software include Xero, MYOB, QuickBooks, and Receipt Bank. The accountants make sure that the accounting records remain updated and to achieve this they carry out a number of tasks as follows: Recording of accounting transactions Periodic reconciliation of books of accounts Preparing bank reconciliation statements Reconciliation and monitoring of accounts receivables and payables Payroll calculations and accounting Bookkeeping services are the main part of business accounting services. While outsourcing these […] read more