Nearly every business person has heard of bookkeeping but what is actually involved in keeping track of a business’ accounts? Bookkeeping involves the recording, storing and retrieving of financial transactions such as paying suppliers or receipts from customers. Each transaction has two effects, a debit and a credit entry which forms the basis of double entry bookkeeping.
Big Red Cloud’s online accounting package helps to keep your accounts on track by automatically completing the corresponding double entry of any transaction and the familiar red ledger style layout is easy to follow. Keeping things simple means not only saving you time but cutting out simple errors that could have a massive effect on your accounts, such as an incorrect total entered on the credit side of a transaction. If you do make a mistake though, don’t worry, Big Red Cloud has a change and delete function so that you can edit any transaction instantly. It’s double entry bookkeeping for dummies.
The day to day responsibilities of a bookkeeper are to maintain and update financial records. This means updating and balancing bank accounts and other books of entry to ensure that entries have been recorded accurately and according to in-house policy. Depending on the number of transactions that need to be entered each day, keeping track of the records can be a lot work. Luckily, Big Red Cloud has a universal search function for each ledger and book of entry so that finding individual entries doesn’t need to be time consuming.
Providing up to date and accurate reports on financial records for owners, financial controllers and accountants is also a task for bookkeepers. Big Red Cloud’s online accounting package has the capability to produce over 100 different reports so that the information that is needed is always available
Cloud accounting software is starting to revolutionize double entry bookkeeping. The ability to sign in from anywhere and at any time means that your financial records are not locked in to one computer any more. The capability to have multiple users viewing financial records means all of the administration of saving and sending back-ups can be a thing of the past. Automatic backups make sure that your organization’s financial records are always safe and secure – whatever happens. At Big Red Cloud, we’d like to think we make double entry bookkeeping easy. See for yourself, try our 30 day free trial.