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Nearly every business person has heard of bookkeeping but what is actually involved in keeping track of a business\u2019 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.<\/p>\n
Big Red Cloud\u2019s 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\u2019t worry, Big Red Cloud has a change and delete function so that you can edit any transaction instantly. It\u2019s double entry bookkeeping for dummies.<\/p>\n
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\u2019t need to be time consuming.<\/p>\n
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\u2019s online accounting package has the capability to produce over 100 different reports so that the information that is needed is always available<\/p>\n