The evolution of bookkeeping services. Long ago, actually back in the prehistoric era, or so it seems, company records were kept by a bookkeeper. A bookkeeper was a person who actually entered each transaction manually in long hand into paper books called journals.
These journals then needed to be rewritten to a general ledger. Of course errors would occur as a result of the continual rewriting of data. To check for correct entry a testing journal was created called a trial balance. If the trial balance was in balance then everything was correct, however if it was out of balance then the bookkeeper had to go back and check every transaction until the books were in balance.
Today most if not all bookkeeping is kept by computer software programs that greatly improve the speed and accuracy of data entry. One of the services of our firm is to offer complete bookkeeping services for your business.
It is extremely important to know what records must be kept and for what periods. These records are critical for tax return preparation, tax audits and to properly gauge the progress of your business. Don’t let your business fall prey to audit traps wherein you are penalized for having insufficient records.
Contact us today for a free analysis of your bookkeeping requirements at (716) 633 0367.