Starting a small business comes with its many challenges, and keeping organised is the one important thing to keep track of your business’ progress. That’s why good bookkeeping management is essential in ensuring you can successfully keep all records of your business transactions, and hiring chartered accountants Bangor to do this for you is a great step to take. 

What is Bookkeeping?

Bookkeeping involves the management of a business’s financial transactions, making sure all numbers are accounted for on a daily basis. Bookkeeping will hold all the necessary details to assess and track a businesses financial information, allowing room to see progress and notice any issues that may arise. 

What’s included in bookkeeping?

Bookkeeping practices can include:

• Making payments, such as bills


• Assessing and chasing payments from customers


• Checking tax payments are on track/correct


• Manage payroll of employees 

The bookkeeping reports will be read by business owners and managers to help them make business decisions. 

Accounting Software

Today, there are an array of cloud accounting softwares that make recording and assessing your bookkeeping manageable. When hiring an experienced bookkeeper, you will rest assured that they will have all the latest software packages to help keep track of your financial records. If you prefer to be a little involved in the bookkeeping aspect of the business, alongside the bookkeeper themselves, then be sure to ask if they can give you a rundown on the software package. After all it is your business, so making sure you are happy with the type of cloud accounting software used is important. 

Hiring A Bookkeeper

To take the pressure off your shoulders, hiring a bookkeeper to manage your books will leave you to get on with running your business. They will be experts in ensuring all details of your financial information is kept organised and easily viewable. 

Bookkeeping & Accounting

Bookkeeping involves the everyday tracking of a business’ financial records. Accounting refers to analysis and reporting of all the data collected by the bookkeepers. These reports give a greater understanding of financial performance, including details of tax payments too. 

In simpler terms, bookkeeping is the recording of financial information, and accounting is creating a financial strategy from looking at the bookkeeping records.