What is Bookkeeping?
Bookkeeping is the recording of financial events that take place in a company. Any process of recording financial data is considered bookkeeping and is the first step of data entry into the accounting system. Standard methods of bookkeeping are the double-entry bookkeeping system and the single-entry bookkeeping system. Good bookkeeping practices are essential for a business to succeed, especially when it comes to the tax-paying season.
Who are Bookkeepers?
Bookkeepers are essential for any business. A bookkeeper provides a critical role in the data collection and data input of a business’ accounting cycle. When there is a proper system in place that avoids problems such as skimming fraud, the recorded financial data can provide valuable, actionable insight.
Difference Between Bookkeeper and Accountant?
A bookkeeper is responsible for recording transactions into the system, which is part of the wider and more general practice of accounting. Generally, a bookkeeper will provide an accountant with the trial balance, which is a consolidation of all the general ledger accounts, which the accountant uses to derive the Balance Sheet, Income Statement, and later the Statement of Cash Flows.
One way to think about it is that bookkeepers lay the groundwork for accountants to analyze and prepare financial statements. Bookkeepers use software to assist with the recording of transactions and generally use built-in data processing tools to help in the preparation of the financial statements and pre-set transaction classification to improve the transaction recording efficiency.
We here at Maimun Assist take care of small to medium size businesses book-keeping perfectly by
- Collaborate with each client to obtain supporting documents
- Preparing monthly financial statements for clients (including monthly bank and credit card reconciliation)
- Maintain accurate ledgers by categorizing transactions to the correct accounts
- Meet deadlines and client needs, including reporting
- Preparing quarterly and yearly closing entries
- Connect with client Accountant at the business end period to prepare taxation.
We understand that trust is the foundation of every bookkeeping relationship. When clients place their accounting responsibilities in our hands, we respond with professionalism, integrity, and the daily use of secure, proven technology. You can trust us to protect your sensitive information and provide accurate, timely accounting services tailored to your business needs.
To ensure clear communication and accountability, we hold regular remote meetings to collect data, deliver updates, and review progress. When required, we are available for in‑person meetings within Calgary, AB and the surrounding region.
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