Bookkeeping refers to the recording of the basic transactions undertaken by a business, which will typically be the sales and purchases of the business. An important part of bookkeeping is the reconciliation process to ensure that entries have been made correctly and that items are recorded in the corrected way, and for the correct amounts.
More recently we have seen a big rise in online bookkeeping solutions. These have several advantages over traditional bookkeeping systems including the following:
- allows for greater collaboration between the accountant, bookkeeper and the client. It means that the accountant can "log in" and check the status of the bookkeeping at any point in time and not only once a year at the accountants preparation stage.
- it is an automatic disaster recovery solution, as the information will be held remotely and often with a firm which is keeping constant back ups of data
- it allows for easier transfer to another bookkeeper as the information does not need to be "handed over".
We have worked with a number of online bookkeeping software providers and our preferred bookkeeping solutions would be:
- Freeagent (by Iris)
These 3 systems have many clients between them and there has been substantial investment in each of these systems.
If you require assistance with selecting a bookkeeping package, or if you would like to outsource bookkeeping to MG Group, we would be delighted to complete this for you, and can provide you with a quote for the services. Typically the quote can be based on the number of transactions so you know that it does not depend on the speed of the bookkeeper!
Please contact your usual MG Group contact for further information on this.