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My Secret Staff | Book Keeping - My Secret Staff

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Book Keeping

book-keeping

Book keeping is the compilation of all financial dealings done by a person or association. This association can be a club, business or local organization. Book keeping are basically records of all transaction involving money traded or given, in any transaction done.

Individual or family book keeping involves the dates of transaction, money given, traded done, credit card statements or even passbooks. Any money that was held out or put in should be included. 

The most used methods for book keeping are the single entry book keeping and the double entry book keeping. Single entry book keeping is more simpler compared to double book keeping because this only includes the income and expenses accounts of an individual. However in double-entry book keeping, this includes each transaction made twice, using debit and credit.

Owners of small businesses need to know that there are penalties from HMRC if proper taxes are not maintained. They usually investigate 50,000 small business per year which they suspect do not have a good record keeping and eventually end up paying much less tax. If small owners have been found guilty of these charges, they may have to fine up to £3000. These can all be avoided if they ask help from professionals such as The Local Bookkeeper.

Here at My Secret Staff, we have the proper Virtual Assistants to work on your book keeping tasks. We have accountants and CPAs who are highly trained to carefully input details in your software whether you’re using Quickbooks online or other accounting software. Here in My Secret Staff, we make it easy for you! Sign up now and we’ll give you additional 10% in your booked hours in your 1st month with us.

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