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Transaction Recording and Bank Reconciliation are crucial components of bookkeeping services. Transaction Recording involves documenting all financial transactions, including sales, expenses, and transfers, ensuring they are accurately entered into accounting systems. This process helps in maintaining organized and up-to-date financial records.
Accounts Receivable (AR) and Accounts Payable (AP) are fundamental aspects of bookkeeping that manage a business's cash flow. AR involves tracking and managing money owed to the business by its customers for products or services provided on credit. This includes issuing invoices, recording payments, and following up on overdue accounts.
Payroll Processing and Financial Reporting are vital functions of a bookkeeping service. Payroll Processing involves calculating and distributing employee wages, withholding taxes, and ensuring compliance with labor laws and regulations. This process also includes tracking employee benefits and deductions, ensuring accurate and timely payments to employees.
