Bookkeeping is an accounting service that focuses on the record keeping of daily expenses and earnings. The goal of the financial process is to provide up-to-date and detailed information regarding the current financial habits of a business. These thorough records help to identify areas of overspending and keep companies in the black.

What Is the Bookkeeping Process?

The basic bookkeeping process involves the transfer of financial documents such as receipts into an organized list, and it can be completed monthly, quarterly, or annually. According to the skilled accountants at The Callen Accounting Group, PLLC in Mountain Home, AR, there are a variety of bookkeeping methods used in the accounting world, and the two most common are single- and double-entry.

Single-entry bookkeeping is a basic ledger that focuses on incoming and outgoing money and doesn't involve other tracking mechanisms(this is a method that The Callen Accounting Group, PLLC does not recommend). A double-entry system includes multiple records, and each expense or earning requires a minimum of two changes across books(and is the recommended method).

How Will Professional Accounting Services Help You?

A professional accounting service will ensure the accuracy of your business' financial statements. Many current and future processes rely on the quality of your bookkeeping. While you can use the services of a bookkeeper, a certified accountant offers the advanced skill set needed to provide further insight into the greater goals of the company. For instance, an individual also skilled in tax preparation can point out credits and deductions your business may qualify for based on the information they find in your books.

If your business needs bookkeeping assistance, contact The Callen Accounting Group, PLLC. The firm offers a variety of accounting services to both businesses and individuals throughout the Greater Mountain Home area. Learn more about their expertise by calling (870) 425-6066,or visit their website for more on their services.