What is bookkeeping and why is it important? 

Good bookkeeping is crucial in all businesses, no matter how big or small. It’s the process of tracking and recording all business transactions so you can file correct tax returns and fulfil all accounting and legal requirements with the Revenue Commission.

You will also find it a lot easier to manage a business with an efficient bookkeeping system in place. Introducing a good bookkeeping system from the beginning allows you to understand your business and grow it quicker, manage your cash flow properly and make more informed business decisions. 

Don’t have time to look after bookkeeping yourself? Get in touch with our team today and enquire about our bookkeeping services. You can call us on 045 909738 or email info@premieraccountsassist.ie. We’re here to help and happy to answer any questions you have!

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What is the difference between Bookkeeping and Accounting? 

Bookkeeping is the process of tracking your business’ financial records

Bookkeeping involves keeping a record of all transactions, such as; receipts, invoices, bank statements and inputting the information into a database. These collected documents are summarised and used to calculate business tax returns and financial statements which show the overall health of the business. 

Sole traders need to track and record these documents so they can accurately file their tax returns at the end of the year. Limited companies need to implement a good bookkeeping system so their accountant can prepare and file accurate financial statements and tax returns. 

Accounting is the recording of financial transactions along with storing, sorting, retrieving, summarising, and presenting the results in various reports and analyses

Accounting is more complicated than bookkeeping. It uses bookkeeping information to analyse and interpret the data and then compiles it into reports and further communicates the information to the relevant authorities i.e. Revenue. Accountants will prepare financial statements such as Annual Returns, Corporation Tax Returns and VAT returns.

Let us take care of your bookkeeping

Did you know that even if you keep a copy of your receipts and bank statements on Google Drive or DropBox, it is still not considered to be ‘online’? This is because you or your accountant will still need to go through each individual record.

At Premier Account Assist, we work with you to develop a way of making the transaction process simple, timely and affordable for you and your business. We combine technology and people by moving your accounts online in a straightforward and efficient manner. 

You will receive free access to an online accounting software that helps you organise and manage all your business transactions on the cloud. 

Get in contact with us now if you would like to save time and move your accounts online.

What do these Bookkeeping terms mean?

  • Bank Reconciliation

This is the process of comparing your sales and expenses  in records with those displayed on a bank statement. Simply put, if a customer makes a payment to your business, that payment needs to be matched with its corresponding invoice to ensure the amounts are balanced. It’s used as a verification check.

  • Accounts Receivable

Accounts receivable is the amount owed to a business resulting from the company providing goods and/or services on credit. Accounts receivable is an asset account on the balance sheet that represents money due to a business in the short-term.

  • Accounts Payable

Accounts payable is similar to accounts receivable, but instead of money to be received, it’s money owed. When a business purchases goods on credit which needs to be paid back in a short period of time, it is known as Accounts Payable. It is a short-term debt payment which needs to be paid to avoid default.

Can I do Bookkeeping myself?

Yes, you can but bookkeeping can be a very time-consuming and tedious task if you are not trained. The majority of our clients ask us to take care of their bookkeeping so they have time to focus on growing their business. 

Do you need more help with your bookkeeping or would you like to outsource the task completely? Our team is on hand Monday to Friday 9AM – 5PM to talk with you.

Let us act as your “Sub-Office”

Along with our standard bookkeeping services we also offer our services to act as your “sub-office” so we can manage all aspects of your bookkeeping function including scheduling and paying your regular suppliers.

This service is popular with our clients that do not have the time to receive invoices and make payment so they are forwarded direct to a bespoke email address that is managed by us.

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Let us take care of your Bookkeeping. 

Our expert team can take care of your business’ bookkeeping for you. We offer the following bookkeeping services:

  • Credit Control
  • Accounts Receivable
  • Accounts Payable
  • Sales Invoices and Statements
  • Income and Expenditure Analysis
  • VAT Returns
  • PAYE / PRSI Returns
  • RCT Payment management
  • Management accounts