Accounting – Getting Started & Next Steps

Interesting Facts about Tax Preparation, Bookkeeping and Payroll Bookkeeping is basically recognized as the part of the process of accounting in the business world, and it is also defined as the process of recording any financial transactions made and performed by business companies. There are basically a lot of financial transaction commonly made by individual and business entities, and that include payments, receipts, sales and purchases. Any processes that involves the act of recording any financial transactions is considered as a process of bookkeeping, and there are a number of standard methods of bookkeeping, namely the double-entry bookkeeping system and the single-entry bookkeeping system. The term bookkeeper is basically referring to any professionals who has the duty or the role to record the daily financial transactions of the business company where they’re working at and this records are being written on the daybooks, and to be more specific, the bookkeepers are the ones who performs the various process of bookkeeping. The primary responsibility of the bookkeepers is to ensure that all the financial transactions, may it be a credit-type or cash-type transactions, will be recorded on the customer ledger, supplier’s ledger, general ledger, and on the right or correct daybook. The term payroll is basically defined in various ways, such as the list of a business company’s employees; the total amount of money that a business company will pay to its workers, staffs and employees; and the company’s record of the wages, salaries, withheld taxes, and bonuses of its employees. In an accountant’s perspective, the term payroll is based on the law and regulations of the state where the business is located, and because of that it is recognized as a very important part of each and every businesses for this can affect the net income of a company. Most of the employers and staffs are quite sensitive when it comes to their payrolls, which is why the department that processes and calculates the payroll are advised to ensure that the calculation is done correctly to avoid any disputes. Tax preparation is commonly made to acquire or obtain compensation, and it is described as the process of preparing the tax returns of any entities. The term tax return is basically defined as the reports that contains details or information used for the calculation of the different kinds of taxes, especially the income tax, and these reports are being filed with the internal revenue service or with the state or local tax collection agency. Tax preparation can be performed by a taxpayer via the use of a tax preparation software application or online services, but the licensed professional who can make such process includes a lawyer or an attorney, an enrolled agent, and a certified public accountant or CPA.The Essentials of Bookkeeping – The Basics

The Essentials of Bookkeeping – 101