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Bookkeeping

The most important terms in time management

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What is bookkeeping?

Bookkeeping is simply the activity of keeping financial records of money that company owes and amounts owed to a company.

Bookkeeping is the way individuals, businesses and non-profit organisations record and keep their financial records in an easily understood way. A knowledge of simple balance sheets that record money coming in and going out is necessary.

Every company should keep accurate records of all the money it owes to its vendors, employees, contractors and all other partners. Equally, every company needs also to record all amounts that are owed to it by its business partners. 

Whether you are running a home, are a club or charity treasurer or have a business, bookkeeping helps keep track of your business performance, cash flow, money, bank accounts and profits. Accurate books are also required by federal and local tax agencies.

Elements of business bookkeeping

  1. billing for goods or services provided
  2. recording receipts from customers
  3. recording payments to suppliers
  4. recording stock depreciation
  5. providing financial reports to auditors or accountants

What is simple bookkeeping?

For simple, low volume transactions you can use asingle entry bookkeeping. This only requires an account book or simple spreadsheets. Whether you choose simple or more detailed double entry system of keeping your books, some essential information has to be recorded:

  • The date
  • A transaction description
  • Whether it’s an income or expense
  • The account balance after the transaction

How can zistemo help with managing your bookkeeping?

Today much bookkeeping is carried out using intuitive computer software. zistemo software tools simplify your bookkeeping, helping you keep track of your finances and saving you both time and money. With zistemo you know instantly how much money is coming in and going out and can access an instant overview of your financial status as well as prepare reports for your accountant.

B Bookkeeping Double Entry Bookkeeping


Related words

Employee Time Management – The Ultimate Guide

If you think about it, time management is not really about managing time at all. It is pretty much about managing yourself and how you prioritize your tasks. After all, we all have 24 hours so how we use the hours is specifically up to us.

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Invoice

Invoice definition An invoice is an itemized “bill” of sale. It includes two parties: the issuer and the buyer. The issuer of the invoice is the “seller” of products or services.

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Balance Sheet

What is a balance sheet? A simple balance sheet is like a snapshot of the company’s overall financial health. It shows the assets, liabilities and equity of the company. This brings us to simple equation:

Accounting system B Balance sheet

Employee Time Tracking

What is employee time tracking? Employee time tracking is a function that is used to track the amount of time an employee spends on particular assigned tasks. Tasks usually fall under specific projects.

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