You already know I’m not talking about keeping a random notebook safe, and this record does not even have to be a book. It is the primary tool of financial accountability and balance in business. Often, the emphasis is on Finacial statements because they give more structured information on the company’s financial health. However, financial statements rely heavily on the bookkeeping record.
Bookkeeping is the accounting process of organising and recording all of a business's financial transactions. It focuses on daily financial transactions. And it primarily serves to track and retrieve all financial transactions of the company.
The idea of bookkeeping is that nothing goes out or comes in without it being on record. And the importance of this cannot be overstated. Regardless of the size of the business, bookkeeping is essential for tracking all financial transactions.
Apart from being the foundation for the Income statement and Cashflow statement, a lot can go wrong with a transaction. And it would be necessary to trace what went wrong. The bookkeeping record provides indispensable insight into what happened. It supplies details that can be used as evidence for and against the parties involved. Also, It can be used to identify discrepancies and imbalances in the income and cash flow statement.
Bookkeeping records are updated every time a transaction happens. It is a real-time record of what is going on financially. The responsibility of keeping up becomes enormous as the business increases in size so most businesses employ a Bookkeeper to carry out this responsibility. There are also bookkeeping software developed to help with the process. But this does not entirely eradicate the possibility of error or foul play.
Redbiller offers you a way you can be double sure with your Books. And not just double sure but also lightens the load of tracking and recording all financial transactions. You get a real-time email notification for every transaction on Rebiller, and every transaction is logged and accessible to you on your accounts page.
Transactions statements are always available and do not expire over time. Sounds like a lot of work? Well, there are tools to help you filter through transactions and get to the one you need in time. All transactions logged carry their process details i.e. transactions that initially failed and then became successful will reflect such.
If your settlements and collections are done exclusively through Rebiller, it means you have your books already kept and waiting for you. Chances of foul play are eliminated because all transactions are logged automatically by the system and can not be manipulated. Redbiller remains committed to making it safe and keeping it simple as you innovate and expand. Learn more -Why Redbiller?