BOOK KEEPING & PAYROLL

Book keeping is the backbone of any business, and it pertains to the collection and organizing the financial documents. It is a continuous yet tedious process that forms a base for all the different accounting process, which means any error in the bookkeeping process results in the collapse of the entire accounting function. Therefore, whether your business is small, medium or large scale in terms of operation, one thing you must understand is that to get a clear picture of your profit/loss statements and finances, you must have your bookkeeping in place.

Payroll is the total recompense that a company is obliged to pay to its employees for their services. Companies can offer weekly pay, biweekly pay, or monthly pay depending on their business payroll policy. Payroll includes salaries, wages, deductions, bonuses and net pay. Many companies have an in-house accounting department which handles the payroll process. However, another option is to use an external accountant to manage this process.