Value Smart

ValueSmart Bookkeeping Services

Managing Your Bookkeeping Duties

ValueSmart provides bookkeeping services that save you time and money. We ensure that everything we do aligns with Generally Accepted Accounting Principles (GAAP). We also help with implementing quality control measures within your business.

We are experts in getting the “admin” done, so you don’t have to. Our bookkeeping services include: 

  • Processing transactions 
  • Account Reconciliations
  • Preparation and maintenance of the fixed asset register

What Is Bookkeeping?

Bookkeeping is the system of capturing all of your company’s daily financial transactions to the correct daybook and ledgers in an organised and systematic manner. This is followed by bringing the books to trial balance. 

This information is used to prepare the accounts, which will affect the financial statements. It is, therefore, vital that all the transactions are captured accurately from the onset.

Processing Transactions

Each financial transaction that your business makes–from sales to purchases, banking and inventory–need to be recorded. Processing requires recording each business transaction in the correct journal or ledger with an accompanying document such as a receipt, invoice, or payment.  These documents describe the business transaction and provide an audit trail for all the transactions.

Account Reconciliations

Depending on the size or nature of your business, account Reconciliation can be straightforward or complex. The process of reconciling accounts involves assuring that bank statements equal what the internal accounting statements report. Regularly reconciling accounts uncovers internal or third-party errors and possible fraud. Simply put, account reconciliations keep your books in check.

Accounting work at office

An asset register is a list that reflects the quantity, value, and physical location of fixed assets held by the business. This record assists with tracking and short and long-term planning because it also calculates asset depreciation.  Many small business owners overlook the value of an asset register, keeping one only to remain compliant, but a well-kept asset register serves many valuable purposes:

  • Prevent theft or loss (as every asset must be accounted for.)
  • Forecast cash flow and profits as you know when assets need to be upgraded, replaced, or are due for services
  • Keeping an up-to-date account of available liquidity.
  • Present to investors as surety when trying to secure finance.

We have in-house resources to regularly review your fixed asset register (and keep it current).