What is real-time bookkeeping?
Bookkeeping at Instant Insight
‘Bookkeeping, in its simplest form, is the recording of all your company’s financial transactions. It used to be handwritten into ledgers, books, hence the term. These days nearly all bookkeeping transactions are recorded and processed electronically on accounting systems, such as Xero or Sage.’
It is the process of looking after a company’s day to day financial transactions, processed to a high standard of accuracy and in a timely manner to produce accounts (books) that are a meaningful representation of the company’s financial position. Bookkeeping is carried out and recorded in a standardised method enabling company owners, managers, accountants, business advisors and other relevant stakeholders to access the information they need to assess the company’s health or performance.
Bookkeepers are trained professionals who even once qualified receive continuous professional development. They process financial data in a highly skilled methodology using the latest accounting practices, guidance and software.
Sales invoices, sales credits, statements, purchase invoices, purchase credits, bank account reconciliation, credit card statement reconciliation, expenses, VAT processing, payroll, payments, credit control, queries, process creation and many other daily processes and assignments.
What is Real-Time Bookkeeping?
At Instant Insight we go through your company’s accounts on a daily basis, processing all of the bookkeeping tasks that are required, checking the profit and loss statement, the balance sheet and bank reconciliations.
What this means for you, as the customer, is that your books are up-to-date and should give an accurate representation at that given moment. This has been made possible by the processes that Instant Insight have created, cloud-based accounting software, such as Xero, purchase processing software and trained, dedicated staff.
Why do you need a bookkeeping company?
This will of course depend on what your organisation does, its volume of transactions and whether you or your staff have the requisite skill sets necessary to carry out the bookkeeping tasks. A sole trader may well be able to keep up with their own financial records, but the vast majority of company owners value the necessity of having accurate and timely financial records and utilise the skills of a professional bookkeeping company.
Bookkeepers offer a vital business service. They save you time by handling all the daily financial work for you and allow you to concentrate on the running of your business. The real-time information they collect can help them offer you new insight into your business.
That's important when you're trying to differentiate your business from your competitors. Real-time information is also vital if you want to make sound business decisions.
Instant Insight are a bookkeeping, payroll and management accounting company that pride themselves on offering a service that gives company owners concise, meaningful and most of all useful information, updated daily.
Our reports allow you to see the numbers you need in order to make the tough decisions for your business.
Cost effective management of your payroll updates including new hires, changes in pay, taxes etc.
With our accounting knowledge, we can support you with your financial forecasts and minimise cash flow risk.