For most of us bookkeeping is slog-work, yet, without the capture of the data, one can give no account of anything. You can’t give an account of something unless it is captured and ordered (bookkeeping).

One without the other leg means chaos. 

Bookkeeping without accounting, you can’t make any sense of the data.

You can’t do accounting and reporting without having recorded data.

You can’t do any analysis unless you have information to compare, group, etc.

Understandability.

Relevance.

Consistency.

Comparability.

Reliability.

Objectivity.

Accounts receivable (order to cash)

Accounts payable (procure to payment)

Financial close.

Time and expense capture.

Fund accounting.

Project accounting.

Revenue recognition and management.

Maintenance of business records.

Preparation of financial statements.

Comparison of results.

Decision making.

Evidence in legal matters.

Provides information to related parties.

Helps in taxation matters.

Valuation of business.

Express accounting info in terms of money

Accounting info is based on estimates

Accounting info may be biased

Recording fixed assets at original cost

Manipulation of accounts/ creative accounting

Money as a measurement unit changes in value

Business is so much more than mere accounting and reporting

Accounting or accountancy is the measurement, processing, and communication of financial and non-financial information about economic entities such as businesses and corporations.

Accounting deals with numbers. [archaic form = reconcile] To give a responsible account of… to give explanation, reasons, causes, grounds, careful thought and consideration… It is the act of regarding, reckoning, counting or computing something; to give consideration, reckoning, reason, explanation, or answer. 

Bookkeeping is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analysing, verifying, and reporting business and financial transactions to oversight agencies, regulators and tax collection entities.

The system of recording and summarizing entails:

Financial Accounting

Cost Accounting

Auditing

Managerial Accounting

Accounting Information Systems

Tax Accounting

Forensic Accounting

Fiduciary Accounting

Managing your business’ accounts correctly is vital to its success, and many business owners struggle to do this themselves. TAX SHOP offers outsourced professional financial accounting solutions. We are specialists in Xero Cloud Accounting and strongly advocate cloud accounting solutions due to the freedom it offers business owners and the accuracy it ensures, making accounting simpler.

Our accounting solutions are comprehensive, and we offer to assist with all your company’s requirements, from processing documents, analysing debtors and creditors, producing management reports, reconciling VAT returns, financial reporting, preparing financial statements, managing payroll, and more. By keeping our clients informed throughout, you as a business owner will always be up to date on what is happening in your own accounts.

Clients can rest assured that our team has the understanding of your business plus the client focus and professional expertise to offer advice and services honed from industry experience.

Whether you, as a business owner, need a tax consultant, an audit specialist, an accounting solution, or a payroll expert, you have come to the right place! We have several independent business units operating in their respective areas of expertise, thereby providing our clients with an extensive range of services required to meet the financial and regulatory obligations of a business.

Your tax consultant, audit specialist, accounting guru, and more, in one

By utilising the latest software and technology available, including data extraction software and electronic work papers, we provide prompt, accurate and efficient audit service.